The opportunities for market growth in heat exchangers have shown great promise around the world with tremendous growth potential in terms of revenue generation. The global demand for the heat exchanger is projected to hit USD 904.8 million by 2028, with a CAGR of 9%. The growing capacity expansion and construction activities across the commercial, residential and industrial sector is primarily driving the market for heat exchanger. The increasing demand from chemical, energy, power, food & beverage industries is anticipated to create new market opportunities for the market players involved in the global heat exchanger market.
The heat exchangers are the type of equipment useful in transferring energy between two or more fluids. Growing demand from oil & gas and chemical industries is anticipated to create growth opportunities in the overall heat exchangers market during the forecast period. The rise in the count of oil & gas refineries across developed as well as developing countries further boosting the demand for heat exchangers. For Instance, the Middle East region accounted for high growth in the development of oil & gas refineries which is building a strong demand for heat exchangers across the region. Moreover, an increase in the demand from the construction industry is also reported for growing the heat exchangers market.
The heat exchangers market is primarily classified as chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and other segments. This classification is made by the end-user industry of heat exchangers. The overall market for heat exchangers has been led by Chemical end-user industry segments in 2020. The segment is further expected to witness significant growth over the forecast period. This growth is mainly attributed to the high adoption of heat exchangers in the chemical industry owing to their application in a complex series of processes such as heating, cooling, condensing, evaporation, separation, and others.
The global demand for the heat exchanger is split geographically into North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The heat exchanger industry in 2020 was dominated by the European region. This growth is primarily attributed to the several power projects under construction across the region. Flourishing construction and oil &gas industries across developing countries in China, India and Japan are driving the market growth across Asia Pacific region.
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.
Segment Overview of Global Heat exchanger 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, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America