South Korea Heat Exchanger Market Report and Forecast 2024-2032

South Korea Heat Exchanger Market Outlook

The South Korea heat exchanger market size is projected to expand at a CAGR of 5.8% between 2024 and 2032.

Key Takeaways

• In commercial buildings, plate heat exchangers find applications in various areas such as free cooling, heat recovery, domestic hot water, and hydronic heating and cooling.

• Advancements in heat pump technologies are creating opportunities for various applications of heat exchangers across diverse industries.

• The focus on energy efficiency and sustainability has increased the need for more efficient and energy-saving heat exchangers, aligning with South Korea's goal of reducing carbon emissions and promoting green technologies.

The use of heat exchangers in South Korea is expected to gain momentum with technological advancements in the design of heat exchangers. For example, the invention of gasketed plate heat exchangers which provides improved channel flows and better use of heat transfer surface area.

As per the South Korea heat exchanger market analysis, shell and tube heat exchangers lead the market because of their efficient heat exchange rate and simple design. They are highly flexible and can operate across a range of temperatures and pressures, which make them apt for use in the chemical sector. Since it is made using various kinds of construction materials, it is tolerant to high pressure conditions. They are very reliable and are easy to maintain since they can be easily taken apart for cleaning, maintenance, or repair work, and put back together. They can be used in all types of applications and have lower environmental impact (use less energy and emit lower pollution) compared to traditional methods.

The growing focus on improving heating, ventilation, and air conditioning (HVAC) systems to boost efficiency is projected to raise the importance of heat exchangers in advancing energy conservation and decreasing carbon emissions. This aligns with the growing demand for sustainable and eco-friendly technologies across key sectors of South Korea.

Additionally, cooling towers can utilise heat exchangers to cool condenser water and thus, the chilled water loop in case outside air temperatures are lower, enabling the electric chiller to remain inactive. The increasing applications of heat exchangers with improvement in technologies are expected to aid the South Korea heat exchanger market growth.

Market Segmentation

South Korea Heat Exchanger Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Shell and Tube

• Air Cooled

• Plate and Frame

• Others

Market Breakup by Material

• Stainless Steel

• Carbon Steel

• Nickel

• Others

Market Breakup by End Use

• HVAC

• Chemical

• Oil and Gas

• Power Generation

• Paper and Pulp

• Others

Competitive Landscape

The major players are continuously investing in product improvement and innovation to stay competitive in the market.

• Danfoss A/S

• General Electric Company

• Alfa Laval AB

• HISAKA WORKS, LTD.

• Mersen Corporate Services SAS

• Hantech Ltd

• Daekyung Engineering & Construction Co. Ltd.

• Kib plug energy Co., Ltd.

• Others

Key Highlights of the Report