The global heat exchanger market size was US$ 17.6 billion in 2021. The global heat exchanger market size is forecast to reach US$ 28.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2022 to 2030.
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Heat exchangers are devices that facilitate the exchange of heat between two fluids that are at different temperatures. Many engineering applications require heat exchangers, including refrigeration, heating, and air-conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units. A closed, recuperated Brayton cycle using supercritical CO2 (sCO2) as the working fluid enables efficient power generation with heat exchangers. These components have an impact on system efficiency and size. The design of heat exchangers must strike a balance between heat exchanger effectiveness and pressure drop to optimize system efficiency and system size. Each application of energy conversion systems will have its own tradeoff between efficiency and size.
Chemical, petrochemical, oil & gas, Heating Ventilation Air Conditioning and Refrigeration (HVACR), food & beverages, and power generation are a few industries that use heat exchangers extensively. In addition, the growing demand for products and services by these industries worldwide is forecast to drive the overall market.
The major factor fueling the growth of the heat exchanger market is the increasing demand for heat exchangers in the automotive sector.
The increasing use of heat exchangers in nuclear reactors, the upgrading of existing nuclear plants, and the proposed construction of new nuclear power plants are the key opportunities for players in the heat exchanger market.
The fluctuating prices of heat exchangers result in the delay or cancellation of capital projects, which may slow down the overall market growth.
The sudden spread of the novel coronavirus or COVID-19 pandemic had negative effects on the heat exchanger industry in the world. Due to strict policies such as nationwide lockdowns imposed to curb the spread of the virus, the industry suffered significant operational losses. Therefore, the disease outbreak has altered demand as every sector has shut down operations. Several government restrictions forced the closure of these exchangers’ production units. The unavailability of workers also hampered production, even after some restrictions were easing
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In 2021, the LAMEA region held dominance in the global heat exchanger market, and it is forecast to continue dominating during the forecast period. The UAE, Saudi Arabia, Qatar, Bahrain, and other nations use district cooling to deal with the extreme heat and provide air conditioning that is comfortable to use. During the next few years, Gulf countries will double the installed capacity of district energy, contributing to the growth of the market.
The leading prominent companies profiled in the global heat exchanger market are:
The global heat exchanger market segmentation focuses on Type, End-User, Material of Construction, and Region.
Heating Ventilation Air Conditioning and Refrigeration (HVACR)
Segmentation based on Material of Construction
Others (Nickel Alloys, Titanium, Copper, and Molybdenum)
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Middle East & Africa (MEA)
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