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Global Heat Exchangers Market by Type (Shell & Tube Heat Exchangers, Plate & Frame Heat Exchangers, Air Cooled Heat Exchangers and Others(Extended Surface Heat Exchangers and Regenerative Heat Exchangers)), By Material (Carbon Steel, Stainless Steel, Nickel and Others), By End-User Industry(Oil & Gas, Chemical, Energy, HVAC & Refrigerator, Food & Beverage, Power Generation & Metallurgy, Pulp & Paper and Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Global Heat Exchangers Market Overview:
The global Heat Exchangers Market is estimated to reach USD 25.9 billion by 2030 with a CAGR of 5.6% during the forecast period of 2022-2030. It was valued at USD 19.3 billion in 2022. A heat exchanger is used transferring heat from the hot fluid to the cold fluid to meet the technological requirements of the predetermined device is a convective heat transfer and thermal conductivity for an industrial application. Heat exchangers can be classified such that its operation process can be divided into three types: partition type, hybrid type, regenerative type (or regenerative type). According to its surface compactness, it can be divided into two types: compact and non-compact. Domestic heat exchangers solve the problem of collectively heating homes and using hot water in winter. It works same as the principle of collective heat exchanger. It is just different sizes and styles.Global Heat Exchangers Market Insights
The growth in the construction industry across the residential, commercial, and industrial sector expected to drive the global heat exchangers market in the future time. Additionally, the surge in demand for heat exchangers in various industries such as power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries will fuel the growth of the global heat exchangers industry. The demand for heat exchangers in food, machinery, pharmaceutical, and other sectors is still increasing. High-efficiency heat exchangers have gradually replaced ordinary heat exchangers with low heat exchange efficiency. Moreover, increasing industrial activities and urbanization in the developing and developed countries require more power generation, which can contribute to the growth of global heat exchangers market size. Furthermore, the growing usage of heat exchangers in aircraft applications to improve fuel efficiency by removing heat from the engine will trigger the global heat exchangers’ market share in the projected periods. Additionally, large-scale ethylene projects, nuclear power plant construction, wind power plant construction, environmental protection engineering construction, and increasing desalination projects will all generate massive demand for the heat exchanger industry.Growth Driver
The Rise in HVACR Deployments and Growth in Construction Activities
The surge in applications of HVAC equipment in emerging economies, including China and India, is expected to propel the global heat exchangers market. In the refrigeration field, Microchannel heat exchangers for large refrigerators and freezers have also begun to be used in batches and will be widely optimistic in the future. Once again, in the field of heat pump water heaters, Gree, Haier, Midea, Smith, and other complete machine companies have put into use microchannel heat exchangers. It has a wide application field in civil construction.Rapid Industrial Expansions in Developing Countries
China, Russia, Brazil, India, and Southeast Asia heat exchanger markets have proliferated in recent years. China, Brazil, and India have experienced rapid industrial economic development in recent years and have a greater demand for heat exchanger equipment. Russia is located in a high latitude region. The military and heavy chemical industries are developed. The market demand for central heating heat exchangers and industrial heat exchangers is huge. Southeast Asian countries are experiencing rapid economic development in recent years, and large-scale energy and power infrastructure demand for heating products, which has given rise to the market significantly.Type Segmental Analysis
Based on type, the global Heat Exchangers market classified into Plate & Frame Heat Exchangers, Air Cooled Heat Exchangers, Shell & Tube Heat Exchangers, and Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers). The Shell & Tube Heat Exchangers segment predicted to gain major in the market by 2030, owing to growing application of Shell & Tube Heat Exchangers in various industries such as chemical, petrochemical and oil & gas, food & beverage, and power generation, so that fluids can be managed at high temperatures and pressures. The Plate & Frame Heat Exchangers segment will drive by its characteristics of high heat exchange efficiency, small heat loss, compact and lightweight structure, small footprint, wide application, and long service life.Material Segmental Analysis
Based on material, the global Heat Exchangers market categorized into Carbon Steel, Stainless Steel, Nickel, and Others. The Stainless-Steel segment projected to dominate the market by 2030 due to its characteristics such as resistance against corrosion, lightweight, and high thermal conductivity.End-User Industry Segmental Analysis
Based on the end-user industry, the global Heat Exchangers market categorized into Oil & Gas, Chemical, HVAC & Refrigerator, Food & Beverage, Power Generation & Metallurgy, Pulp & Paper, and Others. Oil & Gas segment expected to register a higher CAGR 2030 owing to the huge demand for Heat Exchangers in the upstream and downstream processing industry globally coupled with the surge in consumption of petrochemical products that has increased the activity in the upstream processing especially. Power Generation & Metallurgy segment will boost by the growth of the fossil and thermal power energy in the coming years.Region Segmental Analysis
Based on geography, the global Heat Exchangers market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific estimated to occupy the lion’s market share by 2030, owing to growing government expenses on infrastructure development and rising exploration activities in the oil & gas sector. Europe will drive on account of the region’s huge installed plant capacities of heat exchangers.Competitor Analysis
Companies such as Alfa Laval, Kelvion Holdings, Danfoss, Xylem, API Heat Transfer, Gunter, Chart Industries, Hisaka Works, Johnson Controls International, Hindustan Dorr-Oliver, SPX-FLOW, Inc, IHI Corporation, FUNKE Wärmeaustauscher Apparatebau GmbH, Thermowave GmbH, Hisaka Works Ltd are the key players in the Global Heat Exchangers Market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Heat Exchangers manufacturing firm
- Research organizations and consulting companies
- Organizations, associations, and alliances related to heat exchangers
- Regulatory bodies
- Suppliers
- Retailers
- In May 2023, Alfa Laval enhanced its brazed plate heat exchanger capacity to bolster the global energy transition. The establishment of new facilities in Italy, China, Sweden, and the U.S. signifies significant progress in their initiative to advance manufacturing intelligence and efficiency throughout the entire supply chain.
