Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Printed Circuit Heat Exchangers Market size was USD 692.5 million in 2024 and is estimated to reach USD 1.45 billion by the end of 2037, expanding at a CAGR of 5.9% during the forecast period, i.e., 2025-2037. In 2025, the industry size of printed circuit heat exchangers is evaluated at USD 733.4 million.
The hike in importance of renewables is driving high-earning opportunities for electrical component manufacturers, including the printed circuit heat exchanger producers. The efficient printed circuit heat exchangers are widely used in concentrated solar power plants, geothermal energy systems, and other renewable energy sources, owing to thermal energy storage capacities, hydrogen refueling, and waste heat recovery. The International Energy Agency (IEA) estimates that the global energy mix is set to witness a major transformation by 2030. The renewable energy production is expected to be calculated at 17000 terawatt-hours (TWh) by the end of 2030. This expanding energy production is projected to propel the printed circuit heat exchanger demand during the foreseeable period.
The International Renewable Energy Agency (IRENA) reveals that in 2024, with the addition of 585 GW of capacity, renewable sources captured more than 90% of the total power expansion worldwide. The solar photovoltaic capacity increased by 451.9 GW in 2024, with China dominating the installed capacity, followed by India. The geothermal energy also crossed by 0.4 GW, driven by New Zealand, Indonesia, Türkiye, and the U.S. Solar PV installations are witnessing a high growth due to the net-zero emission scenario. Positive policies and tax benefits are likely to increase renewable energy systems trade and the application of printed circuit heat exchangers in the coming years.
Printed Circuit Heat Exchangers Market: Growth Drivers and Challenges
Growth Drivers
- Innovations in battery technologies: The automotive industry is expected to open profitable doors to printed circuit heat exchanger manufacturers, particularly due to the electric vehicle (EV) trend. The advanced heat exchangers are finding applications for battery cooling and thermal management purposes in EVs. The boosting adoption of electric vehicles and subsequently batteries is representing a lucrative environment for the printed circuit heat exchanger trade. The IEA study highlights that in 2023, the electric vehicle battery demand stood at 750 GWh. Similar to this, advancements in the aerospace and space exploration fields are also poised to amplify the demand for printed circuit heat exchangers.
- Increasing applications in chemical and oil & gas facilities: The chemical and oil & gas manufacturing companies are set to drive the sales of printed circuit heat exchangers in the coming years. The need for high-efficiency heat transfer solutions in the complex manufacturing units is increasing the applications in printed circuit heat exchangers owing to their ability to operate in corrosive, high-pressure, and high-temperature environments. For instance, the International Council of Chemical Associations (ICCA) states that its 164 members capture over 98.0% of the global chemicals trade and add USD 2.0 trillion to the global economy.
Challenges
- Price at premium limits sales: The advanced printed circuit heat exchanger technology is costly compared to conventional heat exchangers, owing to its compact size and superior thermal performance. The integration of high-performance materials and advanced technologies directly uplifts the costs of printed circuit heat exchangers, limiting their adoption rates. Thus, advanced printed circuit heat exchangers are likely to exhibit lower demand in the price-sensitive markets.
- Time-consuming and complex production cycle: The complex manufacturing process of printed circuit heat exchangers acts as a barrier to the revenue growth of key players. The integration of specialized techniques such as etching and laser welding offers high performance and design, but also increases the final product costs and is more time-consuming. This restricts the printed circuit heat exchanger’s application scalability to some extent.
Printed Circuit Heat Exchangers Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.9% |
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Base Year Market Size (2024) |
USD 692.5 million |
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Forecast Year Market Size (2037) |
USD 1.45 billion |
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Regional Scope |
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Printed Circuit Heat Exchangers Segmentation
Type (Stainless Steel, Nickel, Cobalt-Based Alloys, Copper, Titanium)
Stainless steel segment is expected to hold printed circuit heat exchangers market share of more than 38.5% by 2037. The prime reason influencing the stainless steel printed circuit heat exchanger demand is their superior characteristics, such as corrosion resistance, durability, high strength, versatility, and cost effectiveness. Technological advancements in hydrogen production, semiconductor manufacturing, and the renewable energy sector are increasing the application of stainless steel printed circuit heat exchangers. Renewable energy plants focusing on optimizing their operations are set to fuel the demand for stainless steel printed circuit heat exchangers in the years ahead.
End use (Industrial, Commercial, Residential)
In printed circuit heat exchangers market, industrial segment is set to hold revenue share of more than 50.1% by 2037. The swift rise in industrial activities in both the developed and developing regions is propelling the printed circuit heat exchanger trade. The industries focusing on the development of hydrogen and cryogenic technologies are set to amplify the sales of printed circuit heat exchangers during the foreseeable period. Oil recovery and natural gas processing facilities are increasing the applications of printed circuit heat exchanger technologies. The precision manufacturing trend is poised to further increase the need for advanced heat exchangers in the industrial field.
