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Heat exchanger market : a closer look
A simple definition of a heat exchanger is a device used to transfer heat from one medium to another . However , beyond the technical definition , heat exchangers are indispensable not just for your small appliances like refrigerators and air conditioners making your life comfortable , but also for big engineering applications like the power plants lighting up the world around you . The total heat exchanger market size was approx . USD 15.3 billion in 2023 and is expected to hit USD 16 billion in 2024 . This article scouts various aspects of the heat exchanger market .
Text & images by Stratview Research
Market shares by HEX types Heat exchangers come in various configurations , each carrying their own merits and demerits . Broadly , heat exchangers can be classified into shell and tube heat exchangers , plate heat exchangers , and air-cooled heat exchangers based on their working . A plate heat exchanger ( PHE ) uses thin , corrugated metal plates to transfer heat between two fluids . PHEs are simple and hence easy to repair , maintain , and service . Furthermore , benefits such as their high heat transfer coefficient , the ability to enhance the capacity of the exchanger by introducing new plates and excellent heat transfer efficiency due to the turbulent flow on both sides make them the most popular type of heat exchangers in the market . With more than 25 % of revenue share , plate heat exchangers are the dominant and fastest-growing type in the market . The plate heat exchangers alone are expected to generate a revenue of approximately USD 4.11 billion in 2024 and hit USD 5.7 billion in 2030 growing at a CAGR of 5.6 %.
After PHE , a shell and tube heat exchanger is the popular choice , with around 24 % market share . It is made up of multiple tubes housed inside a pressurized vessel called a shell . One fluid flows through the tubes and the other over them in the vessel , facilitating the heat transfer . It is cheaper compared to plate heat exchangers and suitable for high temperatures and pressure . However , it is less efficient compared to plate heat exchangers , requires more space , and the cooling capacity cannot be increased at a later stage . Shell and tube heat exchangers are expected to generate a revenue of approximately USD 3.74 billion in 2024 and hit USD 5 billion in 2030 , growing at a CAGR of 4.3 %. Air-cooled heat exchangers occupy the third largest place in the market , with around 23 % of the market share . They eject heat from the desired system to the outer atmosphere using the principles of convection and conduction . They offer lower operating costs , a high heat transfer coefficient , and simple controls . However , they are usually expensive and larger in size compared to liquid-cooled exchangers . Air-cooled heat exchangers are expected to generate revenue of approximately USD 3.7 billion in 2024 and hit USD 5.1 billion in 2030 , growing at a CAGR of 5.3 %.
The dominant duo : chemical & power generation Power generation and petrochemical and chemical industries are the dominant drivers , each bringing 23.3 % and 23 % revenue , respectively , to the heat exchanger market . The petrochemical industry deals with processes with high pressure and temperature and hence needs efficient heat optimization . Condensation of solvents and chemicals , cooling or heating reactors , production units , base , intermediate ,
Image courtesy of Stratview Research . www . heat-exchanger-world . com Heat Exchanger World October 2024
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