Heat Exchangers: Innovative approaches and strategies adopted by the industry

As public and private infrastructure investments are made, the need for heat exchangers in the HVAC & refrigeration industry is anticipated to rise.

Industrialisation and increased investments in manufacturing, commercial, and industrial projects in developing nations have fuelled the demand for heat exchangers in the region. As public and private infrastructure investments are made, the need for heat exchangers in the HVAC & refrigeration industry is anticipated to rise. Various end-use sectors have boosted their demand for heat exchangers that offer higher durability, improved efficiency, and less fouling, which has helped the market grow. In 2022, Europe had the highest revenue share in the global market for heat exchangers, contributing 34.07 percent of the total. However, similar to Europe, it is projected that rising oil & gas development activities in the United States and Canada will be the primary driver of heat exchanger demand in North America. It is also projected that increasing energy consumption in various commercial and industrial sectors will strengthen the power and energy sectors, benefiting the heat exchanger market. As per the report published by The Brainy Insights, the global heat exchangers market is expected to grow from USD 19.68 billion in 2022 to USD 32.65 billion by 2030, at a CAGR of 6.53 percent during the forecast period 2022-2030.

Market dynamics
The global heat exchangers market has been segmented based on the product, end-use, and region. The product segment is divided into shell & tube heat exchangers, plate & frame heat exchangers, air-cooled heat exchangers, and others. With a market share of around 27.49 percent in 2022, the shell & tube heat exchanger segment held most of the market share. When building a shell and tubes, a group of tubes are inserted into a cylindrical surface with the tube axis parallel to the axis of the surface. The three most common types of shell and tube products are floating-head type, U-tube design, and fixed tube sheet design. The end-use segment is divided into oil & gas, power generation, pulp & paper, chemical & petrochemical, food & beverage, HVAC & refrigeration, and others. The chemical and petrochemical segment, which accounted for around 19.47 percent of global revenue in 2022, dominated the market. Heat exchangers are used in the chemical processing sector for their advantages, such as design flexibility and good corrosion resistance. Due to these traits, they can control fluids with various solid concentrations.

The demand for heat exchangers is anticipated to increase over the projected period due to the increasing emphasis on effective thermal management across various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration. The chemical industry’s growing demand, escalating technological development and a growing emphasis on raising efficiency requirements are anticipated to drive the market in the following years. Most processes in petrochemical facilities operate at high pressure and temperature, demanding the development of energy savings and the optimisation of heat transfer, both of which are expected to increase demand for energy-efficient heat exchangers.

Major players
Leading companies in the industry include Kelvion Holding GmbH, API Heat Transfer, HRS Heat Exchangers, Koch Heat Transfer Company, Heatmaster BV, Southwest Thermal Technology, Alfa Laval, Xylem Inc., SAACKE GmbH, Danfoss, GEA Heat Exchangers, Hisaka Works, Ltd. among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.