Global Heat Exchanger Market Size is valued at USD 17.4 Billion in 2024 and is predicted to reach USD 32.0 Billion by the year 2034 at a 6.3% CAGR during the forecast period for 2025-2034.
The demand for energy-efficient and affordable heating and cooling solutions in a variety of industries has fueled the growth and dynamism of the heat exchanger industry. Heat exchangers are tools to move heat from one fluid to another without allowing the two fluids to mix. They are employed in several processes, such as food and beverage processing, petrochemical and chemical processing, power production, HVAC (heating, ventilation, and air conditioning), and many more.
Over the coming years, the heat exchanger market development is anticipated to be driven by elevated demand for environmentally friendly HVAC systems, such as solar panels or geothermal energy for cooling and heating, to reduce energy consumption. Additionally, it is anticipated that over the next several years, demand for the product would increase due to the expanding need for HVAC systems in the commercial sector, which is caused by the expansion of the office, retail, and public building construction industries.
However, the heat exchanger market's high maintenance cost may limit the target market's growth during the forecast period. Furthermore, heat exchangers may be vulnerable to damage and wear and tear over time, which may affect their effectiveness. This can be extremely difficult in demanding operating situations like those in the petrochemical sector.
The heat exchanger market is segmented based on material, type and end-use industry. Based on material, the market is segregated as steel and non-steel. By type, the market is segmented into shell & tube, plate & frame, air-cooled and others. Based on the end-use industry, the market is segmented into chemical, energy, HVACR, food and beverages, power generation, pulp and paper and others.
The chemical category currently holds a dominant position in the global heat exchanger market and is anticipated to expand fastest. This is because heat exchangers are widely used in the chemical industry for various processes, including heating, cooling, condensing, distillation, isolation, etc. Heat exchangers can also endure ongoing chemical reactions, which enables crucial operations to be finished safely and effectively.
The shell and tube segment dominated the market, and it is anticipated that it will further continue to develop at the highest rate over the projection period. This is a result of its advantages over heat exchangers, including cheaper prices compared to plate-type coolers, simplicity of use at higher working temperatures and pressures, and others. It is well known that shell and tube heat exchangers are simple to maintain and work with various seawater coolants.
Asia-Pacific will hold a market share and dominate the global heat exchanger market. Equipment that transfers heat from one working fluid to another is called a heat exchanger. The usage of heat exchangers for cooling and heating is very common. The liquids are kept apart by a solid wall in order to prevent mixing. They are extensively utilized in many different applications, including residential heating, air conditioning, refrigeration, hydropower dams, waste treatment, the production of oil and gas, chemical and petrochemical industries, and many more.
Internal combustion engines are where heat exchangers are most frequently used. In these engines, coolant from the engine circulates through radiator coils as air passes by, cooling the coolant and heating the incoming air. Additionally, with a significant proportion of the market, Europe dominated. This can be attributed to rising infrastructure spending on private and public levels, which is anticipated to drive up product demand for HVAC-R applications. Furthermore, the rising demand for equipment with improved durability, efficiency, and fouling resistance across industries is likely to augment the heat exchanger market growth over the coming years.
|
Report Attribute |
Specifications |
|
Market size value in 2024 |
USD 17.4 Billion |
|
Revenue forecast in 2034 |
USD 32.0 Billion |
|
Growth rate CAGR |
CAGR of 6.3% from 2025 to 2034 |
|
Quantitative units |
Representation of revenue in US$ Mn, and CAGR from 2025 to 2034 |
|
Historic Year |
2021 to 2024 |
|
Forecast Year |
2025-2034 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Polymer And Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
ALFA Laval (Sweden), Kelvion Holding Gmbh (Germany), Exchanger Industries Limited (Canada), Mersen (Denmark), Danfoss (US), API Heat Transfer (US), Boyd Corporation (US), H.Guntner (UK), Limited (Germany), Jhonson Controls (Ireland), XYLEM (US), Watec Corporation, Spx flow, Lu-Ve S.P.A., Lenox International Inc., Air Products Inc., Barriquand Technologies Thermiques, Barank, Inc, Chart Industries, Doosan Corporation, Funke Heat Exchanger Apparatebau Gmbh, Hisaka Words, Ltd, Hindustan Dorr-Oliver Ltd, Koch Heat Exchanger PVT. LTD. Pune India, Swep International Ab, Smartheat, Sierra S.P.A, Thermax Limited, Vahterus OY |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Heat Exchanger Market Snapshot
