Industrial Heat Exchangers Market By Construction Type (Shell & Tube Heat Exchangers, Plate Heat Exchangers, Spiral Heat Exchangers, Helical-Coil Heat Exchangers, Others), By Medium (Liquid, Air), By Application (Chemical, Oil & Gas, Power Generation, Food & Beverage, HVAC, Pharmaceuticals, Pulp & Paper, Others) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Rapid industrialization is needed to ensure positive growth in the industrial heat exchanger market.

The global industrial heat exchangers market was valued at US$ 13,978.5 Mn in 2017 and is expected to grow at a 7.6% CAGR from 2018 to 2026. Growing industrialization among developing countries is noted as one of the prominent factors driving the industrial heat exchanger market worldwide. Heat exchangers serve a broad range of industrial applications. Numerous industries, including chemical, oil and gas, food and beverage, power generation, HVAC, and the pulp and paper industry, are increasingly adopting heat exchangers as components of heating and cooling systems. Many industrial processes need some heat to function; however, typically, major precautions need to be taken to prevent these functions from absorbing excessive heat. Industrial plants and factories embrace heat exchangers to keep pieces of machinery, water, oil, gas, chemicals, and other substances within an effective operating temperature. Moreover, heat exchangers are also used to transfer heat exhaust released from the process. Industries put this heat to better use elsewhere, increasing efficiency and lowering plant overheads.

Growing chemical and oil and gas industries were also reported to be driving global demand for industrial heat exchangers. Increasing market penetration of HVAC systems coupled with favorable environmental regulations is some other factors responsible for growing the industrial heat exchanger market worldwide.

Market Snapshot

Throughout the forecast period, the chemical segment will lead the overall industrial heat exchangers market.

The chemical segment led the overall industrial heat exchangers market in 2017 with the largest share. In order to heat and cool base, intermediate, and final products, the chemical industry has been implementing heat exchangers in numerous industrial applications. In recent years, the chemical industry has been pointed to as one of the fastest-growing and most innovative sectors, with more than 70% of its output being used by other industries worldwide. The chemical industry has witnessed significant growth in the last few decades. In 2016, the global chemical industry was worth US$ 5.2 trillion, and it was expected to grow significantly between 2018 and 2026.

Asia Pacific dominates the industrial heat exchanger market, followed by Europe.

Some of the major factors influencing the overall industrial heat exchanger market in this region are the growing chemical industry and the increasing demand for high-power generation due to a growing population. The Asia-Pacific chemical industry is among the most diversified global industries, producing more than 70,000 products ranging from cosmetics, fertilizers, plastics, petrochemicals, and pharmaceuticals. In 2017, the Asia-Pacific chemical manufacturing market accounted for more than 36% of the global market, closely followed by Europe and North America. Asia-Pacific has recently emerged as a hub for chemical manufacturing and exports.

China's chemical companies are contributing to the highest share of overall industrial heat exchanger market growth in the region. Growing demand for chemical products, as well as rising per capita income, are some of the major factors driving China's dominance in the Asia Pacific industrial heat exchangers market.

Competitive Insights

Leading manufacturers in the global heat exchanger market are entering into mergers and acquisitions to increase their share of the market. For instance, on April 10, 2017, Webtec Corporation, one of the leading commercial heat exchanger manufacturers, acquired Thermal Transfer Corp., one of the leading players providing innovative and durable products for industrial applications, in order to improve the performance of conventional heat exchangers. Thermal Transfer Corp. offers a broad portfolio of heat exchanger solutions for niche applications in the rail and industrial markets. Through this acquisition, Webtec Corporation has diversified its products and their applications among different industry verticals. Moreover, with its subsidiaries, the company manufactures a range of products for freight cars, locomotives, and passenger transit vehicles.

With stringent environmental regulations and increasing public awareness, companies are increasingly looking to eliminate or reduce the amount of waste they produce during the process. In recent years, Zero Liquid Discharge (ZLD) has become a key waste reduction technique. The ZLD technique separates unwanted materials from water and makes the resulting solid residue more stable and suitable for recycling. On September 18, 2018, HRS Heat Exchangers Ltd., specialists in industrial heat transfer technology, introduced heat exchangers for the final commissioning stage of the ZLD system for an industrial client in Europe. HRS heat exchangers play a vital role in reducing the running cost of a ZLD system by increasing the energy efficiency of the overall ZLD system.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.

