Pulished Date March, 2019
ID: 8156
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Heat Exchangers Market By Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical And Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), And Region - Global Forecast (2018-2023)

Pulished: March, 2019
ID: 8156
Pages: 175

Market Overview:

The Heat Exchangers market is a very fast growing market with an average CAGR of 9.1%. As of 2018, Heat Exchangers market industry is valued at 14.73 billion USD, and it is estimated to reach 22.76 billion USD by the year 2023. Europe had the largest market share of around 30% in 2018, but its market share is set to decrease during the forecast period as production capacity increases in the APAC region mainly driven by China and India.

Recent Development

The Heat Exchanger Market is prone to new developments and innovation which is why it has such a high CAGR. As new technologies develop, the old ones become obsolete in more industries in a run to save energy. Here is an example of a borehole heat exchanger which won geothermal innovation of the year.

Market Drivers and Restraints:


  1. Massive recent industrialization and urbanization in countries like India and China are driving the Heat Exchanger Market in the APAC region.
  2. Stringent Govt. regulations like the Kyoto Protocol pressurizes the public as well as private entities to reduce energy consumption and hence cut down on CO2 emissions. As heat exchangers offer an eco-friendly cooling solution, it is being adopted in more and more industries.
  3. Recent developments in the heat exchanger market like air-to-air heat exchanger and 2H Massdek structured packings have made the heat exchangers more efficient, and many companies are switching to these advanced Heat Exchangers.

As global economies continue to grow, the heat exchangers market is driven by rapid growth in power consumption from the industrial sector in developing countries mostly in APAC and Africa.


Lack of awareness about energy efficiency and cost of a product in the developing and underdeveloped economy is restraining the market from achieving its full potential.

Slow economic growth and high lifespan of the product has restrained the market growth in the developed economies like Western Europe and North America.

Heat Exchangers Market Segmentation Analysis:

By Type:

Based on the type, the Heat Exchangers market is divided into:

  1. Shell & Tube
  2. Plate & Frame
  3. Air Cooled

Shell and Tube Heat Exchangers has 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 application. 

By Application:

Based on application, the Heat Exchangers market is divided into:

  1. Chemical
  2. Petrochemical, Oil & Gas
  3. HVACR
  4. Food & Beverage
  5. Power Generation
  6. 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 product.

Heat Exchange Market Geographical Analysis:

Europe is the largest market of Heat Exchangers as of 2018 with around 30% market share, and it is projected to remain the largest market in the forecast period. This is due to many chemical plants historically being present in Europe.

However, Asia Pacific (APAC) region is the fastest growing market and with new plants being set up in countries like India and China which has attracted the industries mainly due to cheap labor and availability of raw materials for the chemical industries.

The Middle East is also a growing market with many industries upgrading their heat exchangers.

The market share of North and South America is set to decrease during the forecast period, though the sales of Heat Exchangers in these continents are also increasing.

Heat Exchangers Market Key Players:

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), and SWEP International (Denmark) are key players operating in the heat exchangers market.

 Heat Exchangers Market Report Key Highlights

  • This report gives a full analysis of the Heat Exchangers Market and how it is evolving during the forecast period (2018-2023).
  • In this report, the Heat Exchangers Market has been segmented by type, application, and region which would give a better understanding of where exactly the market is headed and what is driving its growth.
  • The report addresses in detail the key market challenges, drivers and restraints and how prevalent they are in a particular geographical area and time.
  • Full Porter’s Five Forces Analysis has been done for the user to get a better idea of the market and the opportunity that exists during the forecast period in the market.
  • The critical insights given in this report will help the reader in making better investment decisions through a better understanding of the market.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                           

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Research Phases                      

                                2.2.1 Secondary Research            

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling     

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                             

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 Type                              

                                5.1.1 Introduction           

                                5.1.2 Shell & Tube           

                                5.1.3 Plate & Frame       

                                5.1.4 Air Cooled

                                5.1.4 Y-o-Y Growth Analysis, By Type      

                                5.1.5  Market Attractiveness Analysis, By Type   

                                5.1.6 Market Share Analysis, By Type     

                5.2 Application                 

                                5.3.1 Introduction           

                                5.3.2 Chemical  

                                5.3.3 Petrochemical, Oil & Gas  

                                5.3.4 HVACR      

                                5.3.5 Food and beverage             

                                5.3.6 Power Generation

                                5.3.7 Pulp & Paper          

                                5.3.5 Y-o-Y Growth Analysis, By Application         

                                5.3.6  Market Attractiveness Analysis, By Application       

                                5.3.7  Market Share Analysis, By Application        

6. Geographical Analysis                                              

                6.1 Introduction                              

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                       By Geographical Area

                                       By Type

                                       By Application

                                6.1.4  Market Attractiveness Analysis     

                                       By Geographical Area

                                       By Type

                                       By Application

                                6.1.5  Market Share Analysis      

                                       By Geographical Area

                                       By Type

                                       By Application

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy           

                                6.2.6 France      

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan        

                                6.3.5 Australia  

                                6.3.6 South Korea           

                6.5 Latin America                            

                                6.4.1 Introduction           

                                6.4.2 Brazil         

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America         

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa        

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leaders' Analysis                                        

                8.1 Athersys                      

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Alfa Laval (Sweden)                

                8.3 Danfoss (Denmark)                 

                8.4 Kelvion Holdings (Germany)               

                8.5 SPX Corporation (US)                             

                8.6 Xylem (US)                 

                8.7 API Heat Transfer (US)                           

                8.8 Gunter (Germany)                  

                8.9 Hindustan Dorr-Oliver (India)                             

                8.10 Hisaka Works (Japan)                          

                8.11 HRS Heat Exchangers (India)                             

                8.12 Modine Manufacturing Company (US)                         

                8.13 Sierra (Italy)                            

                8.14 SWEP International (Denmark)                        

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, collaborations and Joint Ventures                          

                9.4 New Product Launches                          

10. Market Outlook and Investment Opportunities                                          


                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of By Diagnostic Wearable Devices, and Therapeutic Wearable Devices along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Heat Exchanger Market Market By Region, From 2018-2023 ( USD Billion )
  2. Global Heat Exchanger Market Market By Type, From 2018-2023 ( USD Billion )
  3. Global Shell & Tube Market By Region, From 2018-2023 ( USD Billion )
  4. Global Plate & Frame Market By Region, From 2018-2023 ( USD Billion )
  5. Global Air Cooled Market By Region, From 2018-2023 ( USD Billion )
  6. Global Heat Exchanger Market Market By Application, From 2018-2023 ( USD Billion )
  7. Global Chemical Market By Region, From 2018-2023 ( USD Billion )
  8. Global Petrochemical, Oil & Gas Market By Region, From 2018-2023 ( USD Billion )
  9. Global HVACR Market By Region, From 2018-2023 ( USD Billion )
  10. Global Food & Beverages Market By Region, From 2018-2023 ( USD Billion )
  11. Global Power Generation Market By Region, From 2018-2023 ( USD Billion )
  12. Global Pulp &Paper Market By Region, From 2018-2023 ( USD Billion )


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