Heat Exchanger Market

Industry Overview

The global heat exchangers market is expected to be worth USD 20.5 billion by 2030, expanding at a 5.25% CAGR during 2025-2030. The heat exchanger is equipment or device which transmits heat and saves energy. It's an energy transfer device that works with two or more process fluids. Heat exchangers are used in a variety of domestic and industrial applications, such as steam power plants, chemical processing facilities, building heat and air conditioning systems, and transportation power systems, etc. The rising prominence for heat exchangers in oil & gas industries to extract crude oil will fuel the demand for heat exchangers in the oil & gas industry. Shell & tube, plate & frame, and other types of heat exchangers are widely used in a variety of industries, including chemical, petrochemical, oil & gas, food & beverage, HVACR, power generation, and others.

The COVID-19 outbreak has led to stringent lockdowns, leading to a shut down of operations in various sectors and a halt in manufacturing activities. It has affected the heat exchangers market as there are a lot of challenges faced by the industry like lack of labor force, disruption in the supply chain, fluctuating prices of raw material, a temporary ban on imports and exports, etc. However, the market will take a U-turn as there are stimulus packages offered by the government to support the declining economy and end-user industries which will lead to economic recovery post-COVID-19 pandemic.

Market Segmentation

Insight by Material

Based on material, the global heat exchanger market is bifurcated into steel and non-steel. Stainless steel is widely used because of its advantageous qualities, which include corrosion resistance across a wide pH range, lightweight, high thermal conductivity, and does not require special fluids because it is compatible with plain clean water. It is a little expensive, but because of the aforementioned features, it is recommended for long-term use.

Insight by Type

Based on type, the global heat exchanger market is categorized into plate & frame heat exchanger, shell & tube heat exchanger, air-cooled heat exchanger, and others. The plate & frame heat exchanger is sub-divided into the brazed plate & frame heat exchanger, gasketed plate & frame heat exchanger, welded plate & frame heat exchanger, and others. The shell & tube heat exchanger segment is anticipated to contribute to the largest share of the heat exchanger market owing to the convenience offered to operate at high temperatures and pressures and easy servicing. Thus, the rising demand for shell & tube heat exchangers for several applications in industry verticals such as power generation, chemicals, and oil & gas will propel the growth of the market.

Air-cooled heat exchangers are anticipated to have a high CAGR as they are mainly used across refineries, gas processing plants, power plants, and petrochemical plants to transfer heat effectively and utilize waste heat.

Insight by Industry vertical

The global heat exchanger market is classified on the basis of industry verticals into chemical, energy, HVACR, food & beverages, power generation, pulp & paper, and others. The chemical industry dominates the heat exchanger market. Heat exchangers are becoming more prominent in the chemical industry due to their use in a variety of complex processes such as heating, cooling, condensing, evaporation, separation, and others. Furthermore, heat exchangers can resist continuous chemical interactions, enabling the safe and efficient completion of crucial processes.  HVACR is anticipated to be the fastest-growing segment owing to the rising demand for AC and refrigeration units, especially in the Asia-Pacific region. The energy segment is expected to have a high CAGR during the forecast period owing to the rising demand in the downstream and upstream processing industry globally.

Heat Exchanger Market  Report Coverage

Industry Dynamics

Industry Trends

The inception of Industry 4.0 has led to capacity expansion activities globally, rising adoption of heat exchangers in the heat recovery process, and its use in fluid applications, improved technical needs in process industries, and mounting urbanization and industrialization in emerging economies are the key trends in the global heat exchanger market.

Growth Drivers

Factors attributing to the growth of the heat exchanger market include the increasing demand from specific industry verticals globally like oil & gas, power generation, chemical processing, food & beverages, and the growing focus on improving efficiency standards.  Some of the other growth drivers for the growth of the heat exchangers market include a surge in HVACR deployment and other industrial activities, mounting energy prices, and robust industrial development in emerging markets like Asia-Pacific. Furthermore, the market is anticipated to grow considerably owing to the increasing installation of power plants globally, rising demand for sustainable energy development to effectively utilize waste heat generated from several industries, rapidly growing construction activities in residential and commercial sectors, favorable government initiatives, technological innovations will bolster the growth of the market. Nevertheless, Continuous technological innovations in heat exchanger development, such as rapid 3D prototyping, phase-change cooling technology, and research and development efforts, are stimulating market demand for heat exchangers during the forecast period.

Challenges

Less awareness about buildings’ energy efficiency, fluctuation in raw material prices,  and a slowdown in demand for heat exchangers from Europe and North America may hamper the growth of the heat exchangers market. Because of the complicated designs of heat exchangers, such as tubular heat exchangers, cleaning and maintenance become more challenging when scaling and corrosion problems emerge. This aspect is expected to stifle the market for heat exchangers.

