Asia Pacific Heat Exchanger Market Forecast to 2030
Asia Pacific Heat Exchanger Market Forecast to 2030 – Regional Analysis – by Type (Shell and Tube, Plate and Frame, Air Cooled, and Others), Material (Steel, Copper, and Others), and Application (Energy, Chemical, Food and Beverages, HVACR, Pulp and Paper, and Others)
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Description
Integration of 3D Printing Technology with Heat Exchangers Fuel the Asia Pacific Heat Exchanger Market
3D printing or additive manufacturing is the development of a three-dimensional object from a digital file. The demand for 3D printing solutions is rising owing to advantages such as flexible design, rapid prototyping, print of demand, lightweight and robust parts, faster design and customized production, minimum waste, cost-effectiveness, and environment friendly. In addition, the rising awareness worldwide to use environment-friendly solutions and associated GHG emissions are encouraging heat exchanger providers to use this advancing technology to produce new products to meet the demand from various end user applications. The growing need for efficient heat exchangers in crucial applications such as power generation systems, consumer electronics, and food and beverage manufacturing facilities contribute to the adoption of 3D printing technology. Thus, the integration of 3D printing technology with heat exchangers is likely to create opportunities for market players to meet the growing demand from various end user applications during the forecast period.
Asia Pacific Heat Exchanger Market Overview
The Asia Pacific heat exchanger market is categorized into Australia, China, Japan, India, South Korea, Malaysia, Taiwan, and the Rest of Asia Pacific. The growing market is prominently attributed to the expansion of LNG imports led by China and India. Furthermore, the rising investment in the oil & gas industry will propel oil and gas production. As per the Shell LNG Outlook 2021, the LNG demand across the globe is expected to reach 700 million tons by 2040, and the natural gas demand is expected to grow strongly in Asia Pacific countries, generating the demand for gas production. With the rise in population and industrial growth, Asia Pacific witnessed increased energy demand. For instance, according to IEA, Southeast Asia’s energy demand grew by an average of 3% every year from 2000 to 2020. It is further expected to grow by an average of 5% every year till 2030. Such a rise in demand in the region made the government expand its oil production units by introducing new refineries and expanding the production capacity of the existing oil refineries. As per the Energy Information Administration (EIA), at least nine refineries projects are expected to be completed by the end of 2030 in Asia and the Middle East. The rise in oil production generates the need for heat exchangers in the plants and refineries, which further fuels its market growth in the region.
Asia Pacific Heat Exchanger Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Heat Exchanger Market Segmentation
The Asia Pacific heat exchanger market is segmented based on type, material, application, and country. Based on type, the Asia Pacific heat exchanger market is segmented into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held the largest market share in 2022.
Based on material, the Asia Pacific heat exchanger market is segmented into steel, copper, and others. The steel segment held the largest market share in 2022.
Based on application, the Asia Pacific heat exchanger market is segmented into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held the largest market share in 2022.
Based on country, the Asia Pacific heat exchanger market is segmented into China, Japan, South Korea, India, Australia, Taiwan, Malaysia, and the Rest of Asia Pacific. China dominated the Asia Pacific heat exchanger market share in 2022.
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 are some of the leading companies operating in the Asia Pacific heat exchanger market.
Summary Info
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According to the Research Team’ 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.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific heat exchanger market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific heat exchanger market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Heat Exchanger Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Asia Pacific Heat Exchanger Market – Key Industry Dynamics
5.1 Heat exchanger Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Use of Heat Exchangers in Oil & Gas Industry
5.2.2 Rise in Industrialization
5.2.3 Surge in Industry-specific Applications
5.3 Market Restraints
5.3.1 High Initial Investment, Labor Cost, and Maintenance
5.3.2 Safety Concerns Regarding Heat Exchanger
5.4 Market Opportunities
5.4.1 Integration of 3D Printing Technology with Heat Exchangers
5.4.2 Rise in Electric Vehicle Adoption
5.5 Future Trends
5.5.1 Introduction of Heat Exchange Subscription Model
5.6 Impact of Drivers and Restraints:
6. Heat Exchanger Market – Asia Pacific Market Analysis
6.1 Asia Pacific Heat Exchanger Market Revenue (US$ Million), 2022 – 2030
6.2 Asia Pacific Heat Exchanger Market Forecast and Analysis
7. Asia Pacific Heat Exchanger Market Analysis – Type
7.1 Shell and Tube
7.1.1 Overview
7.1.2 Shell and Tube Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Plate and Frame
7.2.1 overview
7.2.2 Plate and Frame Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Air Cooled
7.3.1 Overview
7.3.2 Air Cooled Market Revenue and Forecast to 2030 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others Market Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Heat Exchanger Market Analysis – Material
8.1 Steel
8.1.1 Overview
8.1.2 Steel Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Copper
8.2.1 Overview
8.2.2 Copper Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Others
8.3.1 Overview
8.3.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Heat Exchanger Market Analysis – Application
9.1 Energy
9.1.1 Overview
9.1.2 Energy Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Chemical
9.2.1 Overview
9.2.2 Chemical Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Food and Beverages
9.3.1 Overview
9.3.2 Food and Beverages Market Revenue, and Forecast to 2030 (US$ Million)
9.4 HVACR
9.4.1 Overview
9.4.2 HVACR Market Revenue, and Forecast to 2030 (US$ Million)
9.5 Pulp and Paper
9.5.1 Overview
9.5.2 Pulp and Paper Market Revenue, and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
10. Asia Pacific Heat Exchanger Market – by Country Analysis
10.1 Asia Pacific
10.1.1 Asia Pacific Heat Exchanger Market Overview
10.1.2 Asia Pacific Heat Exchanger Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 Asia Pacific Heat Exchanger Market Revenue and Forecasts and Analysis – By Country
10.1.2.2 China Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 China Heat exchanger Market Breakdown by Type
