Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region - Global Forecast to 2028

Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region - Global Forecast to 2028

The global heat exchanger market size is projected to reach USD 29.0 billion by 2028 from USD 20.5 billion in 2023, at a CAGR of 7.1% during the forecast period. The ever-increasing demand for heat exchangers in emerging markets owing to rising awareness towards energy efficient solutions and stringent government regulations on greenhouse gas and CO2 emissions. Additionally, the demand for heat exchangers in emerging countries such as Asia Pacific, South America, and Middle East & Africa, is increasing due to the rising industrialisation and rapid urbanization that increases the demand for HVACR equipment for the commercial construction industry. This will drive the heat exchanger market during the forecast period.

“Energy segment is estimated to be the fastest growing in terms of value amongst other types in the heat exchanger market, in 2028.”

The energy segment which includes the petrochemical and Oil & gas industry is expected to register the fastest CAGR during the forecast period globally. The increasing focus on energy efficiency, sustainability, and environmental regulations has triggered the demand for heat exchangers in the energy segment. Also, the shift towards sustainable and eco-friendly practices is driving the development of bio-based and renewable petrochemical endues industry which will increase the demand for heat exchangers in the energy segment.

”Alloys is the second largest in the heat exchanger market, by material in 2022.”

Alloys provide excellent corrosion resistance, which is crucial in heat exchanger applications where fluids with varying chemical compositions and temperatures are involved. Corrosion-resistant alloys, such as nickel-based alloys, ensure longevity and reliability of heat exchanger equipment, reducing maintenance requirements and downtime. Heat exchangers require materials that can efficiently conduct heat to maximize heat exchange efficiency, and certain alloy compositions provide excellent thermal conductivity, enabling optimal performance.

“Europe is the largest in the heat exchanger market in 2022.”

Europe is the largest region amongst others in the heat exchanger market in 2022, in terms of value, Germany, France, Italy, Russia, Turkey, and the UK are the key countries driving the Europe heat exchanger market. This region has a highly developed industrial sector with a significant demand for heat exchangers across various industries, including power generation, oil and gas, chemical processing, HVAC (heating, ventilation, and air conditioning), and automotive manufacturing. Europe has a strong focus on energy efficiency and sustainability, driving the demand for heat exchangers that can optimize energy usage and reduce environmental impact.

Extensive primary interviews were conducted in the process of determining and verifying the sizes of several segments and subsegments of the heat exchanger market gathered through secondary research.

The breakdown of primary interviews has been given below.

By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%

By Designation: C Level Executives – 20%, Director Level – 10%, Others – 70%

By Region: North America – 20%, Asia Pacific – 30%, Europe – 30%, Middle East & Africa – 10%, South America-10%.

The key players in the heat exchanger market are ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany). The heat exchanger market report analyzes the key growth strategies, such as new product launches, investments & expansions, agreements, partnerships, and mergers & acquisitions to strengthen their market positions.

Research Coverage

This report provides detailed segmentation of the heat exchanger market and forecasts its market size until 2028. The market has been segmented based on type (shell & tube, plate & frame, air-cooled, and others), end-use industry (chemical, energy, HVACR, food & beverage, power, pulp & paper, and others), material (Metals, Alloys, and Brazing clad), and by region (North America, Europe, Asia Pacific, Middle East & Africa, and South America). A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for heat exchanger market.

Key benefits of buying this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the heat exchanger market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers (Growing industrialization in developing economies will drive the market, Rising energy efficiency regulations and stringent emission standards, Rising demand for HVACR equipment for the commercial construction industry to drive the market, Growing demand for sustainable, low energy consumption, and cost-effective heat exchangers to fuel the market growth), restraints (Fluctuation in raw material prices to impact the profitability of heat exchanger manufacturers, Lack of awareness about buildings’ energy efficiency, Sluggish growth of heat exchangers market in developed economies), opportunities (Rising nuclear power plants drive the heat exchangers market, Growing aftermarket to drive the heat exchangers market), and challenges (Regulations pertaining to fluorinated greenhouse gases, Capital-intensive market ) influencing the growth of the heat exchanger market.

Market Penetration: Comprehensive information on the heat exchanger market offered by top players in the global heat exchanger market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the heat exchanger market.

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for heat exchanger market across regions.

Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the heat exchanger market.

Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.