Opportunities

The rapid urbanization and industrialization in developing economies like China and India that need more power generation will create opportunities for industry players in the heat exchanger market. The rising usage of heat exchangers in nuclear reactors, as well as the upgrade of existing nuclear plants and proposed new nuclear power plant projects, are major possibilities for the heat exchangers market players.

Geographic Overview

Europe accounts for the largest share of the global heat exchanger market due to the presence of well-established manufacturing, automotive, and industrial sectors. Moreover, setting up zero-emission regulation standards for commercial and residential infrastructure, emphasis on less carbon-intensive processes, and mounting demand for sustainable energy consumption will accelerate the growth of the heat exchanger market in the region.

Due to expanding industrial growth in countries like China, India, Japan, and South Korea, Asia-Pacific is expected to be the fastest-growing region in the heat exchanger market. The demand for heat exchangers is growing due to the surge in demand from the chemical, HVACR, petrochemical, and oil & gas industries, as well as government initiatives in countries like Japan and India to produce thermal and solar energy. Furthermore, the market for heat exchangers is likely to benefit from the growing demand for petrochemical products.

Competitive Insight

The industry players are emphasizing technological innovations, product development, strategic partnerships, M&A, and overseas business expansion to sustain themselves in the market. Furthermore, businesses are investing in R&D activities to increase heat transfer efficiency, launch cost-effective and efficient product variants, and have a competitive edge over other players. Also, e-commerce is acting as a driving force to enhance the sales of heat exchangers and manufacturers are focusing on efficient and effective distribution channels.

Alfa Laval is a leading provider for the production of high-quality products for heat transfer, separation, and fluid handling. Alfa Laval aims to help its customers improve their productivity and competitiveness in a diverse array of industries worldwide. Their industrial gasketed plate heat exchangers are suited for diverse industry verticals and in various applications like heating, cooling, and heat recovery, as well as condensation and evaporation. They are constantly looking for ways to expand and improve the range, including new performance criteria and increased flexibility. What is currently referred to as 'next-generation' will soon become standard across the entire Alfa Laval Industrial line.

Danfoss develops energy-efficient solutions to facilitate smart communities and industries building healthy and comfortable climates in buildings and homes, and the production of more food with less waste. With brazed, gasketed, and welded heat exchangers or freshwater distillers, Danfoss optimizes heat transfer in HVAC, District energy, and freshwater systems. Their product portfolio includes welded heat exchangers (SONDEX Spiral Heat Exchangers, SONDEX plate and shell heat exchangers, SONDEX All-welded plate heat exchangers, SondBlock heat exchangers), gasketed heat exchangers (SONDEX Traditional plate heat exchangers, SONDEX Condensers, SONDEX Evaporators, SONDEX Sanitary plate heat exchangers, SONDEX Free flow plate heat exchangers, and others( SONDEX freshwater distillers, Brazed heat exchangers). With the development of the novel D-plate series, Danfoss experts have improved the way heat exchanger plates are designed.

Alfa Laval has set up a new greenfield manufacturing site for brazed heat exchangers in San Bonifacio, Italy, in October 2021. The new cutting-edge facility, which includes research and customer training facilities, will primarily supply heat exchangers to European customers. It has a digitalized warehouse management system to track the flow of materials and commodities, as well as an advanced automated production setup, an on-site training center, and a lab for the introduction of novel innovative heat pumps, air conditioning, and refrigeration products.

KELVION has invested 3.2 million euros in a second production facility in Knoxville, Tennessee, in September 2021, to meet the growing demand for heat exchangers in the data center and refrigeration industries in North America, as well as to enhance customer experience, harmonize product technology, expand production capabilities, and lowers the cost.

Some of the players in the global heat exchanger market include ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Xylem, Exchanger Industries Limited, MERSEN PROPERTY, API Heat Transfer, Boyd Corporation, Johnson Controls, and H. Güntner (UK) Limited.

Region Covered in the Report

•    North America

- U.S.
- Canada
- Mexico

•    Europe

- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe

•    Asia-Pacific (APAC)

- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific

•    Rest of the World (RoW)

- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Material
                1.2.2.    By Type 
                1.2.3.    By Industry Vertical                
                1.2.4.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.    Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.    Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Material
                5.1.1.    Steel
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030  
                5.1.2.    Non-Steel
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030        
        5.2.    By Type
                5.2.1.    Plate & Frame Heat Exchanger
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    Shell & Tube Heat Exchanger
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
                5.2.3.    Air-Cooled Heat Exchanger
                        5.2.3.1. Market Definition
                        5.2.3.2. Market Estimation and Forecast to 2030
                5.2.4.    Others
                        5.2.4.1. Market Definition
                        5.2.4.2. Market Estimation and Forecast to 2030        
        5.3.    By Industry Vertical   
                5.3.1.    Chemical
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030
                5.3.2.    Energy
                        5.3.2.1. Market Definition
                        5.3.2.2. Market Estimation and Forecast to 2030
                5.3.3.    HVACR
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
                5.3.4.    Food & Beverages
                        5.3.4.1. Market Definition
                        5.3.4.2. Market Estimation and Forecast to 2030
                5.3.5.    Power Generation
                        5.3.5.1. Market Definition
                        5.3.5.2. Market Estimation and Forecast to 2030
                5.3.6.    Pulp & Paper
                        5.3.6.1. Market Definition
                        5.3.6.2. Market Estimation and Forecast to 2030
                5.3.7.    Others
                        5.3.7.1. Market Definition
                        5.3.7.2. Market Estimation and Forecast to 2030               
        
