세계의 열교환기 시장(2024-2029년)

Growing Adoption of Modular Heat Exchangers in Industrial Applications Emphasize Need for Scalability and Flexibility

The study provides a detailed understanding of the global heat exchanger market across all major regions: North America, Latin America, Europe, the Middle East & Africa, and Asia-Pacific. It discusses the major heat exchanger types and trends driving demand. Currently, companies face challenges such as restrictions on technology transfers. Integrating heat exchangers with renewable energy systems also presents challenges.

Frost & Sullivan notes a growing emphasis on energy-efficient designs and green data centers, as companies aim to reduce operational costs and environmental impact. The rollout of 5G technology will boost data consumption and increase the need for more robust data center infrastructure. Increasing digitization across industries drives demand for data storage and processing capabilities. Across regions, governments promote the digital economy and smart cities, encouraging investments in data center infrastructure.

This study provides insights into the major applications of heat exchangers in data centers and will help companies better understand opportunities in this space. Integrating smart technologies and IoT capabilities into heat exchangers for predictive maintenance is gaining prominence. Data analytics is becoming crucial across industries, increasing demand for connected solutions. Rising demand for energy-efficient HVAC systems in smart buildings drives product development in heat exchanger technology.

Revenue Forecast

The revenue estimate for the base year is $16,016.9 million, with a CAGR of 6.4% for the study period from 2024 to 2029.

Scope of Analysis

• Over the last decade, energy efficiency and sustainability have underpinned most initiatives in the heat exchanger market, driving technological advancements. These priorities now shape how industries select and implement heat exchanger solutions. Frost & Sullivan notes that the impact of these factors varies across regions, including North America, Latin America, Europe, the Middle East and Africa (MEA), and Asia-Pacific (APAC).
• While end users prioritize energy conservation, easy maintenance, and improved heat transfer, smaller suppliers face challenges in keeping pace with new technologies and making the necessary investments.
• Companies increasingly collaborate with automation solutions providers to develop customizable heat exchanger solutions and simplify maintenance. They also focus on improving equipment strength while enabling lighter designs.

Market Segmentation

Heat Exchanger Market

Shell and Tube

• These heat exchangers are the most common type and best suited for high-temperature, high-pressure applications. They comprise a pressure vessel containing a bundle of metal tubes, usually fabricated from steel, though some use titanium.

Gasketed Plate-and-frame

• These heat exchangers consist of a series of thin, spaced plates with large surface areas and fluid flow channels. The plates mount on frames and use gaskets to seal them securely in place.

All-welded Plate

• These heat exchangers suit extreme temperatures and high-pressure applications involving corrosive substances that traditional gasketed models cannot handle. The all-welded segment includes spiral, hybrid-type, and block heat exchangers.

Brazed Plate

• These heat exchangers handle high temperatures and pressures. Unlike traditional plate heat exchangers, brazed-plate heat exchangers (BPHE) lack rubber gaskets, enabling them to operate under harsher conditions.

Air Cooled

• Industries use these heat exchangers when a reliable water source is unavailable for cooling. This study covers air-cooled heat exchangers for process industries, natural gas compressor coolers, and air-cooled condensers.

Cooling Tower Systems

• These heat exchangers use evaporative cooling, where ascending air cools water flowing downward. This study includes both field-erected and factory-assembled models, with evaporative condensers classified under factory-assembled heat exchangers.

The Impact of the Top 3 Strategic Imperatives on the Heat Exchanger Industry

Competitive Intensity

• Why: While conventional power generation still dominates major regions, green energy sources are rapidly gaining ground. Heat exchanger performance directly affects emissions and waste heat recovery, prompting machinery manufacturers to expand their portfolios and offer more complete solutions.
• Frost Perspective: Ongoing industrialization in growth sectors is driving demand for heat exchangers in oil and gas, chemicals, and power generation. With the emphasis on local manufacturing, regional companies are entering the heat exchanger market to better meet local demand, intensifying competition.

Transformative Mega Trends

• Why: As renewable energy gains traction, manufacturers use new materials to meet evolving performance needs. Data centers also drive growing demand. Over the next decade, companies plan to invest in product development to better support renewable energy sectors.
• Frost Perspective: With sustainability and carbon capture gaining importance, manufacturers are using newer materials across most heat exchanger types. The increasing focus on renewables highlights the need to develop heat exchangers for emerging fields such as hydrogen. Frost & Sullivan forecasts these segments will drive major growth for industrial equipment manufacturers.

Disruptive Technologies

• Why: Given competition and scalability demands, major heat exchanger vendors are investing in technologies to maintain efficiency. Manufacturers are also shifting toward recyclable and sustainable materials. As low-emission technologies gain traction, industries are likely to prefer heat exchangers that help reduce emissions during operations.
• Frost Perspective: Vendors have increasingly focused on predictive maintenance strategies to extend heat exchanger lifespan. They are also developing heat recovery systems compatible with renewable sectors like biomass and solar. Frost & Sullivan observes rising demand for compact heat exchangers in space-constrained industries, driving innovation in design and engineering.

