The heat exchanger market size is projected to reach US$ 39.11 billion by 2030 from US$ 20.65 billion in 2022. The market is expected to register a CAGR of 8.3% during 2022–2030. The increasing adoption of plate heat exchangers is likely to remain a key trend in the market.

Heat Exchanger Market Analysis

A heat exchanger is a device that is generally used for heating or cooling elements, depending on the customer’s needs; it is primarily employed in various processes and discrete industries. The industry uses heat exchangers for cooling to prevent overheating of critical machinery or flammable materials. The market for heat exchangers is growing globally. The major industrial sectors driving the demand are energy, chemical, food, HVAC, and marine, among others. All major process industries across the globe use heat exchangers for several applications. Industry 4.0, rapid industrialization, and technological advancements in the oil & gas industries are all boosting the growth of the market.

Heat Exchanger Market Overview

Manufacturers operating in the heat exchanger market are launching various products for petrochemical and refinery operations. For instance, in April 2023, Aggreko—a global provider of mobile modular power, temperature control, and energy solutions—launched two new rental heat exchanger families—the Large Nodal Heat Exchanger and the Hastelloy C Cross Flow Heat Exchanger. This off-the-shelf unit offers petrochemical and refinery customers the industry's largest heat exchanger and the only one made from Hastelloy. Both products are designed to ensure the smooth operation of petrochemical plants and refineries and handle complex chemical situations by maintaining customers' production rates and improving plant processes.

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Heat Exchanger Market: Strategic Insights

Market Size Value in	US$ 20.65 billion in 2022
Market Size Value by	US$ 39.11 billion by 2030
Growth rate	CAGR of 8.3% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Heat Exchanger Market Drivers and Opportunities

Increasing Utilization of Renewable Energy Sources to Favor Market

The trend toward using green energy options like wind and sunlight for electricity generation keeps increasing. The need to cut greenhouse gas emissions is causing more energy needs globally, which will force the use of heat exchangers. These devices are found inside wind turbines where they facilitate the movement of fluids through a system such that some mechanical work can be obtained. On the other hand, they can also be attached to solar collectors whereby absorbing onto themselves some amount of energy from radiation coming off its surface.

Rising Usage of Heat Exchangers in the Oil & Gas Industry

According to the report published by the International Energy Agency (IEA) in June 2023, the global demand for oil is expected to grow by 6% from 2022 to 2028. It will reach up to 105.7 million barrels per day (mb/d) in 2028. The demand is growing due to the rising requirement for petrochemicals and the increasing need for oil in the aviation sector. In addition, the investments for the upstream segment in oil and gas exploration, extraction, and production are anticipated to reach their highest value since 2015 and are projected to grow by 11% year-on-year to US$ 528 billion in 2023; this is to benefit the heat exchanger market.  According to the Economic Times, in January 2023, Pertamina, a refinery arm of an Indonesian state energy firm, announced upgrading its old refineries and building new ones, thereby increasing its processing capacity to over 1.5 million barrels per day. Therefore, the rise in global oil demand and investment in the oil & gas industry contributes to the production of oil and gas, where heat exchangers are used to eliminate the heat generated during production.

Heat Exchanger Market Report Segmentation Analysis

Key segments that contributed to the derivation of the heat exchanger market analysis are type, material, and application.

• Based on type, the market is categorized into shell and tube, plate and frame, air-cooled, and others. The shell and tube segment held the largest share of the market in 2022.
• Based on material, the heat exchanger market is segmented into steel, copper, and others. The steel segment held a significant market share in 2022.
• Based on application, the market is categorized into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held the largest share of the market in 2022.

Heat Exchanger Market Share Analysis by Geography

The geographic scope of the Heat Exchanger market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominated the market in 2022. The North America heat exchanger market is segmented into the US, Canada, and Mexico. The US held the largest share of the heat exchanger market in North America in 2022. The region is adopting hydropower electricity generation as it is one of the clean sources of energy and is developing power plants to meet the growing energy demand. For instance, according to the US Department of Energy report for January 2021, the hydropower capacity increased by a net of 431 MW in 2019 since 2017. The capacity was increased from existing facilities, new facilities, and powering non-powered dams (NPDs), which resulted in a total net growth of 1,688 MW from 2010 to 2019. In addition, Mexico is planning to build many gas-fired power plants to increase the natural gas supply, including importing natural gas from the US.

Heat Exchanger Market Report Scope

Heat Exchanger Market News and Recent Developments

The heat exchanger market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the heat exchanger market are listed below:

• L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. (Source: &T Heavy Engineering, Press Release, January 2023)

• Johnson Controls announced that it has added and installed fully integrated, factory-built, wrap-around heat exchangers (WAHX) to its YORK Solution Indoor and Outdoor air-handling units, meeting a growing need for energy-efficient dehumidification methods in a compact footprint. (Source: Johnson Controls, Press Release, February 2022)

Heat Exchanger Market Report Coverage and Deliverables

The “Heat Exchanger Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Heat Exchanger market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Heat Exchanger market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Heat Exchanger market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the superconductor market
• Detailed company profiles