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Heat Exchangers - Global Market Trajectory & Analytics

  • ID: 347951
  • Report
  • February 2022
  • Region: Global
  • 1736 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Alfa Laval AB
  • Danfoss A/S
  • Güntner U.S. LLC
  • HRS Heat Exchangers Ltd.
  • SmartHeat Inc.
  • Tranter, Inc.

Global Heat Exchangers Market to Reach US$22.1 Billion by the Year 2026


Heat exchangers are devices that transfer heat energy from one fluid/gas to another fluid/gas without mixing the two. The heat exchangers market is anticipated to receive a boost from industrialization and increasing use of heating, ventilation, and air conditioning systems (HVAC) for optimal utilization of the equipment. The need to refurbish HVAC systems is expected to drive the use of cooling equipment and heat exchangers in the residential sector. The market growth is facilitated by technological advances and increasing adoption of heat transfer equipment for heat recovery, process cooling and condensation applications. While consistent demand from various end-use industries such as energy and petroleum is likely to boost adoption, the requirement to control temperatures in manufacturing units is poised to impel heat exchanger demand. On the other hand, stringent regulations curb carbon emissions as a result of rising concerns over environment and air pollution are likely to present new growth opportunities. The market growth is also driven by the need for centralized heating systems in residential and commercial segments along with global warming and the resulting change in weather conditions. Increasing investments by various companies for improving the commercial infrastructure is expected to create huge growth opportunities for heat exchanger providers.

Amid the COVID-19 crisis, the global market for Heat Exchangers estimated at US$16.4 Billion in the year 2020, is projected to reach a revised size of US$22.1 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Shell & Tube Heat Exchangers, one of the segments analyzed in the report, is projected to grow at a 4.2% CAGR to reach US$5.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cooling Towers segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 20.8% share of the global Heat Exchangers market. The shell & tube heat exchanger market is driven by increasing adoption of sophisticated equipment across the pharmaceutical, power generation and petrochemical industries owing to their superior corrosion-resistance and energy efficiency. Cooling towers are defined as open water re-circulation devices that use natural draft or fans to extract or push air to cool water through evaporation. Environmental concerns will expedite the markets` adoption of energy efficient products like closed circuit cooling towers. New innovations and updates to product standards are continuously being made in attempts to enhance the performance, energy efficiency and eco-friendliness of cooling towers.



The U.S. Market is Estimated at $3.8 Billion in 2021, While China is Forecast to Reach $3.7 Billion by 2026


The Heat Exchangers market in the U.S. is estimated at US$3.8 Billion in the year 2021. The country currently accounts for a 22.56% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$3.7 Billion in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$4 Billion by the year 2027. Europe dominates market growth driven by stringent regulations and ambitious plans to conserve energy and reduce carbon emissions. These regulations are driving member states in the region to promote energy-efficient products to curb carbon emissions and their impact on the environment. The European market is also benefitting from increasing adoption of heat exchangers in the oil & gas industry along with consistent focus of various players on research activities to develop new products to satiate consumer needs. The North American market is driven by strong contribution from the US and Mexico. While the former remains the leading market in the region, the latter is gaining from rapid urbanization and expansion of mechanical activities, creating strong demand for heat exchangers. Growth in the Asia-Pacific region is supported by growing industrial operations in developing regions such as India and China.

Air Coolers Segment to Reach $3.9 Billion by 2026


Air coolers use atmospheric air to cool and condense fluids. There is an increased interest in air coolers as a cost effective, alternative to cooling towers. The chronic shortage of freshwater is expected to become intense in the coming years, a factor that will help drive growth in the air coolers market. In the global Air Coolers segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.2 Billion in the year 2020 will reach a projected size of US$3.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$400.9 Million by the year 2026.

Select Competitors (Total 675 Featured) -

  • Air Products and Chemicals, Inc.
  • Alfa Laval AB
  • API Heat Transfer
  • Balcke-Dürr GmbH
  • Barriquand Technologies Thermiques
  • Danfoss A/S
  • Doosan Corporation
  • Enerquip, LLC
  • FUNKE Wärmeaustauscher Apparatebau GmbH
  • Güntner U.S. LLC
  • Hamon Group
  • HISAKA WORKS, LTD.
  • HRS Heat Exchangers Ltd.
  • Johnson Controls International
  • Kelvion Holding GmbH
  • Koch Heat Transfer Company, LP
  • McDermott International, Ltd.
  • Mersen SA
  • SmartHeat Inc.
  • SPX Cooling Technologies, Inc.
  • SPX FLOW, Inc.
  • SWEP International AB
  • Tranter, Inc.
  • Vahterus Oy
  • Xylem Inc.
Frequently Asked Questions about the Global Market for Heat Exchangers

What is the estimated value of the Global Market for Heat Exchangers?

