Global Heat Exchangers Market Size, Trends & Growth Opportunity Type (Shell and Tube, Plate and Frame, Air-Cooled, Microchannel Heat Exchanger, and Others), End-user Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverages, Power Generation, and Others), and By Region and Forecast till 2027.

Global Heat Exchangers Market

The Global Heat Exchangers Market is expected to grow from US$ 18.04 Billion in 2021 to US$ 28.04 Billion by 2027; it is estimated to grow at a CAGR of 6.4% from 2021 to 2027.

When supercritical carbon dioxide (sCO2) is used as the working fluid in a closed, recuperated Brayton cycle, heat exchangers are a key enabling technology. The efficiency and size of the system as a whole are affected by the heat exchangers. To accomplish the required trade-off between system efficiency and system size, heat exchanger designs must strike a balance between heat exchanger efficacy and pressure drop. It is anticipated that the trade-off between system efficiency and system size will change depending on the application of the energy conversion system.

Drivers: Due to rising investments, falling raw material costs, and low labour costs, growing economies in APAC like China and India are likely to see rapid industrialization, which is expected to increase demand for heat exchangers. Projects in the region including manufacturing, commerce, and industry have also helped the market for heat exchangers overall grow. The need for heat exchangers is rising due to increased demand from the chemical, HVACR, petrochemical, oil & gas, and oil & gas industries as well as government initiatives for the development of thermal and solar energy in nations like Japan and India. Additionally, the market for heat exchangers is anticipated to benefit from the rise in petrochemical product demand.

Restraints: Numerous obstacles are anticipated to hamper market expansion. One of the key elements is the volatility of raw material costs. The heat exchangers business may suffer as a result of the volatile prices, which can also lead to confusion.

Opportunities: The market is anticipated to be driven by a variety of opportunities in the next years due to the rising heat exchanger market trends. The paper, steel and iron, pulp, and mining industries can all benefit from the heat exchangers' effective solutions. The market will advance thanks to significant investments made by the major players and supportive government regulations.

Impact of Covid-19

Globally, the COVID-19 pandemic has impacted citizens in more than 190 nations. Several industries were compelled to cease operations as a result of the stringent lockdowns that were enacted in many nations. Activities related to infrastructure were stopped because of the nationwide lockdowns. The market for heat exchangers was impacted in 2020 by the coronavirus disease of 2019 (COVID-19) on a global scale. The COVID-19 outbreak has had an impact on many areas, including flight cancellations, travel bans and quarantines, restaurant closures, restrictions on all indoor events, emergencies declared in numerous countries, a significant slowdown in the supply chain, unpredictability in the stock market, a decline in business assurance, escalating public panic, and uncertainty about the future.

Segmentation By Type: The shell and tube segment dominated the worldwide heat exchanger market in terms of type in 2020, and it is anticipated that it will continue to develop at the quickest rate during the forecast period. This is due to its benefits over other kinds of heat exchangers, which include affordability compared to plate-type coolers, simplicity of use at greater working temperatures and pressures, and other things.

Segmentation By End User Industry: The chemical sector dominated the global heat exchanger market in 2020 based on end-user industry, and it is anticipated that it will continue to develop at the quickest rate throughout the forecast period. This is attributable to the chemical industry's widespread use of heat exchangers, which are used in a variety of intricate processes including heating, cooling, condensing, evaporation, separation, and others.

Segmentation By Region: Heat Exchangers Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape: The key players of Heat Exchangers Market are Glacier Energy, Accessen Group, Alfa Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc, Thermofin Gmbh, and Xylem.

Industrial Development

• The newest model in the B4-sized lineup for the refrigeration market, the BX4T brazed plate heat exchanger (BPHE), was introduced by SWEP, a division of Dover Corporation, in January 2021. The BX4T is superior than conventional economizers in that it has a more compact design, which makes it perfect for variable refrigerant flow (VRF), heat pumps, and condensing units.
• Glacier Energy introduced HTX Digital in April 2021 as a new predictive maintenance tool for tracking heat exchanger performance.

Market Taxonomy

By Type

• Shell and Tube
• Plate and Frame
• Air-Cooled
• Microchannel Heat Exchanger
• Others

By End-user Industry

• Chemical
• Petrochemical
• Oil & Gas
• HVACR
• Food & Beverages
• Power Generation
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Heat Exchangers Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?