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Market Insights
Image courtesy of Stratview Research .
or final products , and reducing CO2 emissions by capturing CO2 from gas streams are some of the widespread applications of heat exchangers in this industry . For example , crude oil is preheated using a shell-and-tube heat exchanger before it enters the distillation column during the refinery process . In power generation , applications of heat exchangers include cooling down reactor coolants and wet storages ( in nuclear power plants ), condensation , condensate sub-cooling , feed water pre-heating , and heat extraction ( in fossil fuel-based power plants ). Furthermore , plate heat exchangers are also used as gas and electrolyte coolers in electrolysis plants . Next to Power Generation and Petrochemicals , the HVAC and refrigeration industry is the most dominant industry , driving more than 15 % revenue . Heat exchangers are the primary components of air conditioning and refrigeration systems as they transfer heat between the source and the fluid ( refrigerant , air , or water ). Examples include finned-tube heat exchangers in air conditioners to transfer heat from indoor air to the refrigerant , plate heat exchangers used as evaporators in commercial refrigerator systems , baseboard radiators used to heat rooms in residential buildings , etc . The rest 39 % of the market is driven by industries such as Food and Beverages ( pasteurization , sterilization , heating & cooling , evaporation , removing deposits , etc .), Oil & Gas ( separating oil and water , temperature control during various processes , heat transfer in fuel gas conditioning systems , application in selective catalytic reduction ( SCR ) units , etc .), Water and Wastewater ( cooling wastewater , recovering heat from raw and treated sewage , removing water from wastes by evaporation , cooling water before discharging , etc .), Marine and Shipbuilding ( cooling ship engines and hydraulic oils , cooling fresh water after distillation , etc .), Pharmaceuticals ( crystallization , evaporation and distillation to change
the state of products , solvent recovery , and drying , maintaining sterility , etc .), and others .
Key regions and players Asia-Pacific is the largest and fastest-growing market capturing around 34 % of the total heat exchanger market . This could be attributed to the consistent industrial growth across sectors such as chemicals , manufacturing , pharmaceuticals , and HVAC systems . Furthermore , Asia-Pacific accounts for approximately 50 % of the global petrochemical market , 45 % of the global HVAC market , and 35 % of the global power generation market . As discussed , petrochemical , HVAC , and power generation are the largest end-use industries in the heat exchanger market , which explains this region ’ s dominance . The global heat exchangers market has low market concentration with the top 5 companies , namely , Alfa Laval AB , Johnson Controls , Kelvion Holding GmbH , Linde PLC , and SWEP International AB , together holding 28 % share in 2023 . Almost all the leading players have a presence in all three major types of heat exchangers and have a global presence offering their solutions in multiple locations . All the other top players have an almost similar range of product offerings and have a wide geographical reach .
Looking ahead Heat exchangers have proven to be an indispensable part of a wide range of industries . From appliances providing comfort and convenience in households to complex industrial processes , these devices make temperature management possible . As the industries continue to evolve and become more sophisticated , the role of heat exchangers will become more critical . Hence , the heat exchangers market is expected to demonstrate consistent growth with a CAGR of 5.1 % and hit USD 21.8 billion in 2030 .
38 Heat Exchanger World October 2024 www . heat-exchanger-world . com