Heat Exchanger Market Segments and Growth by 2030

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2030

Heat Exchanger Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Shell and Tube, Plate and Frame, Air Cooled, and Others), Material (Steel, Copper, and Others), and Application (Energy, Chemical, Food and Beverages, HVACR, Pulp and Paper, and Others), and by Geography

  • Report Date : Sep 2023
  • Report Code : TIPRE00027553
  • Category : Electronics and Semiconductor
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 213

The heat exchanger market size is projected to reach US$ 39.11 billion by 2030 from US$ 20.65 billion in 2022. The market is expected to register a CAGR of 8.3% during 2022–2030. The increasing adoption of plate heat exchangers is likely to remain a key trend in the market.

Heat Exchanger Market Analysis

A heat exchanger is a device that is generally used for heating or cooling elements, depending on the customer’s needs; it is primarily employed in various processes and discrete industries. The industry uses heat exchangers for cooling to prevent overheating of critical machinery or flammable materials. The market for heat exchangers is growing globally. The major industrial sectors driving the demand are energy, chemical, food, HVAC, and marine, among others. All major process industries across the globe use heat exchangers for several applications. Industry 4.0, rapid industrialization, and technological advancements in the oil & gas industries are all boosting the growth of the market.

Heat Exchanger Market Overview

Manufacturers operating in the heat exchanger market are launching various products for petrochemical and refinery operations. For instance, in April 2023, Aggreko—a global provider of mobile modular power, temperature control, and energy solutions—launched two new rental heat exchanger families—the Large Nodal Heat Exchanger and the Hastelloy C Cross Flow Heat Exchanger. This off-the-shelf unit offers petrochemical and refinery customers the industry's largest heat exchanger and the only one made from Hastelloy. Both products are designed to ensure the smooth operation of petrochemical plants and refineries and handle complex chemical situations by maintaining customers' production rates and improving plant processes.

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Heat Exchanger Market: Strategic Insights

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Heat Exchanger Market Drivers and Opportunities

Increasing Utilization of Renewable Energy Sources to Favor Market

The trend toward using green energy options like wind and sunlight for electricity generation keeps increasing. The need to cut greenhouse gas emissions is causing more energy needs globally, which will force the use of heat exchangers. These devices are found inside wind turbines where they facilitate the movement of fluids through a system such that some mechanical work can be obtained. On the other hand, they can also be attached to solar collectors whereby absorbing onto themselves some amount of energy from radiation coming off its surface.

Rising Usage of Heat Exchangers in the Oil & Gas Industry

According to the report published by the International Energy Agency (IEA) in June 2023, the global demand for oil is expected to grow by 6% from 2022 to 2028. It will reach up to 105.7 million barrels per day (mb/d) in 2028. The demand is growing due to the rising requirement for petrochemicals and the increasing need for oil in the aviation sector. In addition, the investments for the upstream segment in oil and gas exploration, extraction, and production are anticipated to reach their highest value since 2015 and are projected to grow by 11% year-on-year to US$ 528 billion in 2023; this is to benefit the heat exchanger market.  According to the Economic Times, in January 2023, Pertamina, a refinery arm of an Indonesian state energy firm, announced upgrading its old refineries and building new ones, thereby increasing its processing capacity to over 1.5 million barrels per day. Therefore, the rise in global oil demand and investment in the oil & gas industry contributes to the production of oil and gas, where heat exchangers are used to eliminate the heat generated during production.

Heat Exchanger Market Report Segmentation Analysis

Key segments that contributed to the derivation of the heat exchanger market analysis are type, material, and application.

  • Based on type, the market is categorized into shell and tube, plate and frame, air-cooled, and others. The shell and tube segment held the largest share of the market in 2022.
  • Based on material, the heat exchanger market is segmented into steel, copper, and others. The steel segment held a significant market share in 2022.
  • Based on application, the market is categorized into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held the largest share of the market in 2022.

