Heat Exchangers Market is segmented by Product Type (Shell & Tube Heat Exchangers, Plate Heat Exchangers [Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers], Air-Cooled Heat Exchangers, and Others), by End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Heat Exchangers Market is segmented by Product Type (Shell & Tube Heat Exchangers, Plate Heat Exchangers [Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers], Air-Cooled Heat Exchangers, and Others), by End-Use Industry Type...
The Heat Exchangers Market was estimated at US$ 14.2 billion in 2022 and is expected to grow at a healthy CAGR of 5.2% during 2022-2027 to reach US$ 18.3 billion in 2027.
A Heat Exchanger is a device used to transfer heat from one medium to another. The media may be separated by a solid wall to prevent mixing or direct contact. They are used in various engineering applications, such as refrigeration, heating and air conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units.
Heat Exchangers Market Features
Market Size in 2027
USD 18.3 Billion
Market Size in 2021
USD 14.2 Billion
Market Growth (2022-2027)
5.2% CAGR
Base Year of Study
2021
Trend Period
2017-2020
Forecast Period
2022-2027
Market Dynamics
In 2021, the market experienced an excellent rebound, fueled by the resumption of the petrochemical & chemical, oil & gas, and energy sectors. Furthermore, an expected recovery in the economy, an increase in energy prices, rapid industrialization, and increasing adoption of heat exchangers across multiple applications are some key factors that will drive the growth of the market.
Impact of Covid-19
The impact of the COVID-19 pandemic on the demand for heat exchangers varied from industry to industry. All major industries suffered significant losses, among which the oil & gas industry experienced the highest decline; however, the pharmaceutical industry registered positive growth during the pandemic. Overall, the global heat exchangers market witnessed a hefty decline of -11.9% in 2020, reaching a value below US$ 13 billion.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Product Type
Shell and Tube Heat Exchangers, Plate Heat Exchangers [Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers], Air-Cooled Heat Exchangers, and Others
The Plate Heat Exchanger is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period
End-Use Industry Type
Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others
Petrochemical & Chemical is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period.
Regional Basis
North America, Europe, Asia-Pacific, and the Rest of the World.
Asia-Pacific is expected to remain the largest and fastest-growing region in the global market during the forecast period.
By Product Type
The market is segmented into shell & tube heat exchangers, plate heat exchangers (gasket plate heat exchangers, all-welded plate heat exchangers, and brazed plate heat exchangers), air-cooled heat exchangers, and others. The plate heat exchanger is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period, owing to its advantages, such as high heat transfer coefficient, good efficiency due to turbulent flow on both sides, and ease of maintenance, repair, and service.
Shell & tube heat exchanger is expected to remain the second-largest segment of the market during the forecast period. The ability to withstand high-temperature applications and provide fouling protection is aiding the market growth. The main advantages of shell & tube heat exchangers are their simple design, robust characteristics, good thermal shock resistance, and low purchase and maintenance costs.
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By End-Use Industry Type
The market is segmented as oil & gas, petrochemical & chemical, food & beverages, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. Petrochemical & chemical is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. The petrochemical & chemical industry involves various processes with high pressure and temperature, which necessitates optimizing heat transfer and increasing energy savings, which is likely to drive the demand for heat exchangers.
Power generation is expected to be the second-dominant segment of the market during the forecast period, due to the increasing demand for renewable energy which is fueling a surge in the power generation industry. Heat exchangers are used in nuclear power plants as condensers, condensate sub-cooling, feed water pre-heating, heat extraction, and cooling wet storage.
Regional Analysis
Asia-Pacific is expected to remain the largest and fastest-growing region in the global market during the forecast period. Major factors, such as increasing disposable income, rapid urbanization and industrialization, and increasing energy demand in developing economies (China, India, and Japan), are driving the region’s market. Europe and North America are also likely to create sizeable opportunities in the coming five years.
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Key Players
The supply chain of this market comprises several nodes including raw material suppliers, component suppliers, heat exchanger manufacturers, distributors, and OEMs/end-users.
The following are some of the key players in the market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’sheat exchangers market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Heat Exchangers Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Customization Option
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players).
SWOT analysis of key players (up to three players).
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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The Heat Exchangers Market was estimated at US$ 14.2 billion in 2022 and is expected to grow at a healthy CAGR of 5.2% during 2022-2027 to reach US$ 18.3 billion in 2027.
Alfa Laval AB, Johnson Controls, Kelvion Holdings GmbH, SPX Corporation, Linde PLC, SWEP International AB, GÜNtner Gmbh & Co. Kg, and Danfoss are some of the key players in the market.
Asia-Pacific is estimated to remain dominant in the heat exchangers market in the foreseen future. Increasing disposable income, rapid urbanization and industrialization, and increasing energy demand in developing economies (China, India, and Japan) are some major factors driving the region’s market.
The plate heat exchanger is likely to maintain their dominance in the market in the next five years owing to their advantages such as high heat transfer coefficient, good efficiency due to turbulent flow on both sides, and ease of maintenance, repair, and service.
The petrochemical & chemical segment is expected to maintain its dominance in the market in the next five years. The petrochemical & chemical industry involves various processes with high pressure and temperature, which necessitates optimizing heat transfer and increasing energy savings, a key factor driving the demand for heat exchangers.
Increasing energy demand; growing investments in different industries, such as refineries, power generation units, food manufacturing, district heating, and cooling systems; and higher demand for energy efficiency and overall safety are expected to drive the growth of the market over the next five years.
