Shell & Tube Heat Exchanger Market Size – By Application, Analysis, Share, Growth Forecast, 2024 - 2032

Shell & Tube Heat Exchanger Market Size

The global shell & tube heat exchanger market size was evaluated at USD 5.9 billion in 2023 and is set to witness a CAGR of 8.2% through 2032. Rising energy demands for heating & cooling systems across building infrastructure Increased investments in heavy-duty industrial operations is set to influence the product deployment.
 

For instance, according to data from Eurostat, the European Union heating and cooling account for approximately half of the total energy consumption. The establishment of new chemical and petrochemical facilities, coupled with the exploration of both conventional and unconventional hydrocarbon reserves in various regions, will present new opportunities for the expansion of the heat exchanger industry.
 

Shell & Tube Heat Exchanger Market Trends

Shell & tube heat exchanger industry is set to grow owing to increasing demand for heating and cooling solutions across residential and commercial infrastructure. Moreover, growing inclination on utilization of waste heat generated from industrial processes, is set to complement the industry outlook.
 

Growing emphasis on meeting energy efficiency regulations and standards along with shifting focus to curb emissions is set to influence the industry growth. For example, in February 2024, the European Commission made the declaration of reducing emissions by 90 percent compared to the number of emissions made on the year of 1990 in order to become climate neutral by 2050.
 

Shell & Tube Heat Exchanger Market Analysis

Chemical application is anticipated to surpass over USD 3.4 billion by 2032. Rising demand for several chemical products, along with growing focus on energy efficiency and sustainability, has accelerated the product adoption. Stringent regulatory mandates and safety standards in chemical processing operations coupled with integration of digital technologies to deliver real-time monitoring, and overall enhanced control in chemical facilities will further influence the industry landscape.
 

Moreover, the equipment plays a critical role in the chemical industry by providing efficient and reliable heat transfer combined with their durability & ease of maintenance by optimizing temperature control and improving process safety.
 

Asia Pacific shell & tube heat exchanger market is set to grow over USD 4.5 billion by 2032. Ongoing expansion of manufacturing and chemical refining facilities along with accelerated investments for development of energy intensive infrastructure will positively influence the industry growth.
 

For instance, in 2023, according to the Energy Institute Statistical Review of World Energy, China oil refining capacity was 17,259 thousand barrels per day in 2022, as compared to 16,990 thousand barrels per day in 2021. Moreover, rapid pace of industrialization and urban development has contributed to accelerated construction, that has led to increased demand for energy-efficient central heating and cooling systems in building infrastructure, further complementing the Asia Pacific heat exchanger industry growth.
 

Europe shell & tube heat exchanger market have witnessed a significant growth owing to increasing expenditure for the development of clean energy industrial infrastructure and introduction of stringent regulations pertaining to limit the carbon emissions and adoption of enhanced technologies. For instance, in February 2024, the European Commission suggested an EU climate target of 2040 that will reduce net greenhouse gas emissions by 90% as compared to 1990 levels.
 

This target seeks EU’s climate neutrality by 2050 and describes further steps the EU will take to address climate change after 2030. In addition, friendly governmental policies towards energy efficiency projects coupled with the introduction of renewable energy sources have increased the demand for sophisticated heat exchangers which has further fueled the growth of Europe heat exchanger market.
 

Shell & Tube Heat Exchanger Market Share

Major industry participants in the shell & tube heat exchanger are continuously engaging in new organic & inorganic ventures including introduction of innovative products, strategic partnerships, alliances, agreements, and undertaking mergers & acquisitions, among others, to gain their market competitiveness. Key players including Xylem, ALFA LAVAL, Kelvion Holding GmbH, FUNKE Wärmeaustauscher Apparatebau GmbH and Mersen Group., among other, holds majority of the market share across the industry.
 

Shell & Tube Heat Exchanger Market Companies

Key players operating across the market consists of:

• A.A. Anderson & Co., Inc.
• ALFA LAVAL
• API Heat Transfer
• Bronswerk
• COMP AIR TREATMENT SYSTEM P. LTD.
• Enerquip Thermal Solutions
• Exergy LLC
• FUNKE Wärmeaustauscher Apparatebau GmbH
• HRS Process Systems Ltd.
• Kelvion Holding GmbH
• Kinam Engineering Industries Pvt. Ltd.
• Koch Heat Transfer Company
• Mason Manufacturing LLC
• Mersen Group
• Pentair
• Thermaline, Inc
• Thermofin
• Thrush Co
• Wessels Company
• Xylem
   

Shell & Tube Heat Exchanger Industry News

• In January 2024, DASCO Co., Ltd. commemorated the launch of its Mieum Factory in Busan, South Korea. This was a factory that was going to begin operations with designs and manufacturing of heat exchangers and pressure vessels. Operationalization of this factory is going to strengthen the position of the company, thereby improving penetration in the market for the sector of shell & tube heat exchanger.
   
• In November 2023, a new development was reported from BASF, an amine plant located in Ludwigshafen, Germany. They added an Alfa Laval Compabloc unit, in which two shell-and-tube heat exchangers were substituted with the more compact unit. The basis for the switch was not only the lower price advantage of Compabloc over shell-and-tube exchangers but also the cost benefits from the compact design it provides. The former exchangers were prone to damage during the plant’s shutdown and startup processes.
   

The shell & tube heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of “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 regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Spain
  • Poland
  • Türkiye
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Philippines
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Colombia
  • Chile