Market Report
Moreover , the STHEs ’ market depends heavily on maintenance to ensure operational efficiency and reduce overall costs . The growing aftermarket for STHEs creates a lucrative opportunity for spare parts and maintenance service providers and suppliers . Several original equipment manufacturers ( OEMs ) like Alfa Laval AB , Funke Warmeaustauscher Apparatebau GmbH , Kelvion Holdings GmbH , etc . are into manufacturing original equipment and also offer spare parts and maintenance services to ensure optimal performance of their equipment .
Emerging trends and prospects Tracing back from ancient systems like the hypocaust to today ’ s connected , micro and nano heat exchangers , the progression reflects significant advancements driven by technological innovations and trends . One such trend is the integration of renewable energy systems with heat exchangers , enabling efficient utilization of waste heat and the integration of thermal energy storage . Solar water heaters are the perfect example . Shell and tube heat exchangers move solar power from collectors to water for drinking . The development of smart heat exchangers equipped with Internet of Things ( IoT ) technology , sensors and control systems has emerged as a game-changer . By integrating Internet of Things ( IoT ) technology , these devices provide real-time monitoring , predictive maintenance , and optimized performance . Additionally , studies have shown that companies have saved energy by up to 25 % after integrating smart heat exchangers into their systems . Emerging nanomaterials like Graphene and carbon nanotubes , and polymer composites have shown exceptional thermal conductivity , significantly higher than conventional materials . Replacing copper and aluminum with highly conductive polymer composites in heat exchangers can reduce materials costs and overall manufacturing costs , providing energy savings during manufacturing and end use . The U . S Dept of Energy considers , the manufacturing time for polymer composite heat exchangers can be reduced by up to 90 % compared to metallic ones . Additionally , overall material and manufacturing costs could drop by as much as 50 %. As industries increasingly focus on reducing CO 2 emissions , the demand for efficient heat transfer solutions is set to surge , particularly due to the growth of renewable energy sectors like solar thermal power , geothermal , and wind energy . The International Energy Agency ( IEA ) projects that the world will add 5,500 gigawatts ( GW ) of new renewable capacity between 2024 and 2030 . These sectors require effective heat exchangers to optimize their systems . The global market for STHEs is projected to grow steadily from approximately USD 3.8 billion in 2024 to an estimated USD 4.9 billion by 2030 . As innovations in heat exchanger technology continue , STHEs will play a critical role in addressing global energy challenges and reducing carbon emissions , ultimately contributing to a greener industrial landscape .