- In January 2021, Alfa Laval, opened a new facility to produce brazed heat exchangers in San Bonifacio, Italy. The new facility will have more capacity to fulfill the increasing customer demand.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Type- Shell & Tube Heat Exchangers
- Plate & Frame Heat Exchangers
- Air Cooled Heat Exchangers
- Others(Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
- Carbon Steel
- Stainless Steel
- Nickel
- Others
- Oil & Gas
- Chemical
- HVAC & Refrigerator
- Food & Beverage
- Power Generation & Metallurgy
- Pulp & Paper
- Others
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
- Global Heat Exchangers Market, 2017-2030
5.1. Market size & Forecast, 2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Type
5.2.1.1. Shell & Tube Heat Exchangers
5.2.1.2. Plate & Frame Heat Exchangers
5.2.1.3. Air Cooled Heat Exchangers
5.2.1.4. Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
5.2.2. By Material
5.2.2.1. Carbon Steel
5.2.2.2. Stainless Steel
5.2.2.3. Nickel
5.2.2.4. Others
5.2.3. By End-User Industry
5.2.3.1. Oil & Gas
5.2.3.2. Chemical
5.2.3.3. HVAC & Refrigerator
5.2.3.4. Food & Beverage
5.2.3.5. Power Generation & Metallurgy
5.2.3.6. Pulp & Paper
5.2.3.7. Others
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia Pacific
5.2.4.4. The Middle East & Africa
5.2.4.5. South America
- North America Heat Exchangers Market, 2017-2030
6.1. North America Heat Exchangers Market size & Forecast, 2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. North America Heat Exchangers Market Share & Forecast, 2017-2030
6.2.1. By Type
6.2.1.1. Shell & Tube Heat Exchangers
6.2.1.2. Plate & Frame Heat Exchangers
6.2.1.3. Air Cooled Heat Exchangers
6.2.1.4. Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
6.2.2. By Material
6.2.2.1. Carbon Steel
6.2.2.2. Stainless Steel
6.2.2.3. Nickel
6.2.2.4. Others
6.2.3. By End-User Industry
6.2.3.1. Oil & Gas
6.2.3.2. Chemical
6.2.3.3. HVAC & Refrigerator
6.2.3.4. Food & Beverage
6.2.3.5. Power Generation & Metallurgy
6.2.3.6. Pulp & Paper
6.2.3.7. Others
6.2.4. By Country
6.2.4.1. U.S
6.2.4.2. Canada
6.2.4.3. Mexico
6.2.5. By Price Point Analysis
6.2.6. Company Market Share (Top 3-5)
6.2.7. Manufacturer & Distributor List (Top 5)
6.2.8. Economic Impact Study on North America Heat Exchangers Market
- Europe Heat Exchangers Market, 2017-2030
7.1. Europe Heat Exchangers Market size & Forecast, 2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Europe Heat Exchangers Market Share & Forecast, 2017-2030
7.2.1. By Type
7.2.1.1. Shell & Tube Heat Exchangers
7.2.1.2. Plate & Frame Heat Exchangers
7.2.1.3. Air Cooled Heat Exchangers
7.2.1.4. Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
7.2.2. By Material
7.2.2.1. Carbon Steel
7.2.2.2. Stainless Steel
7.2.2.3. Nickel
7.2.2.4. Others
7.2.3. By End-User Industry
7.2.3.1. Oil & Gas
7.2.3.2. Chemical
7.2.3.3. HVAC & Refrigerator
7.2.3.4. Food & Beverage
7.2.3.5. Power Generation & Metallurgy
7.2.3.6. Pulp & Paper
7.2.3.7. Others
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. UK
7.2.4.3. France
7.2.4.4. Italy
7.2.4.5. Rest of Europe
7.2.5. By Price Point Analysis
7.2.6. Company Market Share (Top 3-5)
7.2.7. Manufacturer & Distributor List (Top 5)
7.2.8. Economic Impact Study on Europe Heat Exchangers Market
- Asia Pacific Heat Exