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Market Report
Shell & tube heat exchangers : challenges , opportunities , trends and forecasts
The evolution of heat exchangers has been remarkable . Patented in the late 1800s , early designs led to modern shell and tube heat exchangers
( STHEs ) decades later . Known for efficiency and versatility , STHEs transfer heat between fluids and are widely used in key industries . In
2024 , they held ~ 25 % of the USD 16 billion global heat exchanger market , highlighting their importance in thermal management .
Text & images by Stratview Research
Top applications of shell and tube heat exchangers The initial designs of the STHEs were developed to fill the needs in power plants for large heat exchanger surfaces such as condensers and for the oil industry in oil heaters / coolers , reboilers , condensers , etc . in crude oil plants . Even today , STHEs are the preferred choice in the power generation sector where they are used for different applications including feed water pre-heating , cooling gearbox oil , seal water , and generator cores , as well as recovering heat from exhaust gases to enhance overall efficiency . In 2024 , the demand from the power generation sector for STHEs was valued at > USD 900 million , representing over 23 % of the global STHE market value , making it the largest segment ( see Figure 1 ). The petrochemical and chemical industry , although the second-largest end-user of STHEs , was very close to the power generation industry in market share . Both industries together accounted for > 45 % of the global STHEs market . The heat exchangers are primarily used in heating or cooling of reactors , recovering heat from waste streams , and regulating the temperature of various chemicals and solvents by heating or cooling them during processing .
Following closely is the HVAC and refrigeration sector , which represented approximately 17 % of the total market share in 2024 . The increasing demand for heating , ventilation , and air conditioning ( HVAC ) systems worldwide , driven by urbanization and climate change concerns , ensures a continuous need for effective heat exchangers . Heat exchangers like STHEs allow smooth heat transfer between air and refrigerant for efficient cooling and heating in buildings . The food and beverage industry comprises different operations , majorly being the pasteurization of dairy products , processing of fruits , vegetables , prepared foods , brewing , and other dietary supplements , etc ., that creates a consistent demand for heating and cooling solutions . These solutions eliminate microbials to ensure product safety , preventing spoilage and making the product safe for consumption . In 2024 , the demand for STHEs in this industry accounted for a smaller market share of approximately 8 %. Other sectors like water treatment , pharmaceuticals , and marine applications demand STHEs as well but collectively contribute less than 10 % to the global shell and tube heat exchangers market .
The dominance of Asia-Pacific In 2024 , the United States , China & Germany were the top 3 countries generating nearly half of the demand for STHEs . While the United States & China were close having a demand value of USD 790 million (~ 21 % share ) and USD 680 million respectively ( 18 % share ) in 2024 , Germany was far behind them with a value of USD 280 million . Among the regions , the demand from Asia-Pacific reached approximately USD 1,430 million in 2024 , which is more than 35 % of the global STHE market .
Applications of shell and tube heat exchangers market share in 2024 .
42 Heat Exchanger World March 2025 www . heat-exchanger-world . com