Marine Heat Exchanger Market

Marine Heat Exchanger Market Outlook (2023 to 2033)

The rising population together with rising economic growth in regions like Asia, Africa, and Latin America are set to propel the need for seaborne trade in the forecast period. As sea routes are estimated to get engaged in trade over the next decade there will be more demand for marine heat exchangers.

Marine heat exchangers are used to reducing the temperature of the engine in a boat, yacht, vessel, or ship by transferring heat to another medium. These two mediums are separated by a solid membrane. It can exchange heat between gas and liquid, liquid and liquid, and liquid and gas, etc.

What are the key drivers of demand in marine vessel heat exchangers?

Ocean Shipping is the Backbone of Global Trade

The Global supply chain across various industries is highly dependent on shipping as the majority of goods at present are transported through ships which account for about 80% of total goods. In 2020, Asia accounted for major maritime trade as some of the biggest ports are situated in this region, especially in China. Higher dependency on the sea routes for trade is a key motivator behind innovation in marine vessels and their parts.

Rising Cruise Tourism to favor Demand for Marine Vessels

As a result of rising personal incomes and lifestyles, people are more likely to prefer floating on the seas while spending leisure time afloat. The revenue in the cruise tourism sector is expected to surpass a valuation of USD 25.14 billion this year i.e., 2023. This sector is predicted to rapidly grow and cross a value of USD 35.87 billion by the next four years until 2027.

The accelerated popularity of cruise holidays has seen a rise in passengers every year. The larger ocean divers with activities on- board are making the marine vessels a destination themselves. This anticipated rise in cruise tourism is also a key driver for demand in marine vessel components like marine pumps, heat exchangers and marine airbags.

Apart from the aforementioned factor, the key advantage of reducing pollution in the marine environment is a driving force for the adoption of the marine heat exchanger. These play a key role in the applications such as propulsion plants, power generation systems, sir systems, fuel injection, refrigeration systems, air conditioning, fresh water, and steam turbine.

A sacrificial zinc anode is added for protecting it from corrosive salts. Periodic maintenance and cleaning will reduce the obstruction of the flow of water and the engine with overheating.

International Marine Regulations have Favoured Growth in the Market

The regulations laid by International Marine Organization in meeting the low emission standards have driven the adoption of new heat exchangers in the merchant fleet. The rising population and seaborne trade are set to increase the adoption in developing regions such as Asia, Africa, and Latin Africa. In addition to that, there are new ship-building contracts that are positively driving the global market.

Research and Development

Introduction of Microchannel in Heat Exchanger likely to Increase Efficiency.

As with the microchannel lighter devices are made with smaller dimensions that further increase the compactness of the product. The heat exchange between two fluids is highly dependent on the heat transfer surface as it determines the speed of heat exchange. Hence manufacturers have to focus on the designing heat transfer surface properly to get desired results (maximum surface for minimum volume). focusing on the same seems an easy way to improve the thermal outcome expected from the marine heat exchangers.

Regional Outlook

The key manufacturers are based in Europe and North America, and their strategy to have a strong presence in the South East Asian countries will attract new projects and opportunities for mergers and acquisitions or collaborations.

The manufacturers are offering protective coating solutions to inhibit erosion, corrosion, and calcification thereby increasing the component lifecycle. Further growth in investments by developing economies in the shipping industry and growing vessel and fleet operations will drive the market.

Asian countries like India and China are estimated to increase investment in sea trade and the development of shipping logistics in the upcoming years which is likely to open numerous opportunities for marine heat exchanger manufacturers.

Key Players

• ALFA LAVAL
• Duramax Marine LLC
• EJ Bowman
• HISAKA WORKS LTD.
• Kelvion Holding GmbH
• NRF
• Onda S.p.A.
• PARAT Halvorsen AS
• SPERRE INDUSTRI AS
• SPX FLOW
• SWEP International AB
• Termodinamica
• Thermex Ltd
• Tranter
• Trunek Enterprises, Inc.
• UNITED HEAT EXCHANGERS
• United Hest Transfer Pvt Ltd.
• Yamagen Power
• Yamashina Seiki Co., Ltd

Segment Wise Insights

On the basis of material type, titanium-based heat exchangers are commonly deployed in ships, vessels, etc. but research and development are structured by leading manufacturers to enhance efficiency and reduce corrosion.

The recent development of the concept of the box cooler is positively reflected in sales of shell and tube variants for water-water and/or oil cooling. The growing competition is posing a key challenge between the global players with the Asian players in terms of cost competitiveness.

Both Tube and shell heat exchangers are expected to grow with high CAGR in the forecast period as many engineers find these as per standards in terms of compatibility and servicing. These are also demanded due to comparatively lesser cost than that of plate heat exchangers.

However, the plate variants are likely to gain an upward sales trajectory in the forecast period. The plate types are advantageous as they are manufactured with different characteristics and they can be adapted to a wide variety of applications. These plate types can easily be disassembled for services such as maintenance, inspection, or even expansion by adding plates.

Segmentation

• By Product Type :

  • Plate
  • Welded Plates
  • Plate & Frame
  • Shell & Tube

• By Material Type :

  • Titanium
  • Carbon steel
  • Stainless steel
  • Others

• By Application :

  • Condenser
  • Heater
  • Cooler

• By End use :

  • Yachts
  • Tankers
  • Offshore Rigs
  • Cruise Ships
  • Naval Vessels
  • FPSO Vessels
  • Freight Vessels

• By Regions :

  • North America 
  • Latin America 
  • Western Europe 
  • Eastern Europe 
  • Asia-Pacific 
  • Japan
  • Middle East and Africa