Heat Exchangers Market is segmented by Product Type (Shell & Tube Heat Exchangers, Plate Heat Exchangers [Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, Brazed Plate Heat Exchangers], Air-Cooled Heat Exchangers, and Others), End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others), and 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, Brazed Plate Heat Exchangers], Air-Cooled Heat Exchangers, and Others), End-Use Industry Type...
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 Report Overview
Market Size in 2030
USD 21.8 Billion
Market Size in 2023
USD 15.3 Billion
Market Growth (2024-2030)
5.1%
Forecast Period
2024-2030
Base Year of Study
2023
Trend Period
2019-2022
Market Drivers
In 2021, the market experienced a rebound at an excellent rate fuelled by the effects of resuming the petrochemical and chemical, oil and gas, and energy sectors. Furthermore, an expected recovery in the economy, a surge in energy prices, rapid industrialization, and expansion, and increasing adoption of heat exchangers across multiple applications are some key factors fuelling the market’s growth.
COVID-19 Impact
The impact of the COVID-19 pandemic on the demand for heat exchangers varied from industry to industry. All the major industries experienced a huge decline among which the oil & gas industry experienced the highest decline, however, the pharmaceutical industry witnessed a positive growth amid the pandemic. Overall, the heat exchangers market experienced a decline of 13.4% 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 product in 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 end-use industry 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 plate heat exchanger accounts for the maximum share of more than 25% in 2023.”
The heat exchangers 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 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 protection against fouling is helping the market to grow. The major advantages of shell & tube heat exchangers are their simple design, robust characteristics, good resistance to thermal shock, and low purchase and maintenance costs.
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By End-Use Industry Type
“Petrochemical & chemical held the revenue share of more than 20% in 2023.”
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 during the forecast period. The petrochemical & chemical industry involves various processes with high pressure and temperature, which require optimizing heat transfer and the enhancement of energy savings, which, in turn, is likely to drive the demand for heat exchangers.
Power generation is projected 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. The heat exchanger is used as a condenser, condensate sub-cooling, feed water pre-heating, and heat extraction, and it is also used for cooling wet storage in nuclear power plants.
Regional Analysis
“Asia-Pacific is expected to remain the largest and fastest-growing region in the global market, and it held a revenue share of more than 30% in 2023.”
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 market is highly populated, with the presence of a large number of local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the heat exchangers market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
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
Who 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 requirements?
10% free customization
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s heat exchangers market realities and future market possibilities for the forecast period. 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 market participants and investors in identifying the low-hanging fruits available in the market and formulating 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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.
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
Recent Market News
In 2023, Alfa Laval AB acquired 51% of the Danish company Aalborg CSP A/S which develops and manufactures heat exchangers and steam generation system equipment components based on its header-coil design for the concentrated solar power (CSP) industry, thermal energy storage, etc.
In 2021, Exchanger Industries Limited (“EIL”), one of the leading Canadian designers and manufacturers of heat transfer products acquired the HRS heat exchanger Ltd. The HRS heat exchanger Ltd. offers plate heat exchangers, corrugated tube heat exchangers, and scraped surface heat exchangers.
In 2021, Enrequip acquired American Heating Company and expanded its heat exchangers product line. Enrequip’s updated product portfolio includes a variety of sanitary and industrial heating and cooling solutions, from shell and tube heat exchangers to industrial thermal fluid heaters and tank heating coils.
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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.
The heat exchangers market is estimated to grow at a CAGR of 5.1% over the next six years to reach a value of US$ 21.8 billion in 2030. Increasing energy demand, and growing investments in different industries, such as refineries, power generation units, food manufacturing industries, and district heating and cooling systems, coupled with higher demand for energy efficiency and overall safety are expected to drive the growth of the market over the next six years.
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 countries (China, India, and Japan) are some major factors driving the region’s market.
The plate heat exchanger is likely to maintain its dominance in the market in the next six years owing to its advantages, such as a larger coefficient of heat transfer, being the most efficient due to the turbulent flow on both sides, and easy maintenance, repair, and service.
Petrochemical & chemical is expected to maintain its dominance in the market in the next six years. Petrochemical & chemical industry involves different processes with high pressure and temperature, which require optimizing heat transfer and the enhancement of energy savings, which, in turn, is likely to drive the demand for heat exchangers.
