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Heat Exchangers Market Size to Reach USD 32.65 Billion by 2030, Says The Brainy Insights

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Newark, Nov. 20, 2022 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 19.68 billion in 2022 heat exchangers market will reach USD 32.65 billion by 2030. In just eight years, heat exchangers have moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that delivers user value.

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Key Insight of the Heat Exchangers Market

Asia Pacific to account for the fastest CAGR of 9.37% during the forecast period

Asia Pacific is expected to have the fastest CAGR of 9.37% in the heat exchangers market. The process of industrialization and increased investments in manufacturing, commercial, and industrial projects in Asia Pacific’s developing nations have fueled the demand for heat exchangers in the region as a whole. The rising investments in the chemical, petrochemical, and HVAC sectors are predicted to drive the heat exchangers market in China. The government’s efforts to improve the nation’s infrastructure and factors, including the expanding population, are anticipated to encourage the expansion of the HVAC & refrigeration and power generation industries, increasing demand for these products throughout the forecast period.

The plate & frame heat exchanger segment will grow at a CAGR of 10.38% over the forecast period.

During the projection period, it is anticipated that the plate & frame heat exchanger segment will grow at a CAGR of 10.38%. Plate-type construction uses plates that are either smooth or have some corrugation. Depending on the needed level of leak tightness, these goods can be brazed, welded, or gasketed. For liquid-liquid exchange at low to medium pressures, plate & frame heat exchangers are commonly employed.
However, along with plate & frame heat exchangers, the demand for an air-cooled heat exchanger is also anticipated to grow. A tube bundle, an air-pumping device like a blower or an axial flow fan, and a support structure are only a few parts that make up air-cooled products, often known as air coolers. These exchangers are utilized in petrochemical facilities, refineries, compressor stations, gas treatment facilities, power plants, and other establishments. Installation options for air-cooled products include vertical, horizontal, and sloped angles.

The oil & gas segment will grow at a CAGR of 9.76% over the forecast period.

During the projection period, it is anticipated that the oil & gas segment will grow at a CAGR of 9.76%. Demand for heat exchangers is expected to rise as shale gas is increasingly used in manufacturing and the energy sectors, as shale gas exploration operations increase as a result of technological developments in exploration. Additionally, it’s anticipated that the growing number of oil and gas projects in different economies will promote industrial development.

However, along with oil & gas, the demand for HVAC & refrigeration is also anticipated to grow. Heat exchangers are a crucial component of HVAC systems. The need for heat exchangers in the HVAC sector is expected to rise as energy conservation and energy bill reduction becomes more widely known. The products are employed in the heat recovery process using steam, water, air, and refrigerants. The product demand is expected to be driven by a surge in demand for effective heat recovery systems with strong corrosion resistance.

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Advancement in market

In December 2021, Alfa Laval and Microsoft signed a global collaboration agreement to develop digital solutions that streamline service and maintenance for its range of plate heat exchangers. Because of artificial intelligence, users of the new devices can determine what consumers desire.

An interdisciplinary team from G.E. Research led by Lana Osusky built and tested a subscale 3D-printed heat exchanger in June 2021 in collaboration with renowned researchers from The Oak Ridge National Laboratory and the University of Maryland. The team achieved temperatures exceeding the project’s target of 900°C and pressures close to the target of 250 bar. This temperature exceeds 200°C, beyond what current technology can endure.

Market Dynamics

Driver: Increasing demand in the cross-domain applications

Heat exchangers are used in numerous industries for a variety of purposes. For instance, they are employed in the oil, gas, and power sectors to pasteurize food and beverage products and recover heat. In addition to the previously indicated application, these are mainly employed as cooling equipment in the industrial sector. These heat exchangers are cooled by coolants that regulate the system’s working temperature. Due to rising energy demands and power consumption, all of the industries mentioned above are expanding, which is also impacting the application scope. The need for this exchanger is expected to rise internationally throughout the forecast period due to all the abovementioned factors. Every industry in the world generates waste heat that can be captured and used to utilize high temperatures and energies. Equipment like waste heat boilers and heat recovery steam generators are fairly popular across many industrial verticals because they have the functionality to do the same jobs. Because it promotes heat utilization and lowers energy costs per unit, their use ultimately results in income for the owner. Investments in such exchangers are encouraged by the expansion of application industries, including the food and beverage industry and power plants.

Opportunity: Increasing energy consumption

The heat exchanger market has expanded overall due to the rapid urbanization of developing nations and increased investment in commercial, industrial, and manufacturing projects. Increased market penetration in several end-use industries, such as food and beverage, HVAC & refrigeration, petrochemicals, power generation, and chemicals, can be attributed to this expansion. Developing economies are replacing developed nations as the primary consumers of heat exchangers. Numerous factors, such as increasing environmental regulations, widespread industrial dispersion, strict governmental regulation, and the growing significance of specialized chemicals, have impacted the petrochemical industry’s growth. Heat exchanger market expansion has lucrative potential as energy demand rises. As nuclear power facilities are constructed more often, the market for heat exchangers will have significant growth potential. The heat exchangers substantially impact a nuclear power plant’s overall efficiency and electricity output. Some primary growth prospects for heat exchangers include the expansion of heat exchangers used in atomic reactors, upgrades to existing nuclear power plants, and proposals for new nuclear power plants. Several projects that create electricity will use coal. All coal-fired power stations utilize heat exchangers; hence a significant increase in demand for this product is anticipated.

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Some of the major players operating in the heat exchangers market are:

• Kelvion Holding GmbH
• API Heat Transfer
• HRS Heat Exchangers
• Koch Heat Transfer Company
• Heatmaster BV
• Southwest Thermal Technology
• Alfa Laval
• Xylem Inc.
• SAACKE GmbH
• Danfoss
• GEA Heat Exchangers
• Hisaka Works, Ltd.

Key Segments cover in the market:

By Product:

• Shell & Tube Heat Exchanger
• Plate & Frame Heat Exchanger
• Air-Cooled Heat Exchanger
• Others

By End-Use:

• Oil & Gas
• Power Generation
• Pulp & Paper
• Chemical & Petrochemical
• Food & Beverage
• HVAC & Refrigeration
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

Contact Us

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected] 
Web: http://www.thebrainyinsights.com

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Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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20 hours ago

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May 11, 2024

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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Artificial Intelligence

WIO Taps Gracenote to Revolutionize Television Broadcast Reporting

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May 11, 2024

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

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2 days ago

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May 10, 2024

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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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