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Asia Pacific Shell & Tube Heat Exchanger Market Size
Asia Pacific Shell & Tube Heat Exchanger Market was valued at USD 2.2 billion in 2023 and is projected to attain a CAGR of 8.8% from 2024 to 2032. Rising demand for energy-efficient solutions across various industries along with the growing adoption of renewable energy sources will complement the industry growth.
Rising industrialization & urbanization in emerging countries coupled with technological advancements in heat exchanger design including the development of more efficient & reliable solutions tailored for specific applications will boost the product adoption.
Report Attributes | Details |
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Base Year: | 2023 |
Market Size in 2023: | USD 2.2 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 8.8% |
2032 Value Projection: | USD 4.8 Billion |
Historical Data for: | 2021 - 2023 |
No. of Pages: | 65 |
Tables, Charts & Figures: | 11 |
Segments covered: | Application and Country |
Growth Drivers: |
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Pitfalls & Challenges: |
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Asia Pacific Shell & Tube Heat Exchanger Market Trends
Asia Pacific shell & tube heat exchanger industry on account of the rapid industrial expansion and increasing energy demands across various applications including power generation, chemical processing, and HVAC systems. Government initiatives & policies aimed at reducing carbon emissions and promoting energy efficiency while mandating the use of energy-efficient equipment in industrial processes are encouraging the adoption of advanced heat exchangers.
Asia Pacific Shell & Tube Heat Exchanger Market Analysis
![Asia Pacific Shell & Tube Heat Exchanger Market Size, By Application, (USD Billion), 2022 - 2032 Asia Pacific Shell & Tube Heat Exchanger Market Size, By Application, (USD Billion), 2022 - 2032](https://cdn.gminsights.com/image/rd/industrial-machinery/asia-pacific-shell-tube-heat-exchanger-market-size-by-application-2024-2032.webp)
The chemical application vertical is projected to cross USD 1.5 billion by 2032, owing to the surge in the adoption of advanced heat exchanger technologies, driven by a rising demand for chemical products and an intensified emphasis on energy efficiency and sustainability. Furthermore, the industry's landscape is being reshaped by stringent safety measures, regulatory compliance in chemical processing, and the integration of digital technologies. These technologies, including data analytics, enhance heat exchanger systems, enabling predictive maintenance, real-time monitoring, and improved control in tailored chemical facilities.
Shell & tube heat exchangers are a vital component in HVAC systems owing to their efficiency, versatility, durability, and energy-saving capabilities. Their ability to handle large volumes and provide reliable performance under various conditions makes them indispensable in both residential and commercial central heating & refrigeration applications. Moreover, shell and tube heat exchangers are widely used in industrial refrigeration systems located across the food processing plants, chemical manufacturing, and cold storage facilities, to provide reliable and efficient cooling.
![Asia Pacific Shell & Tube Heat Exchanger Company Market Share Analysis, 2023 Asia Pacific Shell & Tube Heat Exchanger Company Market Share Analysis, 2023](https://cdn.gminsights.com/image/rd/industrial-machinery/china-shell-tube-heat-exchanger-market-size-2024-2032.webp)
China shell & tube heat exchanger market is likely to exceed USD 1.9 billion by 2032. Robust growth in the chemicals, petrochemicals, energy, and manufacturing sectors, bolstered by government policies advocating energy efficiency. In addition, the swift expansion of manufacturing facilities, combined with surging investments in energy-intensive industrial infrastructure, is set to shape the regional industry landscape. Moreover, industry leaders' continuous innovations aimed at enhancing operational efficiency, coupled with mounting concerns over emissions, are set to propel industry growth.
Asia Pacific Shell & Tube Heat Exchanger Market Share
![Asia Pacific Shell & Tube Heat Exchanger Company Market Share Analysis, 2023 Asia Pacific Shell & Tube Heat Exchanger Company Market Share Analysis, 2023](https://cdn.gminsights.com/image/rd/industrial-machinery/asia-pacific-shell-tube-heat-exchanger-company-market-share-analysis-2024-2032.webp)
Major players operating in Asia Pacific shell & tube heat exchanger industry are introducing enhanced technologies and products focusing on making strategic partnerships, alliances aiming for mergers & acquisitions to strengthen their market position for expansion and growth. Key participants including Danfoss, ALFA LAVAL, Xylem, HRS Process Systems Ltd., Kelvion Holding GmbH and Mersen Group holds a substantial position across the Asia Pacific heat exchanger industry.
Asia Pacific Shell & Tube Heat Exchanger Market Companies
Some of the major manufacturers functioning across the industry are:
- API Heat Transfer
- ALFA LAVAL
- Comp Air Treatment System Pvt. Ltd
- Danfoss
- Funke Heat Exchanger Systems(Changzhou)Co.,Ltd.
- Exergy LLC
- HRS Process Systems Ltd.
- Holtec International
- KNM Group Berhad
- IHI Plant Services Corporation
- Kamui Viet Nam Co., Ltd.
- Kinam Engineering Industries Pvt. Ltd.
- Kelvion Holding GmbH
- Koch Heat Transfer Company
- Mersen Group
- United Heat Transfer
- Xylem
Asia Pacific Shell & Tube Heat Exchanger Industry News
- In January 2024, DASCO Co., Ltd. marked the inauguration of its Mieum Factory in Busan, South Korea, celebrating the milestone with its employees. Overcoming various challenges, the factory is now operational, specializing in the design and production of heat exchangers and pressure vessels. With this new facility, the company aims to enhance its presence in the shell & tube heat exchanger market.
- In November 2023, Alleima inaugurated its advanced heat exchanger facility at in Gujarat, India. This facility empowers the company to domestically produce advanced alloys for heat exchanger tubing, catering to the surging demand from India's chemical, petrochemical, renewable, and other industrial sectors. This new heat exchanger facility, rounds completed three-phase expansion of production capacity and infrastructure at the Mehsana mill, Alleima has invested a total of USD 17.2 million (SEK 180 million) in these expansions.
This Asia Pacific shell & tube heat exchanger market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in “USD Million” from 2021 to 2032, for the following segments:
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Market, By Application
- Oil & gas
- Chemical
- Power generation & metallurgy
- Marine
- Mechanical industry
- Central heating & refrigeration
- Food processing
- Others
The above information has been provided for the following countries:
- China
- Japan
- South Korea
- India
- Indonesia
- Malaysia
- Thailand
- Vietnam
- Philippines
- Australia
Frequently Asked Questions (FAQ) :