10.1.2.2.2 China Heat exchanger Market Breakdown by Material
10.1.2.2.3 China Heat exchanger Market Breakdown by Application
10.1.2.3 Japan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 Japan Heat exchanger Market Breakdown by Type
10.1.2.3.2 Japan Heat exchanger Market Breakdown by Material
10.1.2.3.3 Japan Heat exchanger Market Breakdown by Application
10.1.2.4 South Korea Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 South Korea Heat exchanger Market Breakdown by Type
10.1.2.4.2 South Korea Heat exchanger Market Breakdown by Material
10.1.2.4.3 South Korea Heat exchanger Market Breakdown by Application
10.1.2.5 India Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.5.1 India Heat exchanger Market Breakdown by Type
10.1.2.5.2 India Heat exchanger Market Breakdown by Material
10.1.2.5.3 India Heat exchanger Market Breakdown by Application
10.1.2.6 Australia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.6.1 Australia Heat exchanger Market Breakdown by Type
10.1.2.6.2 Australia Heat exchanger Market Breakdown by Material
10.1.2.6.3 Australia Heat exchanger Market Breakdown by Application
10.1.2.7 Taiwan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.7.1 Taiwan Heat exchanger Market Breakdown by Type
10.1.2.7.2 Taiwan Heat exchanger Market Breakdown by Material
10.1.2.7.3 Taiwan Heat exchanger Market Breakdown by Application
10.1.2.8 Malaysia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.8.1 Malaysia Heat exchanger Market Breakdown by Type
10.1.2.8.2 Malaysia Heat exchanger Market Breakdown by Material
10.1.2.8.3 Malaysia Heat exchanger Market Breakdown by Application
10.1.2.9 Rest of Asia Pacific Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.9.1 Rest of Asia Pacific Heat exchanger Market Breakdown by Type
10.1.2.9.2 Rest of Asia Pacific Heat exchanger Market Breakdown by Material
10.1.2.9.3 Rest of Asia Pacific Heat exchanger Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Alfa Laval AB
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Kelvion Holding GmbH
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Danfoss AS
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 API Heat Transfer Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Chart Industries Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Guntner GmbH & Co KG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Larsen & Toubro Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Hisaka Works Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Johnson Controls International Plc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Xylem Inc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About the Research Team
14.2 Word Index
LIST OF TABLES
Table 1. Heat exchanger Market Segmentation
Table 2. Heat exchanger Market Segmentation, By Country
Table 3. Ecosystem: Heat exchanger Market
Table 4. Impact Analysis of Drivers and Restraints
Table 5. Asia Pacific Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Million)
Table 6. Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 7. Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Material
Table 8. Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 9. Asia Pacific Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 10. China Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Table 11. China Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 12. China Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 13. China Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 14. Japan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 15. Japan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 16. Japan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 17. South Korea Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 18. South Korea Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 19. South Korea Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 20. India Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 21. India Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 22. India Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 23. Australia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 24. Australia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 25. Australia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 26. Taiwan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 27. Taiwan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 28. Taiwan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 29. Malaysia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 30. Malaysia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 31. Malaysia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 32. Rest of Asia Pacific Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 33. Rest of Asia Pacific Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 34. Rest of Asia Pacific Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 35. Heat Map Analysis By Key Players
Table 36. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Heat Exchanger Market Revenue (US$ Million), 2022 – 2030
Figure 2. Asia Pacific Heat Exchanger Market Share (%) – Type, 2022 and 2030
Figure 3. Shell and Tube market revenue and Forecasts to 2030 (us$ million)
Figure 4. Plate and Frame Market Revenue and Forecasts to 2030 (US$ Million)
Figure 5. Air Cooled Market Revenue and Forecasts to 2030 (US$ Million)
Figure 6. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. Heat exchanger Market Share (%) – Material, 2022 and 2030
Figure 8. Steel Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Copper Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Heat exchanger Market Share (%) – Application, 2022 and 2030
Figure 12. Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Chemical Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Food and Beverages Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. HVACR Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Pulp and Paper Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Asia Pacific Heat Exchanger Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 19. Heat exchanger Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 20. Japan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 21. South Korea Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22. India Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 23. Australia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 24. Taiwan Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 25. Malaysia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 26. Rest of Asia Pacific Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – Asia Pacific Heat Exchanger Market
1. Alfa Laval AB
2. API Heat Transfer Inc
3. Chart Industries Inc
4. Danfoss AS
5. Guntner GmbH & Co KG
6. Hisaka Works Ltd
7. Johnson Controls International Plc
8. Kelvion Holding GmbH
9. Larsen & Toubro Ltd
10. Xylem Inc
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