The Global Market for Heat Exchangers was estimated to be valued at $16.4 Billion in 2020.

What is the growth rate of the Global Market for Heat Exchangers?

The growth rate of the Global Market for Heat Exchangers is 5.1%, with an estimated value of $22.1 Billion by 2026.

What is the forecasted size of the Global Market for Heat Exchangers?

The Global Market for Heat Exchangers is estimated to be worth $22.1 Billion by 2026.

Who are the key companies in the Global Market for Heat Exchangers?

Key companies in the Global Market for Heat Exchangers include Air Products and Chemicals, Inc., Alfa Laval AB, API Heat Transfer, Balcke, Dürr GmbH, Barriquand Technologies Thermiques, Danfoss A/S, Doosan Corporation and FUNKE Wärmeaustauscher Apparatebau GmbH.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Alfa Laval AB
  • Danfoss A/S
  • Güntner U.S. LLC
  • HRS Heat Exchangers Ltd.
  • SmartHeat Inc.
  • Tranter, Inc.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Weak Global Economic Environment Dents Market Prospects
  • Business Climate Indicator in the Euro Area for the Period September 2020 to August 2021
  • HVAC Systems with Filtration: Relevant Answer to Tough COVID-19 Test
  • Heat Exchangers and Boilers to Play Crucial Role amid COVID-19 Pandemic
  • The Crisis Opens Floodgates of Real Opportunities for Steam & Boiler Industry
  • An Introduction to Heat Exchangers
  • Product Groups
  • Product Types and Segments
  • End-Use Market: A Brief Note
  • Key End-Use Industries for Heat Exchangers
  • Heat Exchangers: The Most Important & Ubiquitous Process Equipment in Industries
  • Global Heat Exchangers Market: Overview and Outlook
  • Playing Instrumental Role in Numerous Industries
  • Sophisticated Design Options for Next-Generation, Eco-Friendly Heat Exchangers
  • 3D Printing Unfolds Exciting Design Opportunities for Heat Exchangers
  • Segment Overview: Growing Need for Advanced Equipment Augurs Well for Shell & Tube Heat Exchanger Market
  • Strong Demand from End-Use Verticals Enables Heat Exchanger Market to Maintain Positive Trajectory in Long Term
  • Chemical Industry Commands Major Share
  • Oil & Gas Remains Major Application Segment for Heat Exchangers
  • Regional Analysis: Europe Secures Commanding Position in Global Heat Exchanger Market
  • World Heat Exchangers Market (2021 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
  • World Heat Exchangers Market - Geographic Regions Ranked by Value CAGR for 2020-2027: China, Asia-Pacific, Latin America, Rest of World, USA, Canada, Europe, and Japan
  • Competitive Scenario
  • HVAC Companies Adapt Strategies to Navigate Unsettling Phase of COVID-19
  • Leading Players in the Global Plate Heat Exchangers Market (2020): Percentage Share Breakdown of Revenues for Alfa Laval and Others
  • Leading Players in the Global Compact Heat Exchangers Market (2020): Percentage Value Breakdown by Company
  • Recent Market Activity
  • Select Global Brands
  • Heat Exchangers - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Sustained Focus on Energy Efficiency in Modern Industrial Environments to Rev Up Opportunities for Heat Exchangers
  • Growing Popularity of Energy Audits to Help Identify Saving Opportunities & the Resulting Increased Spending on Energy Efficiency to Benefit Demand for Energy Efficient Heat Exchangers: Global Investments in Energy Efficiency (In US$ Billion) for the Years 2016 and 2019 by Region
  • Undeniable Productivity Benefits of Industrial Energy Efficiency Measures to Spur the Commercial Value of Energy Efficient Heat Exchangers: Global Investments in Energy Efficiency (In US$ Billion) for the Years 2016 and 2019 by Industry
  • Energy Efficiency & Cost Savings Step Up Market Opportunities for Compact Heat Exchangers
  • Energy Efficiency Benefits Drive Migration from Shell & Tube to Plate Heat Exchangers
  • Despite Slowdown in Demand, Chemical Industry to Remain the Dominant Consumer of Heat Exchangers
  • Projected Stability in Capital Spending in the Chemical Industry Provides Opportunities for New and Replacement Demand for Heat Exchangers: CAPEX in the World Chemical Industry (In US$ Billion) for the Years 2018, 2021 and 2023
  • World Chemical Industry Revenues (in %) by Segment for the Year 2021
  • Critical Role of Heat Exchangers in the Power Generation/Utilities Sector Augurs Well
  • Continued Dominance of Coal & Move to Clean Coal Technologies to Drive the Importance of Heat Exchangers in Enabling Plant Efficiency & Emission Reduction
  • Focus on Heat Recovery & Utilization of Sensible and Latent Heat from Flue Gas to Drive the Value of Heat Exchangers in Coal Fired Power Plants Against the Backdrop of Robust Outlook for Clean Coal Power: Global Thermal Power Generated from Coal (In Billion Kilowatt-hours) by Region for the Years 2018 and 2024
  • Focus on Renewable Energy: A Double Win for Heat Exchangers in the Energy Sector
  • Targets for Electricity Production from Renewable Energy Sources in Select Countries
  • Leading Countries with Renewable Energy as % of total Energy
  • Robust Outlook for Renewables to Echo Downstream Into the Heat Exchangers Market: World Renewable Energy Production (In Billion Kilowatt Hours) by Energy Source for the Years 2017, 2020, 2030 and 2040
  • Expected Revival of Nuclear Energy to Drive Opportunities in the Heat Exchangers Market
  • With Over 500 Operational & Under Construction Nuclear Reactors, Demand for Heat Exchangers in Nuclear Power Plants is Poised for Growth in the Medium to Long Term Period: Global Number of Nuclear Reactors in Operation & Under Construction (In Units) by Geographic Region for the Year 2018
  • Volatile Oil Prices Revive the Emphasis on Productivity & Capital Efficiency in O&G Industry
  • As Oil Companies Scramble to be Better Prepared for the Next Price Crash, Innovative Heat Exchangers Capable of Providing Value Via Production Improvements & Efficiencies Will be the Only Ones to Gain in the Volatile Market Environment: Global Prices of Brent Crude (In US$ Per Barrel) for the Years 2012 through 2021
  • Structural Shocks & the Ensuing Permanent Break in Oil Prices to Push Demand for Underwater Heat Exchangers
  • Medley of Factors Dole Out Challenges & Opportunities in Equal Measure for the Global Oil Refining Market
  • With Growth Skewed Towards Alternative Liquid Fuels, Oil Refineries Face a High Risk Exposure as the Oil Shake Up Marks the Transition Towards a Low Carbon Economy: Global Liquid Fuel Cumulative Demand Growth (In ‘000 Barrels per Day) by Type for the Years 2018, 2021 & 2023
  • Healthy Market for Processed Food to Benefit Demand for Heat Exchangers in the Food Processing Sector
  • As the Hidden Workhorses of Heating and Cooling in the Food & Beverage Industry, Demand for Heat Exchangers Benefits from the Growing Demand for Packaged Food: World Retail Market for Food & Beverages (in US$ Trillion) for the Years 2019 & 2023
  • Plate Heat Exchangers Struggle with Poor Maintenance & Low Utilization Rates in Food Industry
  • Transformative Heat Exchanger Technology Bonanza for Dairy Processing Industry
  • Stringent Wastewater Treatment Laws Provide Fertile Ground for Heat Exchanger Sales
  • Growing Industrial Effluent Discharge Coupled With the Massive Water Reuse Opportunity Provided by the Emerging Circular Economy Offers Lucrative Opportunities for Heat Exchangers in the Wastewater Treatment Industry: Volume of Industrial Wastewater Generated in the U.S & Europe (In 000 m3 (Cubic Meters)) for the Year 2018
  • Shortage of Freshwater Spurs Land Based Use of Seawater Heat Exchangers
  • Declining Freshwater Availability Throws the Technology Focus on Seawater Heat Exchangers: Per Capita Availability of Water in Select Countries (In '000 m3) for Years 1975, 2000 & 2025
  • Water Shortages to Drive Demand for Air Coolers
  • Heat Exchangers Find Increased Acceptance in Marine Industry
  • Heat Exchangers Remain Critical Elements of Modern Data Centers
  • Mining Industry Trends Continue to Discourage Heat Exchangers Market
  • Labor Presents the Most Significant Downside Risk for the Mining Industry in the Form of Increased Production Costs: Production Cost Breakdown of Mining Projects (In %) for the Year 2020
  • Innovations in Cooling Tower Design and Technology Crucial to Future Market Growth
  • Supportive Innovative Technologies of Heat Exchangers
  • Artificial Intelligence (AI) Makes Its Revolutionary Presence Felt in the Heat Exchangers Market
  • Growing Prominence of Robotic & Intelligent Process Automation in the Era of Smart Factories to Drive the Commercial Value of AI Based Heat Exchanger Control & Monitoring: Global Spending on Robotic Process Automation & Intelligent Process Automation (In US$ Million) for the Years 2016, 2018, 2020 and 2022
  • Next-generation Factory Assembled Cooling Towers to Positively Impact Bottom Line of HVAC and Industrial Processes
  • Advancements in Plume Abatement Technologies and Drift Eliminators Address Environmental Concerns to Drive Healthy Demand
  • New Design and Material Innovations Increase Cooling Efficiency
  • Innovation in Heat Exchanger Flow Patterns, Fins & Grooves Infuse Vigor in the Market
  • R&D Focus on Material Science Helps Leverage Benefits of Newer Raw Materials
  • Select Innovations
  • Focus on Intelligent Maintenance & Continuous Monitoring of Heat Exchangers Drives Opportunities for Replacement Demand
  • A Note on Industry Standards and Codes
  • Duct Cleaning and Air Conditioning Do Not Affect COVID-19 Transmission
  • Trends Linked to Heat Exchanger Technology Set New Standards in Energy Efficiency
  • Issues & Challenges
  • F-Gas Regulations
  • Low Awareness about Benefits of Building Energy Efficiency
  • Pricing and Distribution
  • Pricing Behavior by Product Segment
  • Steel as Raw Material Dominates
  • Pricing Behavior by End-Use Segment

