Heat exchangers and gas liquefaction market in Finland

Earlier Report Observations

The market for heat exchangers and gas liquefaction equipment in Finland began the period at 138.1 million USD in 2018. Initial conditions were shaped by broader digitalization trends accelerating in industry and the growing market relevance of compact, small-to-medium scale LNG solutions, which supported technological development in the sector. The market volume then experienced fluctuations, declining to 114.6 million USD in 2019, recovering to 122.8 million USD in 2020, and dipping again to 110.9 million USD in 2021.

A turning point arrived in 2022 when the market expanded to 129.0 million USD. This growth was primarily driven by the need to replace aging district heating heat exchangers, many of which reached their 20–25 year technical-economic service life, and by increased maintenance and renewal demand due to scale buildup from water hardness. After a slight contraction to 125.2 million USD in 2023, the market surged to 143.0 million USD in 2024. This final increase was strongly supported by rising electricity and district heating prices, which improved the cost-effectiveness of energy-saving retrofits, the introduction of new, more efficient air-source heat pump models, and a clear consumer shift with over half of all new single-family home builders selecting ground-source heat as their preferred heating method.

Production heat exchangers and gas liquefaction in Finland

In value, 2017-2020, M $ US

In 2020, Finland's production of heat exchangers and gas liquefaction was valued at 148.7 million US dollars, marking a modest 3.8% increase compared to the previous year. Over the period from 2017 to 2020, production grew by 5.4%, with an average annual growth rate of 1.8%. The highest production value was recorded in 2018 at 152.5 million US dollars, which represented an 8.2% increase that year. However, in 2019, production saw its largest decline of 6.1%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

Exports heat exchangers and gas liquefaction from Finland

Exports in kind, t

The data reveals irregular changes, indicating a volatile market environment. Import levels showed significant fluctuations, with a 88-fold difference between the low of 2019 and the high of 2020. In 2020, Finland's cross-border shipments of heat exchangers and gas liquefaction reached 4 638 tonnes, which is 8,721.8% higher than the 53 tonnes recorded in 2019. The largest decline occurred in 2019, with a drop of 98.5%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

The structure of exports in kind from 2017 to 2020 points to a diversified set of trading partners. Sweden accounted for 15.7% of exports in kind, Germany for 10.7%, and Russia for 6.3%, with these three countries jointly representing only 32.7% of total flows. The remaining 67.3% was distributed among numerous smaller markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

After a two-year increase, Finland's exports of heat exchangers and gas liquefaction declined in 2020. The export value stood at 90 645 thousand US dollars, marking a slight reduction of 3.0% year-on-year. Between 2017 and 2020, exports increased by 27.7%, equating to an annualized growth rate of 8.5%. The maximum value was recorded in 2019 at 93 467 thousand US dollars, which represented the largest increase of 15.8% that year.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

From 2017 to 2020, Sweden was the largest buyer of heat exchangers and gas liquefaction from Finland in value terms, accounting for 21.8% of exports. Germany followed with 9.3%, and the United States with 7.2%. Together, these three countries formed the largest group of buyers, but their combined contribution was limited to 38.3% of total exports in value terms, reflecting a diversified country structure.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports heat exchangers and gas liquefaction to Finland

Imports in kind, t

The market exhibited an unstable trend throughout the timeframe. The highest import volume was observed in 2018, while the lowest was in 2019, reflecting a 93-fold gap between these years. In 2020, Finland's imports of heat exchangers and gas liquefaction were recorded at 3 929 tonnes, which is 8,570.3% higher than the 45 tonnes in 2019. The maximum value was 4 210 tonnes in 2018, and the largest decline occurred in 2019 with a drop of 98.9%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

Over the period from 2017 to 2020, Sweden led as the top supplier of heat exchangers and gas liquefaction to Finland in kind, accounting for 25.9% of imports. Germany followed with 13.3%, and Poland with 11.9%. Together, these three countries headed the ranking, with their combined share reaching 51.2% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

Finland's imports of heat exchangers and gas liquefaction declined for the second consecutive year. In 2020, imports reached 64 780 thousand US dollars, remaining nearly unchanged from the previous year. Over the period from 2017 to 2020, imports increased by 7.3%, with an average annual growth rate of 2.4%. The maximum value was recorded in 2018 at 66 317 thousand US dollars, which represented the largest increase of 9.9% that year. The largest decline occurred in 2019 with a drop of 2.2%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

During 2017 to 2020, imports in value terms of heat exchangers and gas liquefaction to Finland were allocated across a large number of markets. Sweden accounted for 27.2% of imports in value terms, Germany for 11.4%, and Poland for 11.2%. Jointly, these three countries accounted for only 49.9% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020