Middle East & Africa Heat Exchanger Market Forecast to 2030
Middle East & Africa 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
Introduction of Heat Exchange Subscription Model Fuel the Middle East & Africa Heat Exchanger Market
Companies are constantly seeking solutions that help them save costs, enabling them to use the saved amount for their other business operations. Many companies are taking innovative initiatives to provide solutions that are environment-friendly due to rising concerns about climate change. In January 2023, Kelvion Holding GmbH announced its plan to provide heat exchangers under the “Heat Exchange as a Service” pay-per-use business model as an innovative solution that can help its customers reduce capital expenditure. The company’s main focus was to address the rising concern over CO2 emissions and introduce the subscription model to provide heat exchangers. The introduction of the product-service system helps small and medium-sized enterprises avail themselves of these services, from installation to maintenance, in a cost-effective manner and optimize their cash flow management. Heat exchanger is used in several end user industries such as automotive, chemical, and food & beverages for various applications. Thus, the subscription model will help the SMEs operating in these industries to adopt heat exchangers and encourage emerging players to use this cost-effective solution, which is expected to bolster the heat exchanger market during the forecast period years.
Middle East & Africa Heat Exchanger Market Overview
The Middle East & Africa (MEA) heat exchanger market is segmented into South Africa, Saudi Arabia, the UAE, Turkey, and the Rest of MEA. Infrastructure development in the countries across the MEA, including commercial infrastructure, has been rising over the years. Although these countries are focusing extensively on tourism, the commercial infrastructure plays a major role in the respective country’s economy. The region witnessed high investment in commercial construction, such as supermarkets, specialty stores, and malls. These factors are increasing the demand for heat exchangers for the infrastructure HVAC system to maintain the systems efficiency, thereby contributing to the development of the heat exchanger market in the Middle East & Africa.
Middle East & Africa Heat Exchanger Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa Heat Exchanger Market Segmentation
The Middle East & Africa heat exchanger market is segmented based on type, material, application, and country. Based on type, the Middle East & Africa 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 Middle East & Africa heat exchanger market is segmented into steel, copper, and others. The steel segment held the largest market share in 2022.
Based on application, the Middle East & Africa 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 Middle East & Africa heat exchanger market is segmented into Saudi Arabia, the UAE, South Africa, Turkey, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa heat exchanger market share in 2022.
Alfa Laval AB, API Heat Transfer Inc, Danfoss AS, Johnson Controls International Plc, Hisaka Works Ltd, Larsen & Toubro Ltd, and Xylem Inc are some of the leading companies operating in the Middle East & Africa heat exchanger market.
Summary Info
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According to the Research Team’ 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.
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 Middle East & Africa 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 Middle East & Africa market trends and outlook coupled with the factors driving the Middle East & Africa 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. Middle East & Africa Heat Exchanger Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Middle East & Africa 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 – Middle East & Africa Market Analysis
6.1 Middle East & Africa Heat Exchanger Market Revenue (US$ Million), 2022 – 2030
6.2 Middle East & Africa Heat Exchanger Market Forecast and Analysis
7. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa Heat Exchanger Market – by Country Analysis
10.1 Middle East & Africa
10.1.1 Middle East & Africa Heat exchanger Market Overview
10.1.2 Middle East & Africa Heat exchanger Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 Middle East & Africa Heat Exchanger Market Revenue and Forecasts and Analysis – By Country
10.1.2.2 Saudi Arabia Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 Saudi Arabia Heat exchanger Market Breakdown by Type
10.1.2.2.2 Saudi Arabia Heat exchanger Market Breakdown by Material
10.1.2.2.3 Saudi Arabia Heat exchanger Market Breakdown by Application
10.1.2.3 UAE Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 UAE Heat exchanger Market Breakdown by Type
10.1.2.3.2 UAE Heat exchanger Market Breakdown by Material
10.1.2.3.3 UAE Heat exchanger Market Breakdown by Application
10.1.2.4 Turkey Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 Turkey Heat exchanger Market Breakdown by Type
10.1.2.4.2 Turkey Heat exchanger Market Breakdown by Material
10.1.2.4.3 Turkey Heat exchanger Market Breakdown by Application
10.1.2.5 South Africa Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.5.1 South Africa Heat exchanger Market Breakdown by Type
10.1.2.5.2 South Africa Heat exchanger Market Breakdown by Material
10.1.2.5.3 South Africa Heat exchanger Market Breakdown by Application
10.1.2.6 Rest of MEA Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.6.1 Rest of MEA Heat exchanger Market Breakdown by Type
10.1.2.6.2 Rest of MEA Heat exchanger Market Breakdown by Material
10.1.2.6.3 Rest of MEA 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 Danfoss AS
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 API Heat Transfer Inc
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 Larsen & Toubro Ltd
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 Johnson Controls International Plc
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 Xylem Inc
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
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. Middle East & Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million)
Table 6. Middle East & Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 7. Middle East & Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Material
Table 8. Middle East & Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 9. Middle East & Africa Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 10. Saudi Arabia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 11. Saudi Arabia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 12. Saudi Arabia Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 13. UAE Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 14. UAE Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 15. UAE Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 16. Turkey Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 17. Turkey Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 18. Turkey Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 19. South Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 20. South Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 21. South Africa Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 22. Rest of MEA Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 23. Rest of MEA Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 24. Rest of MEA Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 25. Heat Map Analysis By Key Players
Table 26. List of Abbreviation
LIST OF FIGURES
Figure 1. Middle East & Africa Heat Exchanger Market Revenue (US$ Million), 2022 – 2030
Figure 2. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa Heat Exchanger Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 19. Heat exchanger Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 20. Saudi Arabia Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 21. UAE Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22. Turkey Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 23. South Africa Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 24. Rest of MEA Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – Middle East & Africa Heat Exchanger Market
1. Alfa Laval AB
2. API Heat Transfer Inc
3. Danfoss AS
4. Johnson Controls International Plc
5. Larsen & Toubro Ltd
6. Xylem Inc
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