The heat exchanger is a system useful in transferring heat between two or more fluids. These systems are often employed in both cooling and heating processes at multiple end-use industries. Growing adoption of heat exchangers mainly ascribed to the growing need for cooling and heating processes among industries. The heat exchanger has application in multiple industries including chemical, energy, HVACR, food & beverage, power generation, construction and pulp & paper industry. Flourishing construction and chemical industries observed as the potential factors influencing the global demand for heat exchangers.
The global heat exchangers market size is predicted to reach over USD 904.8 billion by 2028. It is further anticipated to witness strong growth over the forecast period. This is primarily ascribed to the growing demand for heat exchangers from the oil & gas, chemical and construction industries. Besides, the increase in the count of steam power plants, chemical processing plants, building heat and air conditioning systems, and transportation power systems are some more key factors driving the market growth for heat exchangers.
However, considerably high prices of heat exchangers somehow hampering the overall market success. This factor limiting the adoption of this technology among small businesses and industries. Apart from that, only economically sound businesses or plants across the world are shifting toward the adoption of heat exchangers. This somewhere has been affecting its market growth and making people continue the conventional approach for industrial heat exchange processes.
Heat Exchangers Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2025||USD 904.8 million|
|Growth Rate||CAGR of 9% during 2021-2028|
|Segment Covered||Type, End-User Industry, Material, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Key Players Profiled||API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc. among others.|
Key Segments of the Global Heat Exchangers Market
Type Overview, 2018-2028 (USD Million)
- Shell & Tube
- Plate & Frame
End-User Industry Overview, 2018-2028 (USD Million)
- Oil & Gas
- Food & Beverage
- Power Generation
Material Overview, 2018-2028 (USD Million)
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global heat exchangers market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global heat exchangers market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the augmented analytics industry and their strategic initiatives for type development.
- The study covers a qualitative and quantitative analysis of the market segmented based on type, end-user industry, and material. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global heat exchangers market. The report will benefit every stakeholder involved in the heat exchangers market.
- Managers within the augmented analytics industry looking to publish recent and forecasted statistics about the global heat exchangers market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global heat exchangers market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Heat Exchangers are widely used in space heating, refrigeration, air conditioning, power stations, chemical plants, petrochemical plants, petroleum refineries, natural-gas processing, and sewage treatment. Some of the examples of heat exchangers are internal combustion engines and heat sinks that allow the transfer of heat between two different fluids. The growing count of industries that are employing heat exchangers during their processes is observed as a potential factor making the overall heat exchangers market witness growth. Capacity expansion activities across chemical, energy, power and food & beverage industries allowing the market to report increased customer demand for heat exchangers, This observed as another significant factor pushing the global heat exchangers market growth. In addition growth in the construction industry across the residential, commercial and industrial sectors further proliferating the market demand for heat exchangers. Owing to the increased adoption of these systems among flourishing industries, the Asia Pacific region is set to witness significant growth in the global market for heat exchangers.
Based on the type segment, the market is bifurcated into shell & tube, plate & frame, air-cooled, microchannel and others. In 2020, the shell & tube segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the plate & frame and microchannel segments are projected to attain major growth throughout the forecast years owing to its increasing demand across industries.
End-User Industry Segment
Based on the end-user industry, the market is segmented into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation and others. The oil & gas and chemical industries seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of these segments is largely ascribed to the growing demand for heat exchangers from oil & gas and chemical industries across developing countries.
Based on the material, the market is segmented into steel and non-steel. The steel segment led the market and accounted for more than 45% revenue share in 2020. It is further likely to continue its dominance throughout the forecast years. The heat exchangers are typically made of stamped steel sheet metal. The combustion products pass on one side of these heat exchangers, and air to heat on the other.
The European region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the growing adoption of heating and cooling systems across the region. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the heat exchangers market in this region is mostly ascribed to the growing count of industries that employ heat exchanger systems across countries including India, Japan, and China, among others.
The global market for the heat exchanger is made up of a large number of influential players. Market players such as API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc. among others. The industry players are increasingly adopting business growth strategies such as merger & acquisition, partnership, contracts, and product launch in the global heat exchanger market to maintain their market position. Renowned companies are offering new and modern solutions for heat exchangers. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.