Global heat exchanger market report published by Accurize Market Research forecast that the global market is expected to reach $25 billion by 2024; growing at a CAGR of 8% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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An upsurge in the use of heat exchangers in several plants such as water treatment to drive the growth of the market

An upsurge in the use of heat exchangers in several plants such as water treatment to increase the efficiency of plants and to optimize the temperature of the water are fuelling the demand for the global heat exchanger market. Moreover, increased manufacturing activities, growth in the oil &gas production and rising population also boost the growth of the market.

Market Segmentation

The global heat exchanger market has been bifurcated on the basis of type, application, material, and geography. On the basis of type, the market has been divided into plate & frame, air-cooled, shell and tube, printed circuit, and other types. On the basis of application, the market has been segmented as chemical, petrochemicals and O&G, HVAC & Refrigeration, food and beverages, power generation, and other applications. Further, the material segment includes steel and non-steel.

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By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in the U.S., Canada, and Mexico whereas the Europe segment consists of Germany, France, Italy, and the rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia- Pacific, while RoW is bifurcated into South America, the Middle East, and Africa.

“Shell and tube accounted for the largest market share in the type segment", says Accurize

By type segment, shell and tube accounted for the largest market share in 2017 and are expected to continue its dominance during the forecast period 2017 – 2025, owing to its high practice for high-pressure & high-temperature applications in oil plants and in many large chemical procedures. Plate & frame accounted for the second-largest market share in 2017.

“Europe dominated the global market with the highest market share over the forecast period", says Accurize

In 2017, Europe dominated the global heat exchanger market with the largest market share of 35.4% and is expected to continue this trend during the forecasted period, owing to a growing need of power for commercial and non-commercial purposes, due to economic growth, increase in population, and industrial growth. North America accounted for the second-largest market share in 2016.

Top players in the market

The key market players include Alfa Laval, Kelvion, FUNKE Wärmeaustauscher Apparate bau, Larsen & Toubro, Doosan Heavy Industries & Construction, SPX FLOW, The Japan Steel Works, Thermowave, Dover, and Xylem, among others.