Global sales of heat exchangers are expected to increase at a CAGR of 6% from 2022 to 2031. In the year 2021, the global heat exchangers market was valued at US$ 18.94 billion, and is anticipated to reach US$ 34.24 billion by 2031.
Demand for shell and tube heat exchangers is projected to increase at a significant CAGR from 2022 to 2031, attributed to their growing usage across several industry verticals.
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Key Segments Covered in Heat Exchangers Industry Research
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Heat Exchangers Market by Product :
- Air Cooled Heat Exchangers
- Plate and Frame Heat Exchangers
- Shell and Tube Heat Exchangers
- Others (Condensers, Oil Coolers, and Radiators)
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Heat Exchangers Market by End User :
- HVAC
- Chemicals and Petrochemicals
- Power Generation
- Others (Food Processing, Aerospace, and Medical)
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Heat Exchangers Market by Region :
- North America Heat Exchangers Market
- Europe Heat Exchangers Market
- Asia Pacific Heat Exchangers Market
- Latin America Heat Exchangers Market
- Middle East & Africa Heat Exchangers Market
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Competitive Landscape
Heat exchanger manufacturers collaborate with others to produce innovative heat transfer products to meet the world’s expanding energy needs. Heat exchanger providers are trying to gain a competitive advantage over their competitors by expanding the scope of their products’ applications.
For instance :
- In December 2021, Alfa Laval signed a global partnership deal with Microsoft to create digital solutions to help with the maintenance and support for its plate heat exchanger range. End users will be able to identify customers’ requirements using artificial intelligence (AI) in these new devices.
COVID-19 Impact on Heat Exchangers Consumption
The COVID-19 pandemic hampered different industrial activities and disrupted the supply chain, affecting practically all industries. The COVID-19 pandemic caused delays in heat exchanger manufacturing and supply. Because of lockdown restrictions, limited personnel availability, supply chain disruptions, country-wide lockdowns, and fluctuating raw materials prices, heat exchanger producers encountered unexpected hurdles.
On the other hand, companies are slowly returning to normalcy with their operations, resuming and slowly restoring pre-pandemic levels. Several energy projects are expected to aid market expansion. The growth in industrial activities, development, and the emergence of new power plants are expected to boost the market.
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Why is Demand for Shell and Tube Heat Exchangers Rising Rapidly?
Shell and tube heat exchangers are expected to account for around 40% of market sales over the forecast period, as they are more cost-effective than other forms of heat exchangers. They are preferred in many industries, including petrochemicals and food and drinks since they are simple to install and maintain at greater working temperatures and pressures.
Shell and tube heat exchangers are utilized in applications that demand a wide temperature and pressure range, as well as the transfer of two liquids, liquids and gases, or two gases. These heat exchangers have a simple design and are suitable for transferring heat from steam to water.