Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region - Global Forecast to 2028
The global heat exchangers market size is projected to reach USD 29.0 billion by 2028 from USD 20.5 billion in 2023, at a CAGR of 7.1% during the forecast period. The growing demand for heat exchanger is due to stringent government regulations on greenhouse gas emissions. Moreover, the rapid urbanization increases the demand for industrilisation and HVAC equipmnets in emerging economies such as India, China, Brazil, and others.
Global Heat Exchangers Market Trend
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Heat exchanger Market Dynamics
Driver: Rising demand for sustainable, low energy consumption, and cost-effective heat exchangers
The heat exchanger market is experiencing significant growth due to the rising demand for sustainable low energy consumption and cost-effective solutions. Heat exchangers play a crucial role in various industries by efficiently transferring heat between fluids while minimizing energy losses. By adopting heat exchangers with advanced designs and improved thermal efficiency, businesses can reduce their energy consumption, lower operational costs, and decrease their carbon footprint. Companies across industries are continuously seeking ways to optimize their processes and reduce expenses. Heat exchangers that offer high performance at affordable prices are in high demand. Additionally, advancements in manufacturing technologies and materials have enabled the production of more cost-effective heat exchangers without compromising on quality or performance.
Restraint: Lack of awareness about energy efficiency of buildings
The heat exchanger market is facing challenges due to a lack of awareness about energy-efficient buildings. Energy-efficient buildings reduce energy consumption, lower operating costs, and have a positive environmental impact. However, the lack of awareness about these advantages leads to a limited demand for heat exchangers. The upfront cost of implementing energy-efficient building measures, including heat exchangers, can be perceived as a barrier. Although energy-efficient buildings offer long-term cost savings. When it comes to low energy and insulated houses, there are a number of misconceptions among the consumers as well as building professionals about the costs and associated problems.
Opportunity: Increasing number of nuclear power plants
According to the World Nuclear Association, in 2021, there are 443 nuclear power reactors in operation around the world, with a total installed capacity of 392.4 GW. The increasing number of power plants around the world presents a growing opportunity for the heat exchanger market. Heat exchangers play a critical role in power generation by transferring heat between different mediums, such as water, steam, and gases. As the demand for electricity continues to rise globally, the construction of new power plants, upgrades to existing plants, and expansion of renewable energy sources create a significant demand for heat exchangers.
Challenges:Capital-intensive market
The heat exchanger market faces a major challenge as the capital-intensive nature of this industry poses significant barriers to entry and expansion. The manufacturing of heat exchangers involves the use of specialized machinery, materials, and technologies, which require substantial capital investment. These expenses include the procurement of raw materials, fabrication equipment, quality control systems, and skilled labor. The high upfront costs of establishing or expanding a heat exchanger manufacturing facility can limit the number of players in the market.
Market Ecosystem
By material, stainless steel in metals is projected to estimate the highest CAGR during the forecast period in the heat exchanger market.
The stainless steel in metal segment, is expected to register the most rapid growth rate during the forecast period. The growth in the stainless-steel heat exchanger market can be attributed to its exceptional corrosion resistance, durability, and high heat transfer efficiency. Stainless steel is capable of withstanding harsh environments, making it suitable for a wide range of industries, including oil and gas, chemical processing, and power generation. Its resistance to corrosion ensures long-term performance and reduces maintenance costs.
By type, shell & tube is the second largest in heat exchanger market, in 2022.
The demand for shell and tube heat exchangers is increasing due to their versatility, efficiency, and suitability for a wide range of applications. Shell and tube heat exchangers are widely used in industries such as oil and gas, chemical processing, power generation, HVACR, and more. They are designed to withstand high pressures and temperatures, ensuring long service life and minimal maintenance requirements. As industries continue to prioritize efficient heat transfer, durability, and adaptability in heat exchange applications, the demand for shell and tube heat exchangers is expected to rise.
By end-use industry, chemical segment is the largest in heat exchanger market, in 2022.
heat exchangers are essential in chemical manufacturing processes that involve heating or cooling of substances. They enable precise temperature control, allowing chemical reactions to occur at optimal conditions, improving product quality and process efficiency. Heat exchangers are integral in energy conservation and cost reduction in the chemical industry. By utilizing heat recovery systems, heat exchangers enable the recovery and reuse of waste heat, reducing energy consumption and minimizing environmental impact.
Asia Pacific is projected to be fastest growing amongst other regions in the heat exchanger market market, in terms of value.
Based on the region, the heat exchangers market is segmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Currently, Asia Pacific is the fastest growing market for heat exchangers. The region has , rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have led to increased demand for energy and infrastructure development, driving the need for heat exchangers in various sectors such as power generation, oil and gas, and chemical processing. The presence of a robust manufacturing base, expanding industrial sectors, and rising investments in key industries have created a favorable market environment for heat exchangers in the Asia Pacific region.
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Key Market Players
Some of the key players operating in the heat exchangers market include ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany).
These companies have adopted various organic as well as inorganic growth strategies between 2018 and 2022 to strengthen their positions in the market. The new product launch is the key growth strategy adopted by these leading players to enhance regional presence and develop product portfolios to meet the growing demand for heat exchangers from emerging economies.
