Heat Exchangers Market - By Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical And Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper) & By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Industry Analysis on Size, Share, Trends, Growth & Forecast Report | (2024 to 2029)

Updated On: January, 2024
ID: 8156
Pages: 175

Heat Exchangers Market Size-(2023-2028)

The Heat Exchangers Market in 2022 was estimated at USD 17.73 billion and is expected to grow at a CAGR of 11.1% to become USD 24.76 billion in 2028

The heat exchanger is a crucial device as far as heat transfer and energy conservation are concerned. It is equipment that transfers energy between two or more process fluids. Several heat exchangers have been developed in recent years for a broad range of domestic and industrial applications like steam power plants, chemical processing plants, building heat and Air Conditioning Systems, transportation power systems, and others. The energy sector, which involves the petrochemical and Oil & Gas segment, is estimated to showcase the fastest expansion rate during the foreseen period. This high expansion can be credited to heat exchanger rising calls in the upstream and downstream processing markets worldwide.

Heat exchangers are more efficient and reliable in operation when some parameters, like temperature differential, flow rate, and installation guidelines, are evaluated successfully. The primary activity of heat exchangers is, overheating prevention in power generation facilities, waste heat recovery, air cooling, general heat transfers, and others. It is employed in several industrial applications including hydraulics & industrial processing, marine, and food process equipment, mobile power plant, power generation, mining, and spas & swimming pools. Being the most efficient source of energy-saving, heat exchanger is the best solution in industries such as mining, pulp and paper, coke, iron & steel-making businesses, metallurgy, and large businesses. Rise in the call for heat exchangers owing to rise in power demand from the commercial and non-commercial segments, increase in population, and economic development in the growing nations are some of the factors that drive the market expansion worldwide.

Drivers & Restraints of the Heat Exchangers Market

The expansion of industrialization will mainly drive the market for heat exchangers. Heating, ventilation, and air conditioning systems (HVAC) excellently utilize heat exchangers. In the residential sector, cooling equipment is foreseen to witness a rising call for heat exchangers, as most of the HVAC systems require refurbishments along with the latest installations in several parts of the world. Rising demand for heat transfer equipment for process cooling, Heat Recovery, and condensation application will drive the heat exchanger market from chemical applications. The increasing technological advances are acting as a catalyst for the rapid production and distribution of heat exchangers across the planet. 

The increasing demand from end-user verticals like petroleum, energy, and others is boosting the overall demand for these exchangers. The need to control temperatures in several manufacturing facilities is surging the need for the establishment of such heat exchangers.

Opportunities in the Heat Exchangers Market:

Furthermore, strict government mandates aimed to decrease carbon emissions from the industrial segment will boost the market outlook in future years. Increasing concerns about environmental pollution along with shifting trends to curb carbon emissions across the industrial sector will promote this business expansion. The rising call for centralized heating systems across commercial and residential segments will mainly contribute toward business growth. Moreover, the changing weather conditions in almost all parts of the world due to the increased global warming conditions are supposed to fuel the demand for heat exchangers in the coming years. The rising expenditure of several companies to improve the existing infrastructure in their commercial facilities is creating immense growth potential for the sales of these heat exchangers. 

Developed nations are at the forefront of the installation of these devices compared to developing countries. However, this is supposed to alter in the next few years as emerging economies are investing heavily to strengthen the current manufacturing and infrastructural sector. These enhancements will inevitably result in an increased demand for heat exchanges in the coming years.

Challenges in the Heat Exchangers Market:

Nevertheless, changes in the costs of raw materials act as a critical challenge for the expansion of the global heat exchanger market. Fast advancement and rising trends of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers had affected the heat exchanger market expansion and are a significant restraint to the market growth. The lack of proper awareness among the firms of the developing nations is also acting as a deterrent to the expansion of this industry.




