From 2022 to 2031, global heat exchanger sales are expected to grow at a 6% CAGR. The global heat exchangers market was valued at US$ 18.94 billion in 2021 and is expected to reach US$ 34.24 billion by 2031.
Demand for shell and tube heat exchangers is expected to grow at a significant CAGR from 2022 to 2031, owing to their increasing use across a variety of industry verticals.
Key Segments Covered in Heat Exchangers Industry Research
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Heat Exchangers Market by Product :
- Air Cooled Heat Exchangers
- Plate and Frame Heat Exchangers
- Shell and Tube Heat Exchangers
- Others (Condensers, Oil Coolers, and Radiators)
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Heat Exchangers Market by End User :
- HVAC
- Chemicals and Petrochemicals
- Power Generation
- Others (Food Processing, Aerospace, and Medical)
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Heat Exchangers Market by Region :
- North America Heat Exchangers Market
- Europe Heat Exchangers Market
- Asia Pacific Heat Exchangers Market
- Latin America Heat Exchangers Market
- Middle East & Africa Heat Exchangers Market
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Competitive Landscape
Heat exchanger manufacturers work together to develop innovative heat transfer products to meet the world’s growing energy demands. Heat exchanger manufacturers are attempting to gain a competitive advantage over their competitors by broadening the range of applications for their products.
As an example:
- Alfa Laval signed a global partnership agreement with Microsoft in December 2021 to develop digital solutions to aid in the maintenance and support of its plate heat exchanger range. Using artificial intelligence (AI) in these new devices, end users will be able to identify customer requirements.
COVID-19 Impact on Heat Exchangers Consumption
The COVID-19 pandemic hampered various industrial activities and disrupted the supply chain, affecting nearly every industry. The COVID-19 pandemic slowed heat exchanger production and supply. Heat exchanger manufacturers faced unexpected challenges due to lockdown restrictions, limited personnel availability, supply chain disruptions, nationwide lockdowns, and fluctuating raw material prices.
Companies, on the other hand, are gradually returning to normalcy with their operations, resuming and gradually restoring pre-pandemic levels. Several energy projects are expected to help the market grow. The market is expected to grow due to increased industrial activity, development, and the emergence of new power plants.
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Why is Demand for Shell and Tube Heat Exchangers Rising Rapidly?
Because shell and tube heat exchangers are more cost-effective than other types of heat exchangers, they are expected to account for around 40% of market sales over the forecast period. They are preferred in many industries, including petrochemicals and food and beverages, due to their ease of installation and maintenance at higher working temperatures and pressures.
Shell and tube heat exchangers are used in applications where a wide temperature and pressure range is required, as well as the transfer of two liquids, liquids and gases, or two gases. These heat exchangers are suitable for transferring heat from steam to water and have a simple design.