6.    North America Market Estimate and Forecast

        6.1.    By Material
        6.2.    By Type 
        6.3.    By Industry Vertical       
        6.4.    By Country – U.S., Canada, and Mexico
                6.4.1.    U.S. Market Estimate and Forecast
                6.4.2.    Canada Market Estimate and Forecast
                6.4.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Material
        7.2.    By Type 
        7.3.    By Industry Vertical       
        7.4.    By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
                7.4.1.    Germany Market Estimate and Forecast
                7.4.2.    France Market Estimate and Forecast
                7.4.3.    U.K. Market Estimate and Forecast
                7.4.4.    Italy Market Estimate and Forecast
                7.4.5.    Spain Market Estimate and Forecast
                7.4.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Material
        8.2.    By Type 
        8.3.    By Industry Vertical       
        8.4.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                8.4.1.    China Market Estimate and Forecast
                8.4.2.    Japan Market Estimate and Forecast
                8.4.3.    India Market Estimate and Forecast
                8.4.4.    South Korea Market Estimate and Forecast
                8.4.5.    Singapore Market Estimate and Forecast
                8.4.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Material
        9.2.    By Type 
        9.3.    By Industry Vertical        
        9.4.    By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
                9.4.1.    Brazil Market Estimate and Forecast
                9.4.2.    Saudi Arabia Market Estimate and Forecast
                9.4.3.    South Africa Market Estimate and Forecast
                9.4.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    ALFA LAVAL
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Danfoss
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Kelvion Holding GmbH
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Xylem
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Exchanger Industries Limited
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    MERSEN PROPERTY
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    API Heat Transfer
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Boyd Corporation
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Johnson Controls
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments 
        10.10.   Johnson Controls
                10.10.1.   Snapshot
                10.10.2.   Overview
                10.10.3.   Offerings
                10.10.4.   Financial Insight
                10.10.5.   Recent Developments       