Market Size Available


Base Year


Forecast Period




Segments Covered

  • By Application
  • By Type
  • By Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America: U.S and Canada
  • Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe
  • APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific
  • Latin America: Brazil, Mexico
  • Middle East & Africa: Saudi Arab, South Africa, UAE

Market Leaders Profiled

Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holdings (Germany), SPX Corporation (US), Xylem (US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), Hisaka Works (Japan), HRS Heat Exchangers (India), Modine Manufacturing Company (US), Sierra (Italy)


Heat Exchangers Market

This report includes the Heat Exchangers Market segmentation as per the research report until 2028.

Heat Exchangers Market Analysis

Heat Exchangers Market - By Type:

  • Shell & Tube

  • Plate & Frame

  • Air Cooled

Shell and Tube Heat Exchangers have the highest market share by type, and its market share is projected to grow linearly during the forecast period. This is because Shell & Tube heat exchanger has multiple use cases and can be used in power condensers, preheaters, oil coolers, steam generators, and other heavy-duty applications.

Heat Exchangers Market - By Application:

  • Chemical

  • Petrochemical

  • Oil & Gas


  • Food & Beverage

  • Power Generation

  • Pulp & Paper

The chemical segment has the highest market share amongst the heat exchangers segmented by application, and it is projected to remain that way throughout the forecast period. Chemical industries have successfully employed heat exchangers for years for the heating and cooling base, intermediate, and final products.

Heat Exchangers Market – By Region:

  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East & Africa

Europe is the most significant industry for heat exchangers. The region has vast set-up industry capacities of heat exchangers. Central and Eastern Europe are estimated to witness substantial industrial activities in the area. Poland is one of the biggest economies in Eastern Europe, with a perspective for market expansion of heat exchangers. Other countries are also being industrialized in the Eastern European region. Europe will provide tremendous opportunities for the development of the heat exchanger owing to its environmental protection rules, 20% enhancement in energy efficiency, and a 20% reduction in greenhouse gas releases. Several European countries are using energy-efficient equipment to mitigate the global warming threat. Also, Europe is one of the biggest markets for district heating in which some amount of waste heat is used to offer district heating. The availability of many automotive firms and processing businesses is boosting the call for heat exchangers.

North America is envisioned to be the most rapidly developing region. This is credited to so many factors like a large customer base (chemical business, oil & gas refineries, sugar businesses, food business, and others), a rise in the call for heat exchangers in nations like the United States and Canada, for energy production with nuclear power, and others. The Asia Pacific region is the leading market for the heat exchanger industry owing to rising funds in chemical businesses and increasing power generation capacity in countries such as China, Japan, and India. Therefore, the expansion of manufacturing, chemical, and construction businesses in Asia-Pacific is estimated to lead the market expansion during the foreseen period. The Asia Pacific area is deemed to record the fastest development in the coming few years due to the rising adoption of the heat exchanger industry in oil & gas and automotive applications.

Recent Developments:

  • LUND, Sweden — Alfa Laval signed an umbrella agreement with the LU-VE Group, an Italy-based company, to sell parts of its air heat exchanger industry, which is associated with commercial/industrial air heat exchangers, located in the Greenhouse division. 

  • Alfa Laval introduced a T8 gasketed plate heat exchanger lately that is equipped with innovations such as Alfa Laval Curveflow, Alfa Laval ClipGrip, and a unique perpendicular corner guiding design.

  • Kelvion introduces two latest products for converting waste heat generated into energy. Industrial facilities and power plants are known to cause waste heat that is generally released into the air. Kelvion has the solutions for how 2 Recover Waste Heat with two latest additions to its product portfolio – the Exhaust Gas Heat Exchanger and the EcoMi modular economizer. 

Major companies playing their trade in the Heat Exchangers Market include:

  1. Alfa Laval (Sweden)

  2. Danfoss (Denmark)

  3. Kelvion Holdings (Germany)

  4. SPX Corporation (US)

  5. Xylem (US)

  6. API Heat Transfer (US)

  7. Gunter (Germany)

  8. Hindustan Dorr-Oliver (India)

  9. Hisaka Works (Japan)

  10. HRS Heat Exchangers (India)

  11. Modine Manufacturing Company (US)

  12. Sierra (Italy)

  13. SWEP International (Denmark)

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