The global heat exchangers market is expected to cross $13bn by 2025, as reported in the latest study by Global Market Insights. Rising demand for centralised heating and cooling across the commercial and residential sector will drive the market size.
The increasing installations of WHRS (Waste Heat Recovery Systems) across the industrial sector will further complement the business growth. Shifting regulatory landscape to curb carbon emissions on a global scale will thrust the deployment of heat transfer equipment.
Significant application areas
Shell and tube heat exchanger market size will grow on account of its ability to offer low-pressure drop, high efficiency and low cost. Primary metal manufacturing, oil and gas, food processing and electric power plants are some of the significant application areas where these systems are installed.
Growing adoption of heat recovery systems across industrial sectors along with rising investments toward expansion of chemical production facilities will stimulate business growth over the forecast timeframe.
Robust industrial sector growth along with stringent government regulations to reduce carbon footprint will drive the heat exchanger market. Key economies have introduced carbon emission reduction targets to counter the adverse effects of global warming, resulting in increased investment toward replacement of existing process equipment.
The positive outlook for the chemical sector, along with increasing investments for generating capacity additions, will further boost heat exchanger installations across the globe.
Important growth regions
Middle East and Africa heat exchangers market is set to witness gains over 7% by 2025. Resurgent economic growth – along with rising investment from financial institutions, including African development toward industrialisation – have stimulated the installation of these units.
The region is characterised by the robust oil and gas sector, where heat exchangers play a crucial role across the value chain. Positive outlook toward expansion of the manufacturing sector on account of increasing investment will further boost the product penetration in the coming years.
China heat exchangers market will witness growth on account of government focus toward the development of new industrial centres along with upgrading and expansion of existing manufacturing facilities.
The region is rapidly emerging as a manufacturing hub and currently accounts for over 50% of the global manufacturing value added. Growing urbanisation coupled with increasing investment toward oil and gas, metallurgy and chemical sectors will positively influence the overall market growth in coming years.
Eminent industry participants
Heat exchangers have found high penetration across centralised heating and cooling, chemical, refining, food and beverage, petrochemical, and power generation sectors.
The growing eminence of energy optimisation across food processing, along with increasing investments for the upgrading and development of new industrial infrastructures, will significantly contribute toward heat exchanger market growth. Ongoing technological advancements resulting in highly efficient and low-cost heat transfer solutions will further complement industry growth.
Eminent industry participants in the heat exchanger market include Kelvion, Southern Heat Exchanger, API, Danfoss, Vahterus, KNM, Wessels, Koch, Thermofin, Larsen & Toubro, Lanpec, Doosan, Shandong Beichen, HRS, Hitachi Zonsen, THT, Accessen Group, SWEP, Hisaka Works, IHI, Thermowave, SPX Flow, Xylem, Alfa Laval and FUNKE.
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