Top 3 trends influencing global heat exchanger market size through 2025

The global heat exchanger market is projected to observe significant growth over the coming years due to increasing demand for centralized heating and cooling systems in the commercial and residential sectors. Growing utilization of Waste Heat Recovery Systems (WHRS) across industrial facilities and surging concerns over carbon emissions would complement product acceptance.

Speaking on its benefits, tubular heat exchangers offer unique features like lesser maintenance cost, higher security and capability to operate at higher pressure and temperature. Based on these factors, Global Market Insights, Inc., suggests that the global heat exchanger market may surpass a valuation of $13 billion through 2025.

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Mentioned below are the three major trends fostering global heat exchanger market outlook:

  • Increased prominence across MEA

Increasing funding from financial institutes to accelerate industrialization rate as well as massive economic growth would magnify Middle East and Africa heat exchanger industry growth through 2025.

The region’s thriving oil and gas sector and a positive outlook towards development and expansion of production units has favored the adoption of advanced heat exchangers. Based on these factors, the MEA heat exchanger market is projected to grow over 7% through 2025. 

  • Robust demand from China 

Increasing emphasis on development and upgradation of new industrial centers is shaping the growth trajectory of China heat exchanger market. Rapid expansion activities across existing production units will drive product demand.

Currently, China ascribes for more than 40% of global production value. Growing investments in chemical, metallurgy, and oil & gas industries along with rising urbanization rates would instigate market size.

  • Increasing use of shell and tube heat exchangers

Speaking on technology, shell and tube heat exchangers are set to observe strong growth due to the product’s capability to offer reduced expenditure, high efficiency, as well as lower pressure drop. Favorable investments focused on the modernization and expansion of chemical production units coupled with growing adoption of WHRS in the industrial sector would drive product acceptance.

Shell and tube heat exchangers have found noteworthy application in oil & gas, electric power plants, primary metal manufacturing, and food processing sectors. Manufacturers meanwhile are increasing their capacity by means of implementing business strategies like collaborations and acquisitions. Citing an instance, in October 2019, Velo3D collaborated with PWR for material development for Sapphire 3D metal printer & serial manufacturing of heat exchangers.

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The competitive landscape of the global heat exchanger market is inclusive of players such as Hisaka Works, SPX-Flow, Xylem, Hitachi Zonsen, Accessen Group, HRS, THT, Shangdong Beichen, Alfa Laval, FUNKE, Koch, Doosan, Vahterus, Wessels, Danfoss, KNM, Southern Heat Exchanger, API, Kelvion, Lanpec, Thermofin, and Larsen & Toubro among others. 

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