Heat Exchanger Companies

The heat exchanger market is projected to reach USD 33.52 billion by 2030 from USD 23.95 billion in 2025, at a CAGR of 7.0% during the forecast period. Heat exchangers are witnessing strong demand globally, driven by multiple interlinked factors across the industrial, commercial, and residential sectors. Rising energy efficiency requirements remains one of the primary drivers, as industries seek to recover waste heat, optimize processes, and reduce operational costs while meeting stringent environmental regulations. Expanding oil and gas refining capacity, petrochemical production, and power generation—particularly in emerging economies, are generating significant demand for robust heat exchangers capable of operating under high temperature and pressure conditions.

Heat Exchanger Market Companies

The heat exchanger market is dominated by key manufacturers including Alfa Laval (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer  (US), BOYD (US), Johnson Controls (Ireland), Xylem (US), Wabtec Corporation (US)  ,SPX Flow (US),  Lennox International Inc. (US), Modine Manufacturing Company (US), Wieland (Germany) and Air Products  & Chemicals, Inc. (US)  , among others. These players have adopted many product launches, deals, and expansions, from January 2020 to February 2025, to expand their market share and global reach.

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In March 2025, Alfa Laval announced that it has entered into a binding put-option agreement to acquire Fives Cryogenics, the business unit of Fives Group—for a fixed, cash and debt-free purchase price of USD 884 million. Headquartered in France, Fives Cryogenics is recognized as a global leader in cryogenic heat transfer and pump technologies. The acquisition is subject to consultations with the relevant works councils, after which the parties expect to finalize a definitive purchase agreement. This strategic move will significantly enhance Alfa Laval’s portfolio of heat transfer and pump products for gas liquefaction.

In September 2023, Kelvion Holding GmbH invested USD 4.3 million to expand its production capacities in Sarstedt to meet the increasing demand for its heat exchangers across diverse end-use sectors. This expansion enables the facility to manufacture an additional 150,000 heat exchangers annually, aligning with the company's strategic goal of expanding its presence in the US market and establishing itself as the preferred partner in refrigeration and data center industries.

ALFA LAVAL (Switzerland) is a global leader in manufacturing heat transferring, separating, and fluid handling equipment. Its key products are separators, heat exchangers, pumps, and valves. The company has three operating business segments, namely, marine, energy, and food & water. It provides heat exchangers through its energy division. ALFA LAVAL has a broad product portfolio for heat exchangers and offers Aalborg, Cetetube, ViscoLine, Pharma-line, AlfaCond, AlfaQ, AlfaVap, and BaseLine. It also provides customized products for specific applications and operating conditions. The company supplies its products and solutions to various industries, such as chemicals, energy, biotech & pharmaceuticals, food & beverages, marine, transportation, mining, minerals & pigment, machinery & manufacturing, semiconductors & electronics, metallurgy, automotive, and pulp & paper. ALFA LAVAL's heat exchangers are designed to efficiently transfer heat using various technologies such as shell & tube, plate & frame, and brazed plate. It also provides various services to support its heat exchangers, including installation, maintenance, and repair. ALFA LAVAL has a business presence in North America, South America, the Middle East & Africa, Asia Pacific, and Europe. Alfa Laval operates in around 100 countries, with dedicated sales organizations in 50 of them. The company runs 42 major production facilities—22 located in Europe, 10 in Asia, 8 in the US, and 2 in Latin America. Additionally, it maintains over 100 service centers worldwide, with 22,323 employees globally.

Kelvion Holding GmbH (Germany) Kelvion Holding GmbH is a leading manufacturer and distributor of heat exchangers. The company is a former heat exchanger division of GEA Group AG. In 2014, the GEA heat exchangers division was acquired by the Triton Fund (London). In 2015, the former division was branded Kelvion to target the heat exchanger market specifically. Kelvion offers a broad range of heat exchangers such as plate, shell & tube, air-cooled models, and specialty solutions for applications such as diesel engine exhaust gas recirculation (EGR) systems. It offers heat exchangers for various industries such as oil & gas, energy, HVAC, chemistry, commercial buildings, climate & environment, marine, and food & beverages. It also provides after-sales services such as upgradation, modification, and maintenance and supplies spare parts. The company has a global presence in North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Market Ranking

The heat exchanger market is highly competitive, with the leading players collectively holding 35-40% of the total market share. Alfa Laval, Kelvion Holding GmbH, Danfoss, SPX Flow , and Exchanger Industries Limited hold significant market shares. These companies play a crucial role in supplying advanced heat exchanger products for various industrial applications. Their expertise in designing heat exchangers has positioned them as key contributors to market growth.

Related Reports:

Heat Exchanger Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Metals, Alloys, Brazing Clad Materials), End-use Industry (Chemical, Energy, HVACR, Food & Beverage, Power, Pulp & Paper), and Region - Global Forecast to 2030