At 6.9% CAGR, the Middle East & Africa Heat Exchanger Market is Projected to be worth US$ 2,335.52 million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa heat exchanger market was valued at US$ 1,369.11 million in 2022 and is expected to reach US$ 2,335.52 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Use of heat exchangers in oil & gas industry is among the critical factors attributed to the Middle East & Africa heat exchanger market expansion.

According to the report published by the International Energy Agency (IEA) in June 2023, the global demand for oil is expected to grow by 6% from 2022 to 2028 and will reach up to 105.7 million barrels per day (mb/d) in 2028. The demand is growing due to the rising requirement for petrochemicals and the increasing need for oil in the aviation sector. In addition, the investments for the upstream segment in oil and gas exploration, extraction, and production are anticipated to reach their highest value since 2015 and are projected to grow by 11% year-on-year to US$ 528 billion in 2023. In addition, the investment and expansion in the refineries is increasing due to the rise in oil and gas demand. Therefore, the rise in global oil demand and investment in the oil & gas industry contributes to the production of oil and gas, where heat exchangers are used to eliminate the heat generated during production. It helps maintain the rapid generation or dissipation of heat to enhance productivity in the oil & gas industry. These heat exchangers are used in various applications such as heat/oil transfer systems, fuel gas conditioning systems, cold ammonia flow control, lube oil systems, and selective catalytic reduction (SCR) units. For example, in fuel gas conditioning systems, the heat exchanger helps maintain the heat generated during the steady flow of dry, high-purity fuel and ensures system components are working in stable conditions for a long period. In the lube oil system, heat exchangers help to provide an optimal thermal environment for the smooth operation of critical components such as mixers, kettles, and electrical switchgear. Thus, with the growth in the oil & gas industry, the use of heat exchangers is increasing, which is driving the market.

On the contrary, high initial investment, labor cost, and maintenance hampers the growth of Middle East & Africa heat exchanger market.

Based on type, the Middle East & Africa heat exchanger market is categorized into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held 51.6% market share in 2022, amassing US$ 706.61 million. It is projected to garner US$ 1,246.29 million by 2030 to expand at 7.4% CAGR during 2022-2030.

Based on material, the Middle East & Africa heat exchanger market is categorized into steel, copper, and others. The steel segment held 47.5% share of Middle East & Africa heat exchanger market in 2022, amassing US$ 650.61 million. It is projected to garner US$ 1,162.47 million by 2030 to expand at 7.5% CAGR during 2022-2030.

Based on application, the Middle East & Africa heat exchanger market is categorized into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held 35.6% share of Middle East & Africa heat exchanger market in 2022, amassing US$ 487.96 million. It is projected to garner US$ 904.10 million by 2030 to expand at 8.0% CAGR during 2022-2030.

Based on country, the Middle East & Africa heat exchanger market has been categorized into Saudi Arabia, the UAE, South Africa, Turkey, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 37.8% share of Middle East & Africa heat exchanger market in 2022. It was assessed at US$ 517.52 million in 2022 and is likely to hit US$ 977.13 million by 2030, exhibiting a CAGR of 8.3% during 2022-2030.

Key players operating in the Middle East & Africa heat exchanger market are Alfa Laval AB, API Heat Transfer Inc, Danfoss AS, Johnson Controls International Plc, Larsen & Toubro Ltd, and Xylem Inc, among others.

- In Jan 2023, Alfa Laval launched AlfaNova GL50, the first heat exchanger developed specifically for fuel cell systems.

- In Mar 2023, Sondex HEX from Danfoss for industrial applications.

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