Heat Exchanger Market is expected to reach US$ 39.11 billion by 2030

Increasing Use of Heat Exchangers in Oil & Gas Industries Boosts Heat Exchanger Market Growth

According to our latest study on “Heat Exchanger Market Forecast to 2030 – Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage– by Type, Material, and Application,” the heat exchanger market size was valued at US$ 20.65 billion in 2022 and is expected to reach US$ 39.11 billion by 2030. The heat exchanger market is anticipated to record a CAGR of 8.3% between 2022 and 2030.

A heat exchanger is a device that is used to transfer heat between two fluids without mixing them. The fluids can be either liquids, gases, or solids. Heat exchangers are used in various applications across the chemical, energy, HVACR, food & beverages, power generation, and pulp & paper industries. Heat exchangers are available in several types, including plate shell and tube heat exchangers, double tube heat exchangers, tube-in-tube heat exchangers, and plate heat exchangers. Rapid industrialization and technological developments are driving the demand for heat exchangers.

Heat Exchanger Market – by Region, 2022 and 2030

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Manufacturers 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.

Various manufacturers in the heat exchanger market are launching compact heat exchangers to deliver fewer pressure drops and higher heat transfer in a compact design. For instance, in December 2022, Conflux Technology, a heat transfer product manufacturer, launched a new product to its commercial offering—a cartridge-based heat exchanger. Conflux Technology's latest launch is essentially a 3D-printed core that can be embedded into traditionally manufactured housings to deliver fewer pressure drops and higher heat transfer in a compact design. The company is also expanding its product line of compact heat exchangers for defense, aerospace, EV, automotive, industrial, and energy use cases.

Manufacturers in the heat exchanger market are also launching products that support carbon neutrality. For instance, in February 2023, Sanhua, a leading HVAC&R manufacturer of controls and components, launched a Braze Plate Heat Exchanger (BPHE) that can provide higher heat transfer efficiency and lower pressure drops. BPHE works with Group 1 and 2 fluids, including water; ethylene glycol solutions; and conventional HCFCs, HFCs, and HCs, as well as HFO refrigerants—R410A, R32, R454B, R290, R134a, R404A, R507, R448A, R449A, R1234yf, R1234ze, and R452A. BPHEs are suitable for many applications, including heat pumps, chillers, and boilers. This has set the stage for the development of sustainability in the heat exchanger market.

Alfa Laval AB, Kelvion Holding GmbH, Danfoss AS, Xylem Inc., API Heat Transfer Inc., Chart Industries Inc, Guntner GmbH & Co KG, Larsen & Toubro Ltd, Hisaka Works Ltd, and Johnson Controls International Plc are a few of the key players operating in the heat exchanger market.

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