Key Competitors

• Alfa Laval AB
• SPX FLOW
• Kelvion GmbH
• Baltimore Aircoil
• Balcke-Durr
• Hamon
• SWEP
• Sondex (Danfoss)
• Xylem
• Boyd Corporation
• API Heat Transfer
• Reymsa Cooling Towers
• Paharpur Cooling Towers
• Hisaka
• Vahterus
• Paul Mueller
• Polaris
• HRS Heat Exchangers
• Johnson Controls International
• Taco Comfort Solutions
• Chart Industries Inc.
• Argentrio
• HRS Heat Exchanger
• Gunther GmbH & Co. KG
• Kinam Engineering

Competitive Environment

Number of Competitors

• ~300 globally engaged in design and/or sale of heat exchangers

Competitive Factors

• Price, performance, energy efficiency, competition with leading participants, reliability, and customer relationships

End-user Industry Verticals

• Oil and gas, power generation, chemicals, food and beverage, HVAC, water and wastewater, marine and shipbuilding, data centers, and pharmaceuticals

Leading Competitors

• Alfa Laval, Kelvion, SPX FLOW, Baltimore Aircoil

Revenue Share of Top 4 Competitors

• 32.1%

Other Notable Competitors

• American Precision Industries (API) Heat Transfer, Tranter SWEAP, and Danfoss

Distribution Structure

• Energy production and industrial construction (EPIC) companies or OEMs, direct sales, and distributors

Notable Mergers and Acquisitions

• In early 2024, France-based Nexson Group acquired Thermowave GmbH. Similarly, in October 2024, Wieland acquired Italy-based Onda S.p.A., a manufacturer of shell and tube heat exchangers. Companies are also collaborating-Alfa Laval and Shell, for example, are jointly developing efficient heat exchangers for carbon capture and storage applications.

Growth Drivers

• Rising Demand in the Power Generation Sector
• Emergence of Compact Heat Exchangers in Electric Vehicles (EVs)
• Sustaining and Improving Energy Efficiency
• Regulatory Requirements and Technological Innovation
• Growth of HVAC Use in Industrial Settings

Growth Restraints

• Volatility in Raw Material Prices
• High Initial Costs
• Regulatory and Compliance Issues
• Complexities in Integration, Maintenance, and Operation
• Performance Variability

Table of Contents

Growth Opportunities: Research Scope

• Scope of Analysis
• Market Segmentation
• Market Segmentation by Region
• Definition of End-user Industries

Growth Environment: Transformation in the Heat Exchanger Sector

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative 8™
• The Impact of the Top 3 Strategic Imperatives on the Heat Exchanger Industry

Ecosystem in the Heat Exchanger Sector

• Distribution Channels
• Competitive Environment
• Key Competitors

Growth Generator

• Growth Metrics
• Growth Drivers
• Growth Driver Analysis
• Growth Restraints
• Growth Restraint Analysis
• Forecast Assumptions
• Revenue Forecast
• Revenue Forecast Analysis
• Revenue Forecast by Product
• Revenue Forecast by Product Analysis
• Product Analysis-Technology Focus
• Revenue Forecast by Region
• Revenue Forecast by Region Analysis
• Key Heat Exchanger Vendors by Region
• Regional Hotspots
• Revenue Forecast by Industry Vertical
• Revenue Forecast Discussion by Industry Vertical
• Heat Exchanger Market for Industry Vertical-Hydrogen
• Heat Exchanger Market for Industry Vertical-Oil and Gas-Liquefied Natural Gas LNG
• Heat Exchanger Market for Industry Vertical-Data Centers-Colocation
• Heat Exchanger Market for Industry Vertical-Data Centers-Hyperscalers
• Major Market Participants-Hyperscalers
• Heat Exchanger Market for Industry Vertical-Datacenters-Crypto-mining
• Revenue Share Analysis
• Revenue Share Analysis

Growth Generator: North America

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Industry Vertical
• Revenue Forecast by Product Type
• Revenue Forecast Analysis

Growth Generator: Latin America

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Industry Vertical
• Revenue Forecast by Product Type
• Revenue Forecast Analysis

Growth Generator: Europe

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Industry Vertical
• Revenue Forecast by Product Type
• Revenue Forecast Analysis

Growth Generator: Middle East and Africa

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Industry Vertical
• Revenue Forecast by Product Type
• Revenue Forecast Analysis

Growth Generator: Asia-Pacific

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Industry Vertical
• Revenue Forecast by Product Type
• Revenue Forecast Analysis

Growth Opportunity Universe

• Growth Opportunity 1: Data Centers and the Automotive Sector to Become Major Sources of Revenue Generation
• Growth Opportunity 2: Newer Materials in the Manufacturing of Heat Exchangers Will Be Essential for Long-term Success
• Growth Opportunity 3: Focus on Product Development Efforts to Cater to Renewable Energy Industry

Appendix & Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer