New York, United States, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Heat transfer occurs from one medium to the other medium by using heat exchangers. These media could be a gas, a liquid, or a mix of the two. The media may be in direct contact or separated from one another by a solid wall to prevent mixing. The rising demand for thermal management in different sectors like HVAC, Power Generation, Chemical, and Petrochemical industries are fostering its market growth.
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Key highlights of Heat Exchanger Market:
- Shell & Tube segment led the market by a decent share-percentage of 36.22% for the Product Type segment.
- The Chemical and Petrochemical sector of the End User segment led the market growth comprehensively with a share of 22.93%.
- For the Regional segment, Europe held the maximum portion of the market share of nearly 32.83%.
Pertinent driving factors of the Heat-Exchanger Market:
(Rise in usage of heat-exchangers as cooling equipment in industries, advent of highly advanced technologies for boosting industry efficacy, etc.)
- The heat exchanger is mostly used as cooling equipment in different industries worldwide. These exchangers have the capability to regulate the working temperature of a system effectively, thereby fuelling the growth of the market. SMR's research study delineated that the minimum temperature range should be around 15 degrees Fahrenheit for water-cooled, 20 degrees Fahrenheit for steam-heated, and 25 degrees Fahrenheit for air-cooled heat exchangers, respectively, to operate at their fullest potential.
- Governments worldwide are sheer focusing on the improvisation of efficacy in their chemical and petrochemical sectors for which they are spending a hefty sum of money. SMR's research study revealed that around 90% of the processes in petrochemical facilities require H.P. temperature regulation. This, in turn, has surged the total demand for heat exchangers exponentially, thereby proliferating the growth of the market.
Bifurcation Analysis of the Heat-Exchanger Market
The worldwide Heat -Exchanger Market is segregated into Product Type, End User, & Geography.
For Product type:
- Shell and Tube
- Plate and Frame
- Micro-channel Heat Exchanger
- Welded Plate & Frame-Heat Exchanger
- Brazed Plate & Frame-Heat Exchanger
- Air-Cooled
- Gasketed Plate & Frame-Heat Exchanger
- Others
For End user:
- Chemical and Petrochemical
- HVAC and Refrigeration
- Food and Beverage industry
- Power Generation
- Pulp & Paper
- Oil and Gas
- Others
By Geography
North-American Region
- United States
- Canada
- Mexico
- The rest of North America
Asia-Pacific Territory
- New Zealand
- Japan
- China
- Australia
- South Korea
- India
- Vietnam
- Remaining of the continent of Asia-Pacific
Europe
- Germany/ Deutschland
- France
- Russian Federation
- Italy
- Polska/Poland
- United Kingdom
- Sweden
- Finland
- Spain
- The rest part of the continent of Europe
The Middle-East, & African territory
- Kuwait
- Qatar
- UAE
- South Africa
- Algeria
- Saudi Arabia
- Argentina
- Egypt
- Brazil
- Nigeria
- Zimbabwe
- The rest of LAMEA
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| Report Coverage | Details | |
| Forecast Period | 2022-2030 | |
| Forecast Period 2021 to 2028 CAGR | 5.3% | |
| 2030 Value Projection | USD 25.9 Billion | |
| Base Year | 2020 | |
| Market Size in 2021 | USD 16.32 Billion | |
| Historical Data for | 2015-2019 | |
| No. of Pages | 135 | |
| Companies | General Electric Company, Alfa Laval AB,Kelvion Holding GmbH,Danfoss AS,Hisaka Works Ltd,Exchanger Industries Limited,Mersen,API Heat Transfer, Boyd Corporation,XYLEM,Johnson Controls | |
| Leading Segment Based By Product Type | Shell And Tube | |
| Leading Region | Asia-Pacific | |
| Segments covered | By Product Type, By End-User and By Region | |
For Product-Type, the 'Shell & Tube' segment led the market by a decent share-percentage of 36.22% or around USD 6.22 Billion in 2021. This is owing to its frequent usage for the purpose of feed-gas cooling in petrochemical industries worldwide. This type of exchanger also utilizes the downflow of the feed gases via the cooling tubes.
For End user, 'Chemical, and Petrochemical Industries' led the market by a share value of 22.93%. Heat-exchangers are frequently used in chemical industries for resistance to high corrosion, providing flexibility in designs, etc. These properties of heat-exchangers in the chemical industries help them to handle fluids with different pH levels. On the other hand, the higher penetration rate of the petrochemical products in some of the most modern-energy systems like solar panels, Evs, wind-turbine blades, etc., are expected to augment the market growth efficiently. A group of American scientists figured out that each wind turbine requires around 80 gallons of lubricant oil which can adequately be supplied by the petrochemical industries. This oil should be replaced after each year. They also discovered that approximately 3,800 wind turbines are required to power a large city such as N.Y. (New York).
On a regional basis, Europe led the market growth with a 32.83% share in 2021. The German government is investing a huge amount in the manufacturing of more chemical and petrochemical industries around Deutschland. Apart from that, the rising infrastructural investments in the HVAC sector of the U.K., and France are rising the need for heat-exchangers, thereby driving the market growth forward.
Some key players in Heat-Exchanger Market:
- ·Alfa Laval AB
- ·General-Electric Company
- Kelvion Holding GmbH
- Hisaka Works Ltd
- Danfoss AS
- Mersen
- Exchanger Industries Limited
- Boyd Corporation
- API Heat Transfer
- Johnson Controls
- XYLEM
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Recent Developments
- On August 22nd, 2022, L.G. launched its eco-Conscious-Bottom-Freezer, which showed a high-class efficacy at the IFA exhibition 2022. To achieve the 'A' performance rating, L.G. thoroughly improvised the overall structure of its refrigerator's heat exchanger and condenser, as well as enhanced the path of its airflow in order to achieve much more efficient delivery of cold air throughout the entire fridge.
- On August 21st, 2022, a group of American scientists stated that concentrated-solar power can be one of the most convenient methods for energy storage in the future. The concentrated-solar power generator consists of a tank that operates at a temperature of around (220-260) Degree Celsius. The molten salt flows into the heat exchanger, where it transfers that heat into the steam turbine at 550 degrees & at a pressure of 13.2 Mpa for the generation of electricity.
- On August 1st, 2022, the researchers of the Oak-Ridge National Laboratory of USA demonstrated a concrete way to maintain the refrigerant's steady flow in the HVAC units. They demonstrated how the micro-channel heat exchangers used for ventilation, heating, & air-conditioning units have the capability to keep the refrigerants evenly distributed throughout the insertion process of a device known as the PEDMA or piezoelectric-driven magnetic-actuator.
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