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Report Metric |
Details |
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Years considered for the study |
2019-2028 |
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Base Year |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Volume (Units); Value (USD Million/Billion) |
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Segments |
Type, Material, End-Use Industry, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
are ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany).are the key players in the market. |
This report categorizes the global heat exchanger market based on type, material, end-use industry, and region.
On the basis of type, the heat exchangers industry has been segmented as follows:
- Shell & Tube
- Plate & Frame
- Air Cooled
- Others
On the basis of material, the heat exchangers industry has been segmented as follows:
- Metals
- Alloys
- Brazing - Clad
On the basis of end use industry, the heat exchangers industry has been segmented as follows:
- Chemical
- Energy
- HVACR
- Food & Beverages
- Pulp & Paper
- Power
- Others
On the basis of region, the heat exchangers industry has been segmented as follows:
- North America
- APAC
- Europe
- South America
- The Middle East & Africa
The heat exchangers market has been further analyzed based on key countries in each of these regions.
Recent Developments
- In 2023, ALFA LAVAL launched AlfaNova GL50 heat exchanger specifically for fuel cell systems. It is an asymmetric gas-to-liquid plate heat exchanger, made from 100% stainless steel. It can handle gas flows up to 250 m3/h and inlet gas temperatures up to 750°C.
- In 2022, ALFA LAVA has partnered with Spirax Sarco, a world leader in steam and thermal energy solutions for a wide range of industries. Through this partnership, the company has delivered heat exchangers to Spirax Sarco steam and industrial fluid applications. This has also strengthened its market position globally in Europe, Asia, and the Americas.
- In 2021, Kelvion invested USD 3.7 million for the second production facility in Tennessee, US. The company aims to expand in the US to meet the growing demand for heat exchangers in the data center and refrigeration industries in North America.
- In 2020, Danfoss developed a comprehensive portfolio with its new Z-design technology-based microplate heat exchangers. The new technology will reduce the refrigerant charge along with design changes to minimize weight.
- In 2021, Exchanger Industries Limited (EIL) acquired a leading Europe-based heat exchanger manufacturer, HRS Heat Exchangers Ltd. The strategic acquisition by EIL aims towards creating new business opportunities by combining HRS capabilities with EIL expansion into power generation, liquefied natural gas (LNG), renewable energy, power storage, and biofuels applications. The combined operations will create growth prospects by providing environmentally sustainable heat exchange solutions to its customer.
Frequently Asked Questions (FAQ):
What is the current size of the global heat exchanger market?
Global heat exchanger market size is estimated to reach USD 29.0 billion by 2028 from USD 20.5 billion in 2023, at a CAGR of 7.1% during the forecast period.
Who are the winners in the global organic coagulant market?
Companies such as ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany). They have the potential to broaden their product portfolio and compete with other key market players.
What are some of the drivers in the market?
Rising demand for sustainable, low energy consumption, and cost-effective heat exchangers.
What are the major end-use industries of heat exchangers?
Chemical, Energy, HVAC & refrigeration and power are some of the major end use industry.
What are the various types of heat exchangers?
Shell & tube, Plate & Frame, Air cooled are some major type of heat exchanger. .
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The study involved four major activities in estimating the current market size for heat exchangers. Exhaustive secondary research was conducted to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methodologies were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as Factiva, Zauba, Hoovers, and Bloomberg BusinessWeek were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, steel associations, heat exchangers association, regulatory bodies, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The heat exchangers market comprises several stakeholders, such as raw material suppliers, distributors of heat exchangers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market consists of various industries such as chemical, energy, HVACR, power, pulp & paper, and food & beverages. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, raw material, type, end-use industries, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of heat exchanger and future outlook of their business which will affect the overall market.
Following is the breakdown of primary respondents
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the heat exchangers market. These methods were also used extensively to determine the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value and volume, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Heat Exchanger Market: Bottum-Up Approach
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Note: All the shares are based on the global market size.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
Heat Exchanger Market: Top Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation process explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply of heat exchangers and their applications.
Market Definition
A heat exchanger is a device that transfers heat from one fluid to another fluid without the two fluids coming into direct contact. The heat exchanger is based on the principle of heat transfer, which involves the movement of thermal energy from a high-temperature fluid to a low-temperature fluid. The heat exchanger market is influenced by factors such as technological advancements, energy efficiency regulations, environmental concerns, and industry-specific demands. The Heat exchangers are commonly used in various industries, including HVAC systems, refrigeration, power generation, chemical processing, energy, food and beverage, and others. Heat exchangers play a crucial role in heat management and energy conservation by facilitating the efficient transfer of thermal energy between fluids, contributing to improved system performance and sustainability in various industrial processes.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Objectives of the Study:
- To define, describe, and forecast the heat exchangers market, in terms of value.
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To analyze and forecast the market by type, material, and end-use industry.
- To forecast the size of the market for five regions, namely, APAC, Europe, North America, South America, and the Middle East & Africa along with their key countries
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders.
- To analyze competitive developments, such as new product launch, acquisition, and expansion undertaken in the market
- To strategically profile key players and comprehensively analyze their market ranking and core competencies.
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Regional Analysis:
- Country-level analysis of the heat exchangers market
Company Information:
- Detailed analysis and profiling of additional market players
Generating Response ...
Growth opportunities and latent adjacency in Heat Exchangers Market