Rapid Industrialization to ensure Positive Growth in Industrial Heat Exchangers Market
Global industrial heat exchangers market was valued at US$ 13,978.5 Mn in 2020 and set to grow at a CAGR of 7.6% throughout the forecast period from 2021 to 2029. Growing industrialization among developing countries noted as one of the prominent factors driving industrial heat exchangers market worldwide. Heat exchanger serves broad range of industry applications. Numerous industries including chemical, oil & gas, food & beverage, power generation along with HVAC and pulp & paper industry are increasingly adopting heat exchangers as a component of heating as well as cooling systems. Many industrial processes need some heat to function; however, typically major precaution needs to be taken to prevent these functions from absorbing excessive heat. Industrial plants and factories embracing heat exchangers to keep machineries, water, oil, gas, chemicals and other substances within effective operating temperature. Moreover, heat exchanger also used to transfer heat exhaust released from the process. Industries utilize this heat for better use elsewhere and improve efficiency, thereby reducing the plant overheads.
Growing chemical as well as oil & gas industry further reported for propelling the demand for industrial heat exchangers in the global market. Increasing market penetration of HVAC systems coupled with favorable environmental regulations are some other factors responsible for growing industrial heat exchangers market worldwide.
Chemical Segment to Lead Overall Industrial Heat Exchangers Market throughout the Forecast Period
The chemical segment led overall industrial heat exchangers market with the leading share in 2020. In order to heat and cool base, intermediate and final product, chemical industry have been implementing heat exchangers in numerous industry applications. In recent years, chemical industry pointed as one of the fastest growing and most innovative sector, with more than 70% of its output being used by other industries worldwide. Chemical industry has witnessed significant growth in last few decades. In 2019, global chemical industry accounted for US$ 5.2 Trillion and projected to witness significant growth during the forecast period from 2021 to 2029.
Asia Pacific Dominates Industrial Heat Exchangers Market; followed by Europe
Growing chemical industry coupled with increasing demand for high power generation, on account of growing population, are observed as some of the prominent factors influencing overall industrial heat exchangers market in this region. Asia pacific chemical industry is amongst the most diversified global industries; produces more than 70,000 products ranging from cosmetics, fertilizers, plastics, petrochemicals and pharmaceuticals. In 2020, Asia pacific chemical manufacturing market accounted for more than 36% of the global market; closely followed by Europe and North America. Asia pacific emerged as hub for chemical manufacturing and exports over the recent past.
China’s chemical companies contributing to the highest share in overall industrial heat exchangers market growth in the region. Growing demand for chemical products along with improving per capita income of the nation are some of the major factors allowing China to lead overall industrial heat exchangers market in Asia Pacific.
Competitive Insights
Leading manufacturers in global heat exchangers market are entering into mergers and acquisitions to increase share in global market. For instance, on 10 April 2020, Webtec Corporation, one of the leading commercial heat exchanger manufacturers, acquired Thermal Transfer Corp., one of the leading players providing innovation and durable products for industrial applications, in order to improve performance of conventional heat exchangers. Thermal Transfer Corp. offers broad portfolio of heat exchanger solutions for niche application from rail and industrial markets. Through this acquisition, Webtec Corporation has diversified their products and their applications among different industry vertical. Moreover, with its subsidiaries, Company manufactures a range of products for freight cars, locomotives along with passenger transit vehicles.
With stringent environmental regulations and increasing public awareness, companies are increasingly looking to eliminate or reduce the amount of waste produce during the process. In recent years, Zero Liquid Discharge (ZLD) has become a key waste reduction technique. ZLD technique separates unwanted materials from water and makes resulting solid residue more stable and suitable for recycling. On September 2021, HRS Heat Exchangers Ltd., specialists in industrial heat transfer technology, introduced heat exchangers for final commissioning stage of ZLD system for an industrial client in Europe. HRS heat exchangers play vital role in reducing the running cost of a ZLD systems by increasing the energy efficiency of overall ZLD system.
Historical & Forecast Period
This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.