Heat Exchanger Market Share Analysis by Geography

The geographic scope of the Heat Exchanger market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominated the market in 2022. The North America heat exchanger market is segmented into the US, Canada, and Mexico. The US held the largest share of the heat exchanger market in North America in 2022. The region is adopting hydropower electricity generation as it is one of the clean sources of energy and is developing power plants to meet the growing energy demand. For instance, according to the US Department of Energy report for January 2021, the hydropower capacity increased by a net of 431 MW in 2019 since 2017. The capacity was increased from existing facilities, new facilities, and powering non-powered dams (NPDs), which resulted in a total net growth of 1,688 MW from 2010 to 2019. In addition, Mexico is planning to build many gas-fired power plants to increase the natural gas supply, including importing natural gas from the US.

Heat Exchanger

Heat Exchanger Market Regional Insights

The regional trends and factors influencing the Heat Exchanger Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Heat Exchanger Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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Heat Exchanger Market Report Scope

Report Attribute Details
Market size in 2022 US$ 20.65 Billion
Market Size by 2030 US$ 39.11 Billion
Global CAGR (2022 - 2030) 8.3%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Type
  • Shell and Tube
  • Plate and Frame
  • Air Cooled
By Material
  • Steel
  • Copper
By Application
  • Energy
  • Chemical
  • Food and Beverages
  • HVACR
  • Pulp and Paper
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Alfa Laval AB
  • Kelvion Holding GmbH
  • Danfoss AS
  • Xylem Inc.
  • API Heat Transfer Inc.
  • Chart Industries Inc
  • Guntner GmbH & Co KG
  • Larsen & Toubro Ltd
  • Hisaka Works Ltd
  • Johnson Controls International Plc

  • Heat Exchanger Market Players Density: Understanding Its Impact on Business Dynamics

    The Heat Exchanger Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Heat Exchanger Market are:

    1. Alfa Laval AB
    2. Kelvion Holding GmbH
    3. Danfoss AS
    4. Xylem Inc.
    5. API Heat Transfer Inc.
    6. Chart Industries Inc

    Disclaimer: The companies listed above are not ranked in any particular order.


    heat-exchanger-market-cagr

    • Get the Heat Exchanger Market top key players overview

    Heat Exchanger Market News and Recent Developments

    The heat exchanger market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the heat exchanger market are listed below:

    • L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. (Source: &T Heavy Engineering, Press Release, January 2023)
    • Johnson Controls announced that it has added and installed fully integrated, factory-built, wrap-around heat exchangers (WAHX) to its YORK Solution Indoor and Outdoor air-handling units, meeting a growing need for energy-efficient dehumidification methods in a compact footprint. (Source: Johnson Controls, Press Release, February 2022)

    Heat Exchanger Market Report Coverage and Deliverables

    The “Heat Exchanger Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

    • Heat Exchanger market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Heat Exchanger market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST/Porter’s Five Forces and SWOT analysis
    • Heat Exchanger market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the superconductor market
    • Detailed company profiles

    Frequently Asked Questions

    Which are the leading players operating in the heat exchanger market?

    Alfa Laval AB, Kelvion Holding GmbH, Danfoss AS, Xylem Inc., and API Heat Transfer Inc. are among the leading players in the heat exchanger market.

    What would be the estimated value of the heat exchanger market by 2030?

    The estimated value of the heat exchanger market is expected to reach US$ 39.11 billion by 2030.

    What is the expected CAGR of the heat exchanger market?

    The market is expected to grow at a CAGR of 8.3% over the forecast period.

    Which region dominated the heat exchanger market in 2022?

    North America dominated the heat exchanger market in 2022.

    What are the driving factors impacting the heat exchanger market?

    All major process industries across the globe use heat exchangers for several applications. Industry 4.0, rapid industrialization, and technological advancements in the oil & gas industries are all boosting the growth of the market.

    What are the future trends of the heat exchanger market?

    The increasing adoption of plate heat exchangers is likely to remain a key trend in the market.

    Naveen Chittaragi
    Naveen Chittaragi
    Associate Vice President,
    Market Research & Consulting

    Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

    Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    Our Clients

    The List of Companies - Heat Exchanger Market

    1. Alfa Laval AB
    2. Kelvion Holding GmbH
    3. Danfoss AS
    4. Xylem Inc    
    5. API Heat Transfer Inc             
    6. Chart Industries Inc
    7. Guntner GmbH & Co KG       
    8. Larsen & Toubro Ltd               
    9. Hisaka Works Ltd     
    10. Johnson Controls International Plc 
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