The heat exchanger market: what is the current situation?

According to the latest forecasts, the heat exchanger market will continue to grow in terms of sales volume, boosted by rising demand from the energy, chemical and HVAC sectors.  Heat exchangers will play an increasingly important role in the optimisation of thermal processes at global level, thanks to the growing need for efficient, sustainable energy sources.

Heat exchangers are an essential piece of technology in many industrial contexts, as they are able to offer a reliable but simple method of transferring heat between two different fluids.  This unique characteristic has meant that they have become an integral part of the mechanisms used to ensure the efficient operation of a large proportion of today’s industrial infrastructure.

Size of the market and growth outlook

In 2023, the global heat exchanger market achieved revenues of around 15.3 billion dollars and it is expected to continue to grow in the future, reaching 16 billion dollars by the end of the current year.

That trend is expected to continue with further growth enabling market revenues to reach 21.8 billion dollars by 2030.  The predicted compound annual growth rate (CAGR) is 5.1%, which reflects the importance of these devices in numerous industrial applications.

Types of heat exchanger and their relative market share

Heat exchangers can be divided into several categories, according to their structure and how they work.  While each type offers unique advantages which make it suitable for use in specific industrial contexts, the main options available include the following:

1. plate heat exchangers (PHE): they represent 25% of the total market. They use thin, corrugated metal plates to transfer heat between two fluids.  This configuration ensures high transfer efficiency levels thanks to turbulent flow on both sides of the plates and can be easily expanded by the addition of new plates.  Plate heat exchangers are expected to generate sales revenues of around 4.11 billion dollars by 2024, followed by continued further growth, reaching 5.7 billion dollars by 2030;

2. shell and tube heat exchangers: are particularly recommended for use in high temperature, high pressure environments, and have a market share of 24%. In this configuration, one fluid flows through tubes inside a recipient, while the other fluid flows on the outside of the tubes.  While these devices are cheaper compared to plate exchangers and suitable for use in extreme operational conditions, they are not as efficient as other types and require more space.  The shell and tube heat exchanger market is expected to achieve revenues of 3.74 billion dollars by 2024;

3. air cooled heat exchangers: these devices, which account for 23% of the total market, use air as their cooling method, by exploiting the principles of convection and conduction. They are ideal for applications requiring low operational costs and a high heat transfer coefficient.  The market for this category of device is expected to generate revenues of around 3.7 billion dollars in 2024, with a forecast growth rate of 5.3% until 2030.

Main sectors of use

The different versions of exchangers described above are used in a variety of sectors, but the petrochemical and energy production industries are undoubtedly the most important.  According to the latest analyses, these sectors account for 23.3% and 23% respectively of total heat exchanger market revenue.  They are used in:

• the chemical and petrochemical industries, where heat exchangers capture and reduce CO₂ emissions as well as optimising thermal processes such as solvent condensation and the cooling and heating of reactors. Shell and tube exchangers are widely used, for example, during the pre-heating process of crude oil before its distillation;

• energy generation: heat exchangers are essential in the cooling of reactors in nuclear power stations, steam condensation in fossil fuel combustion based power stations and the pre-heating of water supplied to these systems. They are also used in electrolysis systems for the cooling of gases and electrolytes;

• HVAC and refrigeration: in this sector, exchangers are used to transfer heat in air conditioning and refrigeration systems. A typical example is the use of finned tube heat exchangers in air conditioners to cool the air via the refrigerant.

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.

Translated by Joanne Beckwith