Report Scope by Segments    

The industrial heat exchangers market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global industrial heat exchanger market based on construction type, medium, application, and geography. Key segments covered in the global industrial heat exchangers market report include:

Industrial Heat Exchangers Market Segmentation by Construction Type and Analysis (2016-2026; US$ Mn)

  • Shell and tube heat exchangers
  • Plate heat exchangers
  • Spiral Heat Exchangers
  • Helical-coil heat exchangers
  • Others (regenerative, microchannel, etc.)

In 2017, the shell and tube heat exchanger segment dominated the overall market for industrial heat exchangers. Low operational as well as maintenance costs, high security against leakage, robust design coupled with easy installation, and superior thermal performance feature further ensure the high demand for this segment during the review period from 2018 to 2026.

Industrial Heat Exchangers Market Segmentation and Analysis (2016-2026; US$ Mn)

  • Liquid
  • Air

The global industrial heat exchanger market was led by a liquid medium in 2017. Considering the increasing adoption of liquid medium-based industrial heat exchangers, this segment is further expected to witness growth during the forecast period from 2018 to 2026.

Industrial Heat Exchangers Market Segmentation by Application and Analysis (2016-2026; US$ Mn)

  • Chemical
  • Oil and Gas
  • Power Generation
  • Food & Beverage
  • HVAC (heating, ventilation, and air conditioning)
  • Pharmaceuticals
  • Pulp and paper
  • Others (Sewage Treatment Sector, Marine, Automotive, etc.)

During 2017, the chemical industry accounted for the highest share, considering the increased demand for shell and tube heat exchangers. The varying temperature requirements of streams in a chemical process facilitate the use of heat exchangers. Heat exchangers are noted as the basic heat transfer equipment used in the chemical industry for a wide range of applications. Specialty applications of these exchangers in the chemical industry include evaporators and reboilers, shell-side and tube-side condensers, preheaters for fluids, heat recovery, and interchanges, among others.

Market Segmentation and Analysis of the Industrial Heat Exchangers Market (2016-2026; US$ Mn)

  • North America
  • S.
  • rest of North America
  • Europe
  • K.
  • Germany
  • France
  • Rest of Europe
  • Asia-Pacific (APAC)
  • China
  • Japan
  • South Asia
  • Rest of Asia Pacific
  • Rest of the World (RoW)
  • Middle East and Africa (MEA)
  • Latin America

Asia Pacific led the industrial heat exchangers market in 2017 and is expected to continue its dominance in the near future. Strong demand from key application industries, including chemical, oil & gas, HVAC, and power generation, among others, is observed as one of the major factors driving the industrial heat exchangers market in this region. With an incessantly growing population and rising energy requirements, along with improving per capita incomes across nations, the Asia Pacific region is expected to witness significant growth during the forecast period from 2018 to 2026.

Key questions are answered in this report.

  • What was the market size of industrial heat exchangers in 2017, and what is the forecast up to 2026?
  • Which is the largest regional market for industrial heat exchangers?
  • What are the key market trends observed in the industrial heat exchanger market?
  • Which is the most promising construction type in the industrial heat exchanger market?
  • Who are the key players leading the market?
  • What are the key strategies adopted by the leading players in the market?
  • What are the key factors driving the global industrial heat exchanger market?
  • What are the market opportunities and threats faced by the market players in the global industrial heat exchanger market?

This report's distinct data points

  • Statistics on the adoption of industrial heat exchangers by all construction types, mediums, and application segments per region
  • Top countries in terms of penetration of industrial heat exchangers
  • attractive investment proposition for the applications segment as well as geography
  • Comparative scenario for all the segments for years 2017 (actual) and 2026 (forecast)

Frequently Asked Questions:

The market for Industrial Heat Exchangers is expected to reach US$ 13,978.5 Mn in 2026.

The Industrial Heat Exchangers market is expected to see significant CAGR growth over the coming years,at 7.6%.

The report is forecasted from 2018-2026

The base year of this report is 2017.

Thermal Transfer Systems, Inc.,Xylem, Inc.,GEA Group,Hisaka Works, Ltd.,Atlas Copco AB are some of the major players in the global market.

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Published Date:  Oct 2018
Category:  Automation & Process Control
Report ID:   59385
Report Format:   PDF
Pages:   120
Rating:    4.1 (69)
Delivery Time: 24 Hours to 48 Hours   
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