Shell & Tube Heat Exchanger Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Shell & Tube Heat Exchanger Market size in 2023: | USD 5.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 8.2 |
| 2023 Value Projection: | USD 12.1 Billion |
| Historical Data for: | 2021 – 2023 |
| No of Pages: | 90 |
| Tables, Charts & Figures: | 55 |
| Segments Covered: | Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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.
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.
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.
Key players operating across the market consists of:
Market, By Application
The above information has been provided for the following regions and countries:
A.A. Anderson & Co., Inc., ALFA LAVAL, API Heat Transfer, Bronswerk, COMP AIR TREATMENT SYSTEM P. LTD., Enerquip Thermal Solutions, Exergy LLC, FUNKE W
Asia Pacific shell & tube heat exchanger market is set to reach USD 4.5 billion by 2032, due to manufacturing expansion, chemical refining growth, and increased investments in energy-intensive infrastructure.
The chemical application segment in the shell & tube heat exchanger market is anticipated to reach 3.4 billion by 2032, due to rising demand for chemical products, energy efficiency, sustainability, stringent regulations, and improved process control through digital technologies.
The market size shell & tube heat exchanger was reached USD 5.9 billion in 2023 and is anticipated to register 8.2% CAGR between 2024 and 2032, due to the stringent standards by respective authorities to curb carbon emissions and favorable regulatory initiatives.