Our in-depth analysis of the global printed circuit heat exchangers market includes the following segments:
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Type |
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Application |
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End use |
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Customize this ReportPrinted Circuit Heat Exchangers Industry - Regional Scope
North America Market Forecast
North America printed circuit heat exchangers market is estimated to hold revenue share of more than 40.1% by 2037. The high public-private investments in the renewable energy sector are increasing the demand for printed circuit heat exchangers. Technological advancements in additive manufacturing are driving the applications for printed circuit heat exchangers. The presence of industry giants is also uplifting the overall printed circuit heat exchangers market growth. The rising number of clean hydrogen plants in the U.S. and Canada is likely to propel the demand for printed circuit heat exchangers in the coming years.
The strong presence of refining firms in the U.S. is strongly backing the revenue growth of the printed circuit heat exchangers market. There are around 143 operable refineries in the country, and they have the atmospheric crude oil distillation capacity of 18,384,228 barrels per calendar day, states the U.S. Energy Information Administration (EIA). The swift rise in refinery activities and increasing demand for advanced processing technologies are expected to fuel the printed circuit heat exchanger sales in the coming years.
The EV trend, coupled with the net-zero emission goal, is anticipated to amplify the sales of printed circuit heat exchangers in Canada. The growing adoption of zero-emission vehicles is expected to increase the application of printed circuit heat exchangers in battery cooling technology. The zero-emission fuel vehicle registrations reached 81.205 units in the fourth quarter of 2024, says Statistique Canada. Innovations in cattery components are set to drive the demand for advanced printed circuit heat exchanger technologies in the years ahead.
Asia Pacific Market Statistics
The Asia Pacific printed circuit heat exchangers market is likely to increase at a robust pace between 2025 to 2037. The rapid industrial activities are increasing the trade of printed circuit heat exchangers. The growing number of manufacturing start-ups in the region is augmenting innovations in printed circuit heat exchanger technology. The rising interest in renewable energy sources is also driving the application scope for printed circuit heat exchangers. Overall, the expanding industrial landscape is set to propel the revenues of printed circuit heat exchanger manufacturers in China, India, South Korea, and Japan.
The semiconductor manufacturing hub in China is augmenting the sales of printed circuit heat exchangers. The continuous innovation in electronics and semiconductors is propelling the demand for advanced technologies such as printed circuit heat exchangers. The Semiconductor Industry Association (SIA) states that China’s chip sector accounts for over 7.0% of the global semiconductor market. The burgeoning domestic market for semiconductors is set to increase opportunities for printed circuit heat exchanger producers.
The swift advancements in the renewable energy sectors of India are creating a profitable environment for printed circuit heat exchanger manufacturers. The cross-border collaborations to expand renewable energy production activities are set to amplify the revenues of printed circuit heat exchanger manufacturers in the coming years. The India Brand Equity Foundation (IBEF) study estimates that the conglomerates of the country are intending to invest USD 800 billion in clean energy, green hydrogen, semiconductors, and EVs. The same source also estimates that the country is set to allocate USD 109.5 billion to expand its power infrastructure. Overall, India is a lucrative market for printed circuit heat exchanger companies to construct their manufacturing units.
Companies Dominating the Printed Circuit Heat Exchangers Market
- HRS Heat Exchangers
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Alfa Laval
- Heatric
- Hexces
- Tanktech
- DongHwa Entec
- Relevant
- Shaanxi Zhituo Solid-State Additive Manufacturing
- Asvotec
- Entec
- Vacuum Process Engineering
- Vacco Industries
- TKT TankTek
The leading companies in the printed circuit heat exchangers market are employing several organic and inorganic strategies tie earn high revenues. Some of these tactics include new product launch, technological innovations, strategic collaborations & partnerships, mergers & acquisitions, and regional expansion. Collaborations with raw material suppliers and partnerships with other players are estimated to offer double-digit percent revenue growth opportunities to printed circuit heat exchanger manufacturers. The untapped markets are prime areas to expand manufacturing facilities, owing to the high demand for printed circuit heat exchangers.
Some of the key players include in printed circuit heat exchangers market:
In the News
- In July 2024, HRS Heat Exchangers, a leading manufacturer of efficient heat transfer solutions, announced that it won the biggest ever component order of USD 3.8 million. The order included a mixture of 6m and 10m long heat exchanger modules and efficient corrugated tube technology.
- In April 2024, Alfa Laval revealed the launch of a new production line of printed circuit heat exchangers (PCHE) at the Alfa Laval Vicarb plant. This new line includes next-gen diffusion-welding (bonding) technology that supports the energy transition in several sectors, including energy and marine.
Author Credits: Abhishek Verma
- Report ID: 7463
- Published Date: Apr 04, 2025
- Report Format: PDF, PPT