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • COVID-19 Pandemic Impacts Heat Exchangers Market
  • Glimmer of Hope in the HVAC Market amid Crippling Impact of COVID-19
  • Increased Awareness to Spur Demand for Energy Efficient Heat Exchangers
  • Shale Gas Revolution: A Fundamental Driver of Growth in the Use of Heat Exchangers in Liquefaction Plants
  • Annual Production of Shale Gas (In Trillion Cubic Feet) in the United States (2015, 2016, 2017, 2020, 2030, 2040 & 2050): A Measure of Addressable Opportunity for Exchangers in Heat Recovery Applications in Shale Gas Processing
  • Wet Cooling Towers Dominate the Cooling Tower Market
  • Opportunities Exist for New Entrants in HVAC&R Heat Exchangers Market

CANADA

JAPAN

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • Although Weakening, China to Remain a Dominant Market for Heat Exchangers in the Medium to Long Term Period
  • China’s Current Dominant Hold on Global Manufacturing Output & Its Central Role in World Trade Makes the Country a Major Market for Heat Exchangers in Asia: Percentage Breakdown of Global Manufacturing Output by Region for the Years 1990, 2013, 2017 & 2025
  • Shell & Tube Heat Exchanger Segment to Post Solid Growth
  • Governmental Initiatives to Drive Growth
  • Rising Focus on Energy Saving, Environment Friendly Technology
  • Aalborg CSP Resumes Production of Heat Exchangers in China Post COVID-19 Lockdown

EUROPE

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Shell and Tube Heat Exchangers: Brief Note
  • Plate Heat Exchangers
  • Air Coolers
  • Cooling Towers
  • Analysis by End-Use Segment
  • Chemicals Industry
  • Oil & Gas
  • HVAC and Refrigeration
  • Other Applications
  • Regulatory Environment

FRANCE

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Market Overview

AUSTRALIA

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Heat Exchangers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 675
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Air Products and Chemicals, Inc.
  • Alfa Laval AB
  • API Heat Transfer
  • Balcke-Dürr GmbH
  • Barriquand Technologies Thermiques
  • Danfoss A/S
  • Doosan Corporation
  • Enerquip, LLC
  • FUNKE Wärmeaustauscher Apparatebau GmbH
  • Güntner U.S. LLC
  • Hamon Group
  • HISAKA WORKS, LTD.
  • HRS Heat Exchangers Ltd.
  • Johnson Controls International
  • Kelvion Holding GmbH
  • Koch Heat Transfer Company, LP
  • McDermott International, Ltd.
  • Mersen SA
  • SmartHeat Inc.
  • SPX Cooling Technologies, Inc.
  • SPX FLOW, Inc.
  • SWEP International AB
  • Tranter, Inc.
  • Vahterus Oy
  • Xylem Inc.
Note: Product cover images may vary from those shown