At 9.2% CAGR, the Asia Pacific Heat Exchanger Market is Projected to be worth US$ 9,229.76 million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific heat exchanger market was valued at US$ 4,571.91 million in 2022 and is expected to reach US$ 9,229.76 million by 2030, registering a CAGR of 9.2% from 2022 to 2030. Rise in industrialization is among the critical factors attributed to the Asia Pacific heat exchanger market expansion.

Industry 4.0 is transforming the way companies manufacture, process, and distribute their products and is focused on improving product quality by minimizing the risk of human error and posing a safe environment. Due to the rise in Industry 4.0, governments of various countries are investing in their manufacturing sectors. In addition, initiatives such as "Make in India," "Saudi Vision 2030," and "Made in China 2025" are a few other initiatives under which several market players are expanding their manufacturing capacity and adopting the technologies that help to catalyze their production output and enhance the efficiency of their final products. Thus, the rise in industrialization is contributing to the building of new manufacturing facilities across various industry verticals such as chemical, food & beverages, and automotive, which further contributes to the need for heat exchangers to maintain the optimal temperature for the optimal productivity during the workflow and avoid any safety risk and accidents. To cater to the rising demand for heat exchangers in this revolutionizing industrialization phase, the market players are heavily investing in new product developments. In February 2023, Sanhua launched stainless steel braze plate heat exchangers (BPHE) to maintain higher heat transfer efficiency and lower pressure drops in various applications such as chillers, heat pumps, and boilers. In March 2022, Sweden-based Alfa Laval unveiled AC540, a new brazed-plate heat exchanger series ideal for its application in multiple-scroll chillers. The products unique asymmetric plate design helps to reduce the evaporators refrigerant charge and minimize the pressure drop. Thus, such product launch fuels the heat exchanger market.

On the contrary, high initial investment, labor cost, and maintenance hampers the growth of Asia Pacific heat exchanger market.

Based on type, the Asia Pacific heat exchanger market is categorized into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held 50.0% market share in 2022, amassing US$ 2,284.00 million. It is projected to garner US$ 4,775.89 million by 2030 to expand at 9.7% CAGR during 2022-2030.

Based on material, the Asia Pacific heat exchanger market is categorized into steel, copper, and others. The steel segment held 43.0% share of Asia Pacific heat exchanger market in 2022, amassing US$ 1,964.47 million. It is projected to garner US$ 4,192.28 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Based on application, the Asia Pacific heat exchanger market is categorized into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held 32.7% share of Asia Pacific heat exchanger market in 2022, amassing US$ 1,496.86 million. It is projected to garner US$ 3,327.94 million by 2030 to expand at 10.5% CAGR during 2022-2030.

Based on country, the Asia Pacific heat exchanger market has been categorized into China, Japan, South Korea, India, Australia, Taiwan, Malaysia, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.5% share of Asia Pacific heat exchanger market in 2022. It was assessed at US$ 1,259.47 million in 2022 and is likely to hit US$ 2,788.98 million by 2030, exhibiting a CAGR of 10.4% during 2022-2030.

Key players operating in the Asia Pacific heat exchanger market are Alfa Laval AB, API Heat Transfer Inc, Chart Industries Inc, Danfoss AS, Guntner GmbH & Co KG, Johnson Controls International Plc, Hisaka Works Ltd, Kelvion Holding GmbH, Larsen & Toubro Ltd, and Xylem Inc, among others.

- In Aug 2022, Bell & Gossett enhances its online system design software, integrates heat exchanger selection program into ESP-Systemwize.

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