Heat Exchangers Market Size, Share, Growth Analysis, By Product(Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others), By End-Use(Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas), By Material(Steel, Non-Steel), By Region - Industry Forecast 2024-2031

Heat exchanger is a device that transfers heat between two or more process fluids. Heat exchangers are widely used in both industrial and home settings. Many different types of heat exchangers have been invented for use in steam power plants, chemical processing facilities, building heating and cooling systems, transportation power systems, and refrigeration units. The trend toward reducing heat waste in industrial processes is increasing demand for heat exchangers in a variety of industries, including chemical, food and beverage, power generation, oil and gas, and so on. One major advantage of heat exchangers in these sectors is that they increase the efficiency of the operational processes. The chemical sector had a substantial revenue share in 2019 and is expected to expand at a rate of 7% by 2031. The majority of the demand is projected owing to the rise of the chemical sector in China. Aside from these industries, the automotive sector will witness an increase in demand for heat exchangers.

The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows: 'In March 2022, Alfa Laval at their first online net-zero launch event launches new, cutting-edge thinking in energy-efficiency, clean energy, and circular-economy solutions, including the new Alfa Laval AC65 brazed plate heat exchanger.', 'In February 2022, Bharat Heavy Electricals Limited (BHEL), an Indian government-owned engineering and manufacturing enterprise, has received an order from Hindustan Aeronautics Limited (HAL) to supply Compact Heat Exchanger sets for 83 light combat Tejas MK1A aircraft for an undisclosed sum. This order calls for the production, assembly, testing, and supply of compact heat exchangers for the LCA Tejas aircraft.', 'In February 2022,Wieland acquired Provides, a leading company in the research, development and production of heat exchangers with locations in Italy, USA and China.', 'In June 2021, GE's R&D division tested the new 3D- printed heat exchanger at a temperature of 900 degrees. GE is developing products that can sustain a temperature of more than 200 degrees, which is the capability of already existing heat exchangers.', 'In January 2021, BOYD Corporation opened a new production plant in Juarez, Mexico, to extend its North American activities. In an automated factory fuelled by renewable energy, the business will manufacture thermal systems and diverse engineered materials. The quality management system will be accredited for the 40, 000-square-meter facility. To cater to the North American market, the growth plan will provide extra capacity to create very complicated liquid cooling systems, liquid cold plates, and sophisticated rotary die-cutting capabilities.'

The market will be driven by rising industrialization in developing economies. Rapid industrialization in APAC emerging nations such as China and India is predicted to drive demand for heat exchangers due to rising investments, raw material costs, and low-cost labour. Manufacturing, commercial, and industrial developments in the area have also contributed to the heat exchangers market's overall growth. Increased demand for heat exchangers is being driven by the chemical, HVACR, petrochemical, and oil & gas sectors, as well as government initiatives in countries like as Japan and India to produce thermal and solar energy. Furthermore, the growing need for petrochemical products is projected to benefit the heat exchangers industry.

In terms of regional insights, in 2020, Europe held the dominant market position with a revenue share of 33%. It is expected that the European market will grow at a modest CAGR of 5% between 2020-2027. This growth was attributed to the demand for heat exchangers from various industries in Germany, France, UK. Furthermore, the increasing demand for heat exchangers from HVAC and refrigeration will further expand the market growth. The regions of the Middle East and North America will see positive market growth by 2027.