PRESS RELEASE
Published March 15, 2023
The global shell & tube heat exchanger market size is projected to grow from USD 9.0 billion in 2022 to USD 11.7 billion by 2027, at a CAGR of 6.2% between 2022 and 2027.
The global Shell & Tube Heat Exchanger Market is expected to experience steady growth in the coming years, with an increasing demand for energy-efficient and cost-effective solutions in the industrial sector. The heat exchanger technology is used in various industries such as chemical, oil & gas, power generation, HVAC, and food & beverage, among others.
A Shell Tube Heat Exchanger is a type of heat exchanger that is widely used in various industrial applications due to its high efficiency and reliability. The shell and tube heat exchanger consists of a shell that houses a bundle of tubes, where one fluid flows through the tubes, and the other fluid flows around the tubes, transferring heat from one fluid to another.
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Some of the key players in the Shell Tube Heat Exchanger Market are:
- Alfa Laval Thermal, Inc.
- API Heat Transfer, Inc.
- APV Heat Transfer
- Baltimore Aircoil Co.
- Cherry Burrell
- Evapco, Inc.
- GEA Power Cooling Systems, Inc.
- Hudson Products Corp.
- Marley Cooling Technologies
- Modine Manufacturing Co
- Danfoss
- SPX Corporation
- Hindustan Dorr-Oliver Limited
- Atlas Copco
One of the key drivers of the Shell Tube Heat Exchanger Market is the increasing demand for energy-efficient solutions to reduce carbon emissions and operational costs. The rising demand for HVAC systems in residential and commercial buildings is also driving the growth of the heat exchanger market.
Market Segmentation: Shell & Tube Heat Exchanger Market
By Material:
- Steel
- Nickel & Nickel Alloys
- Titanium
- Tantalum
- Others
By Application:
- Chemicals
- Petrochemicals and Oil & Gas
- HVAC & Refrigeration
- Food & Beverages
- Power Generation
- Pulp & Paper
- Others
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Another factor contributing to the growth of the market is the increasing demand for the oil & gas industry, particularly in emerging economies. The demand for crude oil and natural gas is expected to increase significantly in the coming years, which is driving the demand for heat exchangers in the oil & gas industry.
The market is also expected to witness significant growth due to the increasing focus on research and development activities by key players in the industry. The use of advanced materials, such as titanium, and the development of new designs and technologies, are expected to drive the growth of the market.
The Shell Tube Heat Exchanger Market is expected to witness steady growth in the coming years, driven by the increasing demand for energy-efficient and cost-effective solutions in various industrial applications. With the rising demand for HVAC systems and the growth of the oil & gas industry, the market is expected to offer significant opportunities for key players in the industry.
Regional Insights
Asia Pacific dominated the market and provided 36.3% of global revenue in 2019, thanks to rising investments in the region’s chemical and petrochemical sectors. Over the next several years, it is projected that there will be a major growth in the need for heat exchangers, particularly in the region’s developing economies like China, India, Thailand, and Indonesia. These end-use industries include those that produce electricity, food and drink, HVAC, and refrigeration.
The revenue share for North America in 2019 was third worldwide. Demand in the area is anticipated to be fueled by increased use of the product in significant application industries like petrochemical, chemical, and power generation.
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Here are some of the recent news and updates related to the Shell & Tube Heat Exchanger Market:
In March 2021, Alfa Laval, a leading manufacturer of heat exchangers, announced the launch of a new range of compact heat exchangers. The Alfa Laval DuroShell heat exchangers are designed for use in high-pressure applications in the oil & gas, petrochemical, and chemical industries.
In January 2021, Kelvion, a global provider of heat exchangers, announced the launch of a new range of shell & tube heat exchangers. The Kelvion K°Bloc is designed to offer high heat transfer efficiency and reduce pressure drop in various industrial applications.
In December 2020, API Heat Transfer, a leading manufacturer of heat exchangers, announced the acquisition of Basco Engineered Products, a provider of heat transfer solutions. The acquisition is expected to expand API Heat Transfer’s product portfolio and strengthen its position in the heat exchanger market.
In November 2020, Tranter, a global provider of heat exchangers, announced the launch of a new range of plate heat exchangers. The Tranter MAXCHANGER® is designed to offer improved thermal performance and reduced maintenance costs in various industrial applications.
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