Heat Exchanger Market To Reach USD 34.9 Billion By 2032 Report By DataHorizzon Research

The heat exchanger market is growing due to development in modern technology.

Fort Collins, Colorado, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Heat Exchanger Market size was valued at USD 17.8 Billion in 2022 and is expected to reach a market size of USD 34.9 Billion by 2032 at a CAGR of 7.1%. 

The demand for heat exchangers is increasing in various sectors, such as oil & gas, power production, chemical & petrochemical, food & beverage, and HVAC & refrigeration, due to the need for efficient thermal management. This demand is fueled by the growing focus on improving efficiency standards, technological advancements, and the increasing demand from the chemical industry. Energy-efficient heat exchangers will be highly sought to optimize heat transfer and energy savings in high-pressure and temperature processes in petrochemical facilities.

Heat exchangers are essential in various industries, including food and beverage and pharmaceuticals. They help regulate the temperature in fluid processing systems to ensure food safety and reduce microbial growth. In addition, they facilitate different processing methods, such as filling, drying, and concentration. Efficient heat management is crucial in pharmaceutical chemistry to increase productivity, reduce operation costs, and maintain high product quality standards.

The heat exchanger market is expanding due to the increasing demand for heat pumps to reduce dependency on fossil fuels and lessen CO2 emissions. Heat pumps are becoming the preferred alternative to natural gas-based boilers for heating needs, especially in light of rising natural gas prices in Europe. This shift towards energy-efficient technology is driving the adoption of heat pumps in business and public settings. Heat exchangers are key components in heat pumps that transfer heat from the source.

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Segmentation Overview:

The global heat exchanger market has been segmented into type, material, end-use, and region. Shell & tube products are commonly used for heat transfer between two liquids or between liquids & gases. They have a simple structure and are ideal for heat transfer from steam to water. The chemical processing industry uses heat exchangers due to their design flexibility and high corrosion resistance. The increasing demand for fertilizers, packaging, digital devices, clothing, and others will likely boost the petrochemical industry's growth.

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Heat Exchanger Market Report Highlights:

  • The global heat exchanger market growth is anticipated at a CAGR of 7.1% by 2032.
  • The power generation and HVAC & refrigeration sectors are expected to grow due to the increasing population and government's infrastructure efforts, leading to rising demand.
  • Europe primarily dominated the heat exchanger market due to the rising usage of heat pumps as primary heating devices, and the increasing awareness regarding climate change and government policies are poised to boost the demand for heat exchangers further.
  • Some prominent players in the heat exchanger market report include Alfa Laval, Kelvion Holding GmbH, Danfoss, Thermax Ltd., API Heat Transfer, Tranter, Inc., Xylem Inc., HRS Heat Exchangers, Hisaka Works, Ltd., Mersen, Koch Heat Transfer Company, Linde Engineering, and Air Products among others. 

Industry Trends and Insights:

  • Danfoss Group has opened its Global Green Refrigerants Compressors Laboratory in Tianjin, China.
  • HRS Heat Exchangers has partnered with Spain's National Technological Centre for the Food and Canning Industry to test different heat exchanger types for food and drink product development.

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Heat Exchanger Market Segmentation:

  • By Type: Plate & Frame, Shell & Tube, Air-cooled, and Others
  • By Material: Metals, Alloys and Brazing Clad
  • By End-use: Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper, and Others
  • By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.


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