Heat Transfer Equipment Market Size, Share, Growth, and Industry Growth, By Type (Shell & Tube, Plate, Fin Type, and Air Cooled), By Application (Petrochemical, Electric Power & Metallurgy, Shipbuilding Industry, Mechanical Industry, Central Heating, Food Industry, and Others), Regional Forecast By 2031

Updated On: 08 April 2024

Heat Transfer Equipment Market Report Overview

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The global heat transfer equipment market size is USD 14.50 billion in 2022. As per our research, the market is projected to touch USD 21.40 billion by 2031, exhibiting a CAGR of 4.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with heat transfer equipment experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A heat exchanger controls the system's working temperature and recovers the heat from the wastewater. At various temperatures and heat levels, the machine works with the help of two gas or fluid combinations. The most common means of transferring heat between fluids or air are tubes or pipes. One flows through the pipes, while the other flows over them. These are employed in a number of different processes, including chillers, vaporizers, reboilers, and condensation and evaporation. These are necessary components for applications in chemical processing, HVAC, power generation, refrigeration, and the automobile industry.

It also recovers heat from the wastewater and regulates the system's operating temperature. The machinery uses two fluids or gas and fluid combinations to operate it at different heat and temperature levels. Tubes or pipes are frequently used as the main means of transporting heat between fluids or air. While the other travels through the pipes, one does so. Chillers, vaporizers, reboilers, evaporators, and condensation are a few of the processes used. These are essential components for things like air conditioning, refrigeration, chemical processing, electricity generation, and cars.

COVID-19 Impact: Delay in Manufacturing Disrupted Growth in the Market

This sector was put in danger by the COVID-19 epidemic. The severe measures adopted to stop the virus' spread have made it difficult for several sectors to maintain favorable working conditions. Because of the stringent regulations put in place, like the nationwide shutdown to stop the virus's spread, industries were forced to lose a substantial amount of production time. Since every industry has shut down operations, the disease outbreak has consequently changed the demand for items. Government regulations forced the closure of these exchangers' production facilities in several different places. Even after some of the requirements were relaxed, the lack of workers has impacted productivity. The market is anticipated to respond favorably to the epidemic with a rise in demand for total district energy.

LATEST TRENDS

"Expanding Renewable Resources for Generating Power to Cater to Market Growth"

The most important source of energy for producing electricity is thought to be fossil fuels. The Energy Information Administration (EIA) estimates that natural gas accounts for most of the electricity generated in 2020. In contrast, coal ranked third and provided about a handful of electricity contributions to the nation's electricity. These fossil fuels contribute to the environment's GHG emissions. One of the key variables that will eventually favor the acceptance of the product is the increased adoption of renewable resources, such as wind and solar, for power generation. Device installation will be prompted by an increase in energy demand due to the need to reduce greenhouse gas emissions. Heat exchangers are essential to transport solar energy captured in solar collectors to the liquid or gas used in wind turbines.

Heat Transfer Equipment Market Segmentation

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• By Type Analysis

By type, the market is segmented into shell & tube, plate, fin type, and air-cooled.

• By Application Analysis

Based on application, the market is classified into petrochemical, electric power & metallurgy, shipbuilding industry, mechanical industry, central heating, food industry, and others.

DRIVING FACTORS

Steady Adoption of Technological Advancements to Increase Equipment Demand

The growing integration of the existing product line and cutting-edge and next-generation network-based solutions for better fault detection and seamless operations. Technological advancements provide numerous productivity advantages, real-time monitoring, and problem diagnosis. The Industrial Internet of Things (IoT), among other cutting-edge technologies, is being researched and developed by many of the industry's major companies. This addition can significantly aid in lowering system downtime, wear and tear, energy usage, and efficient machine optimization. 

"Rising Popularity of Hybrid Exchangers to Augment Market Growth"

High-efficiency and adaptable hybrid heat exchangers are available. Hybrids are built on a platform that allows for various customizable configurations and is intended to function in challenging environments where traditional heat transfer equipment might malfunction, have a limited lifespan, or perform less efficiently. Additionally helpful in most deployments, both onshore and offshore is their reduced flooded weight and footprint. Heat transfer equipment is also made to be simple to maintain. If necessary, the fouling medium can flow through the tube side, which is open to mechanical cleaning. Large industrial customers typically use heavy-duty or bespoke heat exchangers.

RESTRAINING FACTORS

"Complex Installation of the Equipment to Hamper Growth in the Market"

Heat exchangers are appropriate for large commercial spaces, industrial settings, medical facilities, educational institutions, and others. Due to the difficulty of overcoming economies of scale, these systems are not practical for smaller capacities, particularly residential ones. Market hurdles persist, such as a lack of knowledge about technology use, numerous advantages, and cost savings, particularly in Africa and Latin America. One of the biggest market barriers is the need for installation, which involves a high initial expenditure. However, the cost of producing these goods will decrease as technology develops.

Heat Transfer Equipment Market Regional Insights

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"North America to Dominate the Global Market Due to the Growing Demand for Electricity"

North America is expected to lead the global heat transfer equipment market share due to the rising electricity demand. Investment in renewable power generation and industrialization is rising, which is estimated to aid growth in the region.

Asia Pacific is estimated to show significant growth in the global market owing to the reconstruction of operating models capable of adapting efficient energy utilization and renewable energy structure. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are developing new technology to offer easier ways to increase product portfolios. Key players focus on developing innovative technologies to sustain themselves in the global market. Companies are producing and designing vehicles under licensing or partnership agreements.

Companies also use innovative practices and techniques to create new technologies. To maintain market competitiveness and serve a sizable consumer base, businesses focus on extending their geographic reach. Furthermore, to get a competitive edge in the global market, many manufacturers intend to buy small businesses or collaborate with them. These are the main tactics manufacturers of industrial brakes use to boost their revenue-generating market share. 

List of Market Players Profiled

• Alfa Laval (Sweden)
• Kelvion (GEA) (Germany)
• SPX Corporation (U.S.)
• IHI (Japan)
• SPX-Flow (U.S.)
• DOOSAN (South Korea)
• API (U.S.)
• KNM (India)
• Funke (India)
• Xylem (U.S.)
• Thermowave (Germany)
• Hisaka (Thailand)
• Sondex A/S (Denmark)
• SWEP (Sweden)
• LARSEN & TOUBRO (India)
• Accessen (China)
• THT (U.K.)
• Hitachi Zosen (Japan)
• LANPEC (China)
• Siping ViEX (China)
• Beichen (China)
• Lanzhou LS (China)
• Defon (India)
• Ormandy (U.K.)
• FL-HTEP (U.S.)

INDUSTRY DEVELOPMENT

• March 2022- Alfa Laval, a gasket plate heat exchanger, was introduced by a pioneer in vital heat transfer, separation, and fluid handling with the promise of changing numerous applications. The TS45 is the most developed exchanger that offers adaptability and performance.

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.