Segmentation by Construction Type and Analysis of Industrial Heat Exchangers Market (2019 - 2029; US$ Mn)
- Shell & Tube Heat Exchangers
- Plate Heat Exchangers
- Spiral Heat Exchangers
- Helical-coil Heat Exchangers
- Others (Regenerative, Micro Channel, etc.)
In 2020, shell and tube heat exchanger segment dominated overall market for industrial heat exchangers. Low operational as well as maintenance cost, high security against leakage, robust design coupled with easy installation and superior thermal performance features further ensures the high demand for this segment during the review period from 2021 to 2029.
Segmentation by Medium and Analysis of Industrial Heat Exchangers Market (2019 - 2029; US$ Mn)
- Liquid
- Air
Global industrial heat exchangers market led by liquid medium in 2020. Considering increasing adoption of liquid medium based industrial heat exchangers, this segment further expected to witness growth during the forecast period from 2021 to 2029.
Segmentation by Application and Analysis of Industrial Heat Exchangers Market (2019 - 2029; US$ Mn)
- Chemical
- Oil & Gas
- Power Generation
- Food & Beverage
- HVAC (Heating, Ventilation and Air Conditioning)
- Pharmaceuticals
- Pulp & Paper
- Others (Sewage Treatment Sector, Marine, Automotive, etc.)
During 2020, chemical industry accounted for the highest share considering increased demand for shell and tube heat exchangers. Varying temperature requirements of streams in a chemical process facilitates the use of heat exchangers. Heat exchangers noted as the basic heat transfer equipment used in chemical industry for wide range of applications. Specialty applications of these exchangers in chemical industry includes evaporators and reboilers, shell-side and tube-side condensers, preheaters for fluids, heat recovery along with interchangers among others.
Segmentation by Geography and Analysis of Industrial Heat Exchangers Market (2019 - 2029; US$ Mn)
- North America
- U.S.
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- South Asia
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East & Africa (MEA)
- Latin America
Asia Pacific led industrial heat exchangers market in 2020 and expected to continue its dominance in near future. Strong demand from key application industries including chemical, oil & gas, HVAC, power generation among others observed as one of the major factors driving industrial heat exchangers market in this region. With incessantly growing population, thus rising energy requirement along with improving per capita income of nations, Asia Pacific region expected to witness significant growth during the forecast period from 2021 to 2029.
Key questions answered in this report
- What was the market size of industrial heat exchangers in 2020 and forecast up to 2029?
- Which is the largest regional market for industrial heat exchangers?
- What are the key market trends observed in the industrial heat exchangers market?
- Which is the most promising construction type in industrial heat exchangers market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key factors driving the global industrial heat exchangers market?
- What are the market opportunities and threats faced by the market players in the global industrial heat exchangers market?
Unique data points of this report
- Statistics on adoption of industrial heat exchangers by all construction type, medium and application segments per region
- Top countries in terms of penetration of industrial heat exchangers
- Attractive investment proposition for Applications segment as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Industrial Heat Exchangers (IHE) Market Value, by Construction Type
Chapter 5 Global Industrial Heat Exchangers (IHE) Market Value, by Medium
Chapter 6 Global Industrial Heat Exchangers (IHE) Market Value, by Application
Chapter 7 North America Industrial Heat Exchangers (IHE) Market Analysis
Chapter 8 Europe Industrial Heat Exchangers (IHE) Market Analysis
Chapter 9 Asia Pacific Industrial Heat Exchangers (IHE) Market Analysis
Chapter 10 Rest of the World Industrial Heat Exchangers (IHE) Market Analysis, 2019 - 2029
Chapter 11 Company Profiles
Companies Mentioned
- Thermal Transfer Systems Inc.
- Xylem Inc.
- GEA Group
- Hisaka Works Ltd.
- Atlas Copco AB
- Cummins Inc.
- Mitsubishi Heavy Industries Ltd.
- SmartHeat Inc.
- Swep International AB
- Alfa Laval AB
- Danfoss A/S
- Kelvion Holdings GmbH
- SPX Corp.
- API Heat Transfer Inc.
- Guntner GmbH & Co. KG
- Hisaka Works Ltd.
- HRS Heat Exchangers Ltd.
- Modine Manufacturing Company Inc.
- Sierra Corporation
- Koch Heat Transfer Co.