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Heat Exchanger Market, By Material, 2018 - 2023 (USD Billion)
Table 5 Global Heat Exchanger Market, By Material, 2025 - 2030 (USD Billion)
Table 6 Global Heat Exchanger Market, By Type, 2018 - 2023 (USD Billion)
Table 7 Global Heat Exchanger Market, By Type, 2025 - 2030 (USD Billion)
Table 8 Global Heat Exchanger Market, By Industry Vertical, 2018 - 2023 (USD Billion)
Table 9 Global Heat Exchanger Market, By Industry Vertical, 2025 - 2030 (USD Billion)
Table 10 Global Heat Exchanger Market, By Region, 2018 - 2023 (USD Billion)
Table 11 Global Heat Exchanger Market, By Region, 2025 - 2030 (USD Billion)
Table 12 North America Heat Exchanger Market, By Material, 2018 - 2023 (USD Billion)
Table 13 North America Heat Exchanger Market, By Material, 2025 - 2030 (USD Billion)
Table 14 North America Heat Exchanger Market, By Type, 2018 - 2023 (USD Billion)
Table 15 North America Heat Exchanger Market, By Type, 2025 - 2030 (USD Billion)
Table 16 North America Heat Exchanger Market, By Industry Vertical, 2018 - 2023 (USD Billion)
Table 17 North America Heat Exchanger Market, By Industry Vertical, 2025 - 2030 (USD Billion)
Table 18 North America Heat Exchanger Market, By Region, 2018 - 2023 (USD Billion)
Table 19 North America Heat Exchanger Market, By Region, 2025 - 2030 (USD Billion)
Table 20 Europe Heat Exchanger Market, By Material, 2018 - 2023 (USD Billion)
Table 21 Europe Heat Exchanger Market, By Material, 2025 - 2030 (USD Billion)
Table 22 Europe Heat Exchanger Market, By Type, 2018 - 2023 (USD Billion)
Table 23 Europe Heat Exchanger Market, By Type, 2025 - 2030 (USD Billion)
Table 24 Europe Heat Exchanger Market, By Industry Vertical, 2018 - 2023 (USD Billion)
Table 25 Europe Heat Exchanger Market, By Industry Vertical, 2025 - 2030 (USD Billion)
Table 26 Europe Heat Exchanger Market, By Region, 2018 - 2023 (USD Billion)
Table 27 Europe Heat Exchanger Market, By Region, 2025 - 2030 (USD Billion)
Table 28 Asia-Pacific Heat Exchanger Market, By Material, 2018 - 2023 (USD Billion)
Table 29 Asia-Pacific Heat Exchanger Market, By Material, 2025 - 2030 (USD Billion)
Table 30 Asia-Pacific Heat Exchanger Market, By Type, 2018 - 2023 (USD Billion)
Table 31 Asia-Pacific Heat Exchanger Market, By Type, 2025 - 2030 (USD Billion)
Table 32 Asia-Pacific Heat Exchanger Market, By Industry Vertical, 2018 - 2023 (USD Billion)
Table 33 Asia-Pacific Heat Exchanger Market, By Industry Vertical, 2025 - 2030 (USD Billion)
Table 34 Asia-Pacific Heat Exchanger Market, By Region, 2018 - 2023 (USD Billion)
Table 35 Asia-Pacific Heat Exchanger Market, By Region, 2025 - 2030 (USD Billion)
Table 36 RoW Heat Exchanger Market, By Material, 2018 - 2023 (USD Billion)
Table 37 RoW Heat Exchanger Market, By Material, 2025 - 2030 (USD Billion)
Table 38 RoW Heat Exchanger Market, By Type, 2018 - 2023 (USD Billion)
Table 39 RoW Heat Exchanger Market, By Type, 2025 - 2030 (USD Billion)
Table 40 RoW Heat Exchanger Market, By Industry Vertical, 2018 - 2023 (USD Billion)
Table 41 RoW Heat Exchanger Market, By Industry Vertical, 2025 - 2030 (USD Billion)
Table 42 RoW Heat Exchanger Market, By Region, 2018 - 2023 (USD Billion)
Table 43 RoW Heat Exchanger Market, By Region, 2025 - 2030 (USD Billion)
Table 44 Snapshot – ALFA LAVAL
Table 45 Snapshot – Danfoss
Table 46 Snapshot – Kelvion Holding GmbH
Table 47 Snapshot – Xylem
Table 48 Snapshot – Exchanger Industries Limited
Table 49 Snapshot – MERSEN PROPERTY
Table 50 Snapshot – API Heat Transfer
Table 51 Snapshot – Boyd Corporation
Table 52 Snapshot – Johnson Controls
Table 53 Snapshot – H. Güntner (UK) Limited.

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Heat Exchanger Market- Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Heat Exchanger Market Highlight
Figure 12 Global Heat Exchanger Market, By Material, 2018 - 2030 (USD Billion)
Figure 13 Global Heat Exchanger Market, By Type, 2018 - 2030 (USD Billion)
Figure 14 Global Heat Exchanger Market, By Industry Vertical, 2018 - 2030 (USD Billion)
Figure 15 Global Heat Exchanger Market, By Region, 2018 - 2030 (USD Billion)
Figure 16 North America Heat Exchanger Market Highlight
Figure 17 North America Heat Exchanger Market, By Material, 2018 - 2030 (USD Billion)
Figure 18 North America Heat Exchanger Market, By Type, 2018 - 2030 (USD Billion)
Figure 19 North America Heat Exchanger Market, By Industry Vertical, 2018 - 2030 (USD Billion)
Figure 20 North America Heat Exchanger Market, By Region, 2018 - 2030 (USD Billion)
Figure 21 Europe Heat Exchanger Market Highlight
Figure 22 Europe Heat Exchanger Market, By Material, 2018 - 2030 (USD Billion)
Figure 23 Europe Heat Exchanger Market, By Type, 2018 - 2030 (USD Billion)
Figure 24 Europe Heat Exchanger Market, By Industry Vertical, 2018 - 2030 (USD Billion)
Figure 25 Europe Heat Exchanger Market, By Region, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Heat Exchanger Market Highlight
Figure 27 Asia-Pacific Heat Exchanger Market, By Material, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific Heat Exchanger Market, By Type, 2018 - 2030 (USD Billion)
Figure 29 Asia-Pacific Heat Exchanger Market, By Industry Vertical, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Heat Exchanger Market, By Region, 2018 - 2030 (USD Billion)
Figure 31 RoW Heat Exchanger Market Highlight
Figure 32 RoW Heat Exchanger Market, By Material, 2018 - 2030 (USD Billion)
Figure 33 RoW Heat Exchanger Market, By Type, 2018 - 2030 (USD Billion)
Figure 34 RoW Heat Exchanger Market, By Industry Vertical, 2018 - 2030 (USD Billion)
Figure 35 RoW Heat Exchanger Market, By Region, 2018 - 2030 (USD Billion)