Shell And Tube Heat Exchangers Market Size, Share & Trends Report

Shell And Tube Heat Exchangers Market Size, Share & Trends Analysis Report By End Use (Chemical, Food & Beverages, HVAC & Refrigeration, Petrochemicals), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Sep, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-674-5
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 139

Industry Insights

The global shell and tube heat exchangers market size was valued at USD 5.4 billion in 2018 and is estimated to progress at a CAGR of 6.1% from 2019 to 2025. Ascending demand for energy in power generation, HVAC & refrigeration, and petrochemical industries, specifically in the emerging economies in Asia Pacific and Central & South America are projected to complement market growth.

Shell and tube heat exchangers have several tubes inside a cylindrical shaped shell, which enables two fluids to interchange heat, wherein one fluid flows outside the tubes and the other fluid flows inside the tube. The flow of the fluids can be either parallel or cross counter. Globally rising demand for chemicals is anticipated to drive shell and tube heat exchangers market.

U.S. Shell and Tube Heat Exchangers market

Rising demand for shell and tube heat exchangers from power generation sector resulting in the expansion of energy infrastructure is expected to drive the market over the forecast period. In addition, rising demand for heat recovery devices from chemical, HVAC, and food & beverage industries is expected to boost the market growth over the forecast period. Technological innovations coupled with increasing focus on improving efficiency standards are further expected to drive the market over the forecast period.

Companies are shifting their focus toward product differentiation to ensure continuous regeneration of their product portfolios and to cater to specific requirements. Players in shell and tube heat exchangers industry are also adopting strategic initiatives such as mergers & acquisitions to reduce vulnerability to raw material price fluctuations and diversify their product portfolios. Major market players are not only taking advantage of low-cost feedstock in Asia Pacific and CSA but also investing heavily in R&D activities dedicated to sustainability.

Expanding chemical industry is anticipated to boost the demand for shell and tube heat exchangers over the forecast period. The demand for these exchangers is projected to grow over the forecast period with players engaged in increasing refinery capacities and setting up new chemical plants in the region.

End Use Insights

The shell and tube heat exchangers market is segmented into chemical, food & beverages, HVAC & refrigerators, petrochemicals, power generation, pulp & paper, and others on the basis of end use areas of shell and tube heat exchangers. Chemical end-use segment accounted for 20.3% of the total market share in 2018. It is expected to dominate the global market and progress at a CAGR of 7.1% from 2019 to 2025.

Shell and tube heat exchangers are used for the condensation of solvents, multiple-material mixtures, benzene heat recovery, cooling of water circuits and cooling of hydrocarbons. They are also used for heating & cooling of intermediate products, heating & cooling of reactors, and production processes. Capacity expansions and acquisitions of chemical facilities in Europe and Asia Pacific are expected to drive chemical industry over the forecast period.

Global shell and tube heat exchangers market

Shell and tube heat exchangers find significant use in food & beverage industry including chilling, brewing, and heating applications. Ascending demand for imported and nutritious products is expected to boost the requirement for efficient thermal management in the storage and transportation of food products. Food & beverage end-use segment is expected to be valued at USD 1.2 billion by 2025.

Petrochemicals end-use segment accounted for a share of 18.5% in the global market for shell and tube heat exchangers in 2018 and is anticipated to move ahead at a CAGR of 7.2% from 2019 to 2025. Shell and tube heat exchangers are used in the heat recovery process of the separation of oil from water and gas. These exchangers are expected to gain significance over the forecast period owing to their enhanced properties in a corrosive environment and low space requirement.

Regional Insights

In terms of revenue, Asia Pacific is likely to emerge as the fastest-growing regional market at a CAGR of 8.1% over the forecast period. The region accounted for 37.1% of the overall market share in 2018. Rising construction projects of industrial and commercial establishments are expected to drive HVAC segment in the region. Favorable government initiatives in India and China to develop thermal & solar energy are anticipated to drive the demand for shell and tube exchangers in power generation.

North America market is expected to be valued at USD 1.5 billion by 2025, progressing at a CAGR of 4.7% over the forecast period. Increasing oil & gas exploration and production activities in the U.S. and Canada are expected to propel the demand for shell and tube exchangers in the region. Surging energy demand in various industrial and commercial sectors is expected to drive power and energy segment growth over the forecast period.

Central & South America market is projected to exhibit a robust growth rate and ascend at a CAGR of 7.8% from 2019 to 2025. Oil & gas activities in Mexico, Venezuela, and Brazil are expected to drive industrial growth in the region. Expanding food & beverage industry is another significant factor contributing to economic growth in the region.

Shell and Tube Heat Exchangers Market Share Insights

The global shell and tube heat exchangers industry comprises both global as well as regional players that are engaged in the design, manufacturing, and distribution. Key players involved in manufacturing include Alfa Laval AB, API Heat Transfer, SPX Corporation, and Kelvion Holding GmbH among others. Other notable players in shell and tube heat exchangers industry include HRS Heat Exchangers, Brask, Inc., Koch Heat Transfer Company, Xylem, Inc., Manning and Lewis, and Southern Heat Exchanger Corporation.

Shell and tube heat exchanger manufacturers have been adopting various strategies such as new product development and mergers & acquisitions. These strategies are adopted to increase market penetration and cater to changing technological requirements for different end-use applications in the region.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million, and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, France, Italy, China, Japan, India, Brazil, and UAE

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

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Segments Covered in the Report:

This report forecasts revenue growth at the global, regional, & country levels, and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global shell and tube heat exchangers market report on the basis of end use and region.

  • End-Use Outlook (Revenue, USD Million, 2014 - 2025)

    • Chemical

    • Food & Beverages

    • HVAC & Refrigeration

    • Petrochemicals

    • Power Generation

    • Pulp & Paper

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East and Africa

      • UAE

Key questions answered by the report
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