London, November 29, 2021, according to Brandessence Market Research "Global Heat Exchanger Market: Global Scale, Trends, Competition, History and Forecast Analysis, 2021-2027" Industrial and Commercial Demand for Heat, Ventilation and Air Conditioning (HVAC) The growing and residential sector, the increasing use of renewable energy, and the increasing focus on the efficient use of waste heat generated by various industries are some of the main factors driving the growth of the global heat exchanger market.
In 2020, the heat exchanger market will reach 16.56 billion U.S. dollars. It is expected to reach US$26.42 billion by 2027, with a compound annual growth rate of 6.9% during the forecast period. Increasing demand in various industries, including manufacturing, automotive, aerospace, etc., is still the decisive trend for the growth of the heat exchanger market.
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What is a heat exchanger? Heat exchangers are usually installed in homes and other buildings to transfer heat between two or more fluids. This transfer takes place between cooling and heating processes, where there is usually a solid wall separating the fluid. Heat exchangers are widely used in air conditioning, refrigeration, heating and other fields. Its industrial use is usually used in chemical plants, petrochemical plants, power stations, sewage treatment and natural gas processing. The internal combustion engine is still one of the earliest applications of heat exchangers, in which engine coolant passes through a radiator and air flows through coils to cool the coolant and heat the incoming air. Heat sinks commonly found in today's electronic products have also deployed this application, where passive switches use mechanical or electronic devices to transfer heat.
There are many types of heat exchangers used in a wide range of applications. These include double tube heat exchangers, shell and tube heat exchangers, plate heat exchangers, condensers and boiler heat exchangers. Among them, the double tube heat exchanger is most commonly used in the industry due to its simple application. These are also easy to maintain and cost effective. The cost of a heat exchanger (such as a furnace) that meets the needs of a house is between $2,000 and $3,000. The price of heat exchangers that meet industrial needs can vary greatly, depending on their end use and customization.
The double tube heat exchanger is an ideal choice for small industries. On the other hand, large and medium-sized industries often choose plate heat exchangers or shell-and-tube heat exchangers. These varieties are more efficient and, unlike dual heat exchangers, require relatively less space. Due to the growing global demand for air conditioners and its necessity in industrial applications, the demand for all types of heat exchangers remains strong.
Global heat exchanger market segmentation:
The global heat exchanger market report is segmented according to type, building materials, end-use industry, and regional and national levels. According to the type, the global heat exchanger market is divided into shell and tube type, plate and frame type, air-cooled type and micro-channel type. According to structural materials, the market is divided into carbon steel, stainless steel and nickel. According to the end-use industry, the global heat exchanger market is divided into chemical, petrochemical, oil and gas, HVACR, food and beverage, and power generation.
Heat Exchanger Market: Competitive Analysis
The heat exchanger market is a highly competitive, innovative and fragmented market. As new players continue to emerge from new regions to provide products with more functions and competitiveness, this pattern continues to promote innovation. The continuous development of technology and the growing demand for heat exchangers are still the key to attracting new players into this market. Despite the main barriers to the technology and skill mix, the barriers to entry in this market are still relatively low. Some of the major players in the heat exchanger market are GEA Group (Germany), Alfa Laval (Sweden), Danfoss (Denmark), Thermax Limited (India), SWEP (Sweden), Tranter, Inc. (USA), API Heat Transfer (United States), Xylem, Kelvion Holdings, Gunter, Danfoss, Hisaka Works, Johnson Controls International, Chart Industries, Hindustan Dorr-Oliver
Heat Exchanger Market: Main Trends
Shell and tube heat exchangers are still the most promising part of the heat exchanger market growth. Heat exchangers remain diverse, complex, and show high efficiency for industrial applications. In addition, it accounted for an important share of the global heat exchanger market in 2018. The growing demand for shell-and-tube products in petrochemical, food and beverage, and power generation industries remains a key driver of its expected growth.
The growing demand for upstream and downstream applications in the energy sector is still a promising driving force for the growth of participants in the heat exchanger market. This application requires the deployment of a large number of heat exchangers, and is the key to several major industries including oil and gas and petrochemicals, and has achieved strong growth in the recent period. The growing demand for oil and gas activities in regions such as the Middle East and Africa, the United States, and emerging countries such as China and India continue to be a promising driving force for the growth of the heat exchanger market.
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The heat exchanger market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. Among them, the European region is expected to achieve strong growth opportunities. This region has the highest total share in the global region recently. The high demand for industrial heat exchangers in the region and the increasing regulations that require a safe working environment for workers with ideal air conditioners are expected to drive new growth in participants in the European region. The demand for heat exchangers in new regions such as the Middle East and Africa and the Asia-Pacific region is also still strong.
News: Exchanger Industries acquires HRS heat exchangers
July 27, 2021; HRS Heat Exchangers Ltd. was acquired by Exchanger Industries Ltd. (EIL), a heat transfer product designer and manufacturer based in Canada (HRS). HRS was established in the United Kingdom to provide heat exchangers and professional process systems for companies in the environmental, food, beverage and pharmaceutical industries. The management staff of HRS will be retained by EIL, which provides services to the energy, petrochemical, industrial and clean energy industries. According to the company, the acquisition allows EIL to immediately obtain cost-effective global operations and has expandable hubs in India and Spain.
Heat Exchanger Market: Significant Development
A new study published in October 2021 promises that porous materials such as granular porous media, fibrous porous media, and foam porous media can become powerful alternatives to traditional heat exchanger filters. Traditional filters are still inefficient and need to be reinstalled during the damage of the original heat exchanger. However, the new filter is filled in the heat transfer tube and can be used for the existing heat transfer tube. New applications are expected to improve heat transfer by reducing thermal resistance and improving performance. The research was published in "Applied Thermal Engineering" by researchers from the University of Electronic Communication.
Alfa Laval opened a new plant in San Bonifacio, Italy, to meet the growing demand for heat exchangers in Europe. The facility is touted as a next-generation facility, with solar panels providing energy and a digital warehouse management system. For the major players in the heat exchanger market, this seems to be a key trend in full-scale manufacturing. Major players are continuing to invest in expanding facilities to develop product lines and improve product quality through more efficient and advanced automation.
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