Chapter 4. Global Heat Exchanger Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Material Estimates & Trend Analysis
5.1. by Material & Market Share, 2024 & 2034
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Material:
5.2.1. Steel
5.2.1.1. Carbon Steel
5.2.1.2. Stainless Steel
5.2.2. Non-Steel
5.2.2.1. Copper
5.2.2.2. Aluminum
5.2.2.3. Titanium
5.2.2.4. Nickel
5.2.2.5. Plastic
Chapter 6. Market Segmentation 2: by Type Estimates & Trend Analysis
6.1. by Type & Market Share, 2024 & 2034
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Type:
6.2.1. Shell & Tube
6.2.1.1. Tubular Heat Exchangers
6.2.1.2. Fixed Tube Heat Exchangers
6.2.1.3. U-Tube Heat Exchangers
6.2.1.4. Floating Head Heat Exchangers
6.2.2. Plate & Frame
6.2.2.1. Brazed Plate & Frame Heat Exchanger
6.2.2.2. Gasketed Plate & Frame Heat Exchanger
6.2.2.3. Welded Plate & Frame Heat Exchanger
6.2.2.4. Others
6.2.3. Air-Cooled
6.2.3.1. Forced Draft Heat Exchangers
6.2.3.2. Induced Draft Heat Exchangers
6.2.4. Others
6.2.4.1. Extended Surface Heat Exchangers
6.2.4.2. Regenerative Heat Exchangers
Chapter 7. Market Segmentation 3: by End-use Industries Estimates & Trend Analysis
7.1. by End-use Industries & Market Share, 2024 & 2034
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by End-use Industries:
7.2.1. Chemical
7.2.1.1. Base Chemicals
7.2.1.2. Intermediate Chemicals
7.2.1.3. Specialty Chemicals
7.2.2. Energy
7.2.2.1. Petrochemicals
7.2.2.2. Oil & Gas
7.2.3. HVAC And Refrigeration
7.2.3.1. District Heating and Cooling
7.2.3.2. Air-Conditioning
7.2.3.3. Commercial Refrigeration
7.2.3.4. Industrial Refrigeration
7.2.4. Food & Beverages
7.2.4.1. Processed Food
7.2.4.2. Dairy
7.2.4.3. Sugar And Ethanol Production
7.2.4.4. Others
7.2.5. Power Generation
7.2.5.1. Renewable
7.2.5.2. Non-Renewable
7.2.6. Pulp & Paper
7.2.7. Others
7.2.7.1. Metallurgical
7.2.7.2. Wastewater Treatment
7.2.8. Mining
Chapter 8. Heat Exchanger Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Material, 2021-2034
8.1.2. North America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
8.1.3. North America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by End-use Industries, 2021-2034
8.1.4. North America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.2. Europe
8.2.1. Europe Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Material, 2021-2034
8.2.2. Europe Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
8.2.3. Europe Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by End-use Industries, 2021-2034
8.2.4. Europe Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.3. Asia Pacific
8.3.1. Asia Pacific Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Material, 2021-2034
8.3.2. Asia Pacific Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
8.3.3. Asia-Pacific Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by End-use Industries, 2021-2034
8.3.4. Asia Pacific Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.4. Latin America
8.4.1. Latin America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Material, 2021-2034
8.4.2. Latin America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
8.4.3. Latin America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by End-use Industries, 2021-2034
8.4.4. Latin America Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.5. Middle East & Africa
8.5.1. Middle East & Africa Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Material, 2021-2034
8.5.2. Middle East & Africa Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
8.5.3. Middle East & Africa Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by End-use Industries, 2021-2034
8.5.4. Middle East & Africa Heat Exchanger Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Laval (Sweden)
9.2.2. Kelvion Holding Gmbh (Germany)
9.2.3. Exchanger Industries Limited (Canada)
9.2.4. Mersen (Denmark)
9.2.5. Danfoss (US)
9.2.6. API Heat Transfer (US)
9.2.7. Boyd Corporation (US)
9.2.8. H.Guntner (UK)
9.2.9. Limited (Germany)
9.2.10. Johnson Controls (Ireland)
9.2.11. XYLEM (US)
9.2.12. Watec Corporation
9.2.13. Spx flow
9.2.14. Lu-Ve S.P.A.
9.2.15. Lenox International Inc.
9.2.16. Air Products Inc.
9.2.17. Barriquand Technologies Thermiques
9.2.18. Barank, Inc
9.2.19. Chart Industries
9.2.20. Doosan Corporation
9.2.21. Funke Heat Exchanger Apparatebau Gmbh
9.2.22. Hisaka Works, Ltd
9.2.23. Hindustan Dorr-Oliver Ltd
9.2.24. Koch Heat Exchanger PVT. LTD. Pune India
9.2.25. Swep International Ab
9.2.26. Smart heat
9.2.27. Sierra S.P.A
9.2.28. Thermax Limited
9.2.29. Vahterus OY
9.2.30. Other Prominent Players
Heat Exchanger Market By Material-
Heat Exchanger Market By Type-
Heat Exchanger Market By End-use Industries-
Heat Exchanger Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
