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Heat Exchanger Market Size [2023

Oct 04, 2023Oct 04, 2023

Heat Exchanger Market to Surge Rapidly; Increasing Focus on Decarbonization in the Cooling & Heating Industry to Foster Industry Progress: Fortune Business Insights

India, Pune, July 11, 2023 (GLOBE NEWSWIRE) -- The global Heat Exchanger Market size was valued at USD 15.94 billion in 2021. The market is expected to grow from USD 16.64 billion in 2022 to USD 27.55 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period. Increasing HVAC installations, rising focus on decarbonization in the cooling & heating industry, and other activities are expected to fuel market progress. Fortune Business Insights™ provides this information in its report titled “Heat Exchanger Market, 2022-2029.”

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Key Industry Development

March 2022: Alfa Laval announced its gasket plate heat exchanger developed for use in several applications. It is the world’s most advanced gasket plate exchanger due to its performance and flexibility.

Report Highlights:

Report Coverage


Forecast Period


Forecast Period 2022 to 2029 CAGR


2029 Value Projection

USD 27.55 Billion

Base Year


Market Size in 2022

USD 16.64 Billion

Historical Data for


No. of Pages


Segments covered

Fuel Type, By End-User, Application and Region

Growth Drivers

Technological Advancements in the Product to Foster Market Growth

Increasing Demand for Energy to Aid Growth

Drivers and Restraints

Technological Advancements in the Product to Foster Market Growth

A heat exchanger is utilized to recover wastewater heat and manage operating temperatures. Further, technological advancements in the product are likely to enhance its demand drastically. Technological breakthroughs aid in the diagnosis and monitoring of problems in real-time. Moreover, increasing investments in leading technologies, such as the Industrial Internet of Things (IIoT) and research & development, by manufacturers are expected to enhance the equipment’s adoption. Also, the adoption of the exchanger results in reduction of wear & tear, energy consumption, predictive maintenance, and machine optimization of systems, thereby driving the heat exchanger market growth.

Increasing Demand for Energy to Aid Growth

The growing population rate and the rapid-paced industrialization are factors that have propelled the demand for energy across the globe. However, this also has a detrimental effect on the environment due to the rising greenhouse gas emissions from industries. Therefore, several companies are adopting energy-efficient methods to arrest waste energy and further enhance the process optimization by deploying advanced heat recovery devices across several industrial applications. This is expected to contribute to the global heat exchangers market growth during the forecast period.

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COVID-19 Impact:

Supply Chain Disruptions and Manufacturing Delays Hindered Market Growth

The market was negatively affected during the COVID-19 pandemic due to supply chain disruptions and manufacturing delays. The sudden spike in COVID-19 infections led to restrictions on manufacturing activities, thereby hindering the supply chain. Furthermore, travel and transport restrictions led to lack of raw materials required to produce the equipment. However, the adoption of automated production techniques and the increasing adoption of reduced capacities may allow manufacturers to balance their costs and elevate their market position. This factor facilitated industry growth during the pandemic.


Shell & Tube Segment to Dominate Owing to its Increasing Adoption

By type, the market is segmented into shell & tube, plate & frame, air coolers, cooling towers, and others. The shell & tube segment is expected to dominate owing to its rising adoption.

By Type

Shell & Tube

Plate & Frame

Air Coolers

Cooling Towers


By Application


Oil & Gas

Power Generation




Food & Beverages


Chemicals Segment to Dominate Attributable to Rapidly Developing Chemical Industry

Based on application, the market is segregated into chemicals, oil & gas, power generation, HVAC, automobile, pharmaceuticals, food & beverages, and others. The chemicals segment is expected to dominate due to the rapidly developing chemical industry.

Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

On the basis of type, the market is categorized into shell & tube, plate & frame, air coolers, cooling towers, and others.

Based on type, the shell & tube segment held a global heat exchangers market share of about 34.0% in 2020. This is attributable to the increasing adoption of shell & tube devices in refineries and chemical industries owing to their ability to transfer large amounts of heat at relatively lower operating costs.

Based on application, the market is divided into chemicals, oil & gas, power generation, HVAC, automobile, pharmaceuticals, food & beverages, and others. Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.

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Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Regional Insights

Growing Living Standards to Foster Market Growth in Asia Pacific

Asia Pacific is projected to dominate the heat exchanger market share due to growing living standards. The market in Asia Pacific stood at USD 5.30 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the rapid expansion of chemical industries is expected to enhance the demand for the equipment in the region.

In Europe, the presence of established automotive, industrial, and manufacturing sectors is expected to foster the demand for the product. Further, emission regulations for commercial and residential buildings are likely to boost the industry’s growth.

In North America, the strong adoption of hybrid and light vehicles is expected to foster product demand. Moreover, the increasing focus on lower carbon-intensive processes may drive industrial growth.

Competitive Landscape

Major Players Announce Novel Products to Bolster Brand Image

The prominent companies operating in the market announce novel products to enhance their brand image. For example, Vacuum Process Engineering (VPE) signed a contract with General Electric in March 2022 to develop a 14 MW fuel gas performance Printed Circuit Heat Exchanger (PCHE). It shall be a part of the company’s advanced 7HA.02 gas turbine technology. It shall provide the South Korean national grid with steam for district heating for over 100,000 South Korean citizens. This strategy may allow manufacturers to enhance their brand image and foster sales.

Major Companies Focus on Partnerships to Expand Their Product Portfolio & Boost Sales Revenue

The market comprises small, medium, and large companies striving to maintain a stronghold. These companies partner with other companies to develop advanced heat transfer products to cater to the growing demand for energy worldwide. Additionally, the adoption of strategies such as collaboration, merger and acquisition, and facility expansion by other key players is anticipated to contribute to the growth of the market.

Industry Development:

February 2021 - Alfa Laval to partner with Carrier Global Corporation, a leading global provider of sustainable building and cold chain solutions. According to the partnership, Alfa Laval will supply advanced engineered heat exchangers for Carrier's commercial HVAC and refrigeration portfolios across the globe.

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List of Key Players Profiled in the Report

Alfa Laval (Sweden)

Kelvion Holding Gmbh (Germany)

GEA Group (Germany)

Danfoss (Denmark)

SWEP International AB (Sweden)

Thermax Limited (India)

API Heat Transfer (U.S.)

Tranter, Inc. (U.S.)

Mersen (France)

Linde Engineering (U.K.)

Air Products (U.S.)


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Table of Content:


Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Key Emerging Trends

Latest Technological Advancement

Regulatory Landscape

Industry SWOT Analysis

Porter’s Five Forces Analysis

Qualitative Analysis – Impact of COVID-19

Impact of COVID-19 on Heat Exchanger Market

Steps Taken by the Government to Overcome the Impact

Key Developments in the Industry in Response to COVID-19

Potential Opportunities and Challenges due to COVID-19 Outbreak

Global Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2018-2029

Key Findings / Summary

Market Analysis, Insights and Forecast – By Type

Shell & Tube

Plate & Frame

Air Coolers

Cooling Towers


Market Analysis, Insights and Forecast – By Application


Oil & Gas

Power Generation




Food & Beverage


Market Analysis, Insights and Forecast – By Region

North America


Asia Pacific

Latin America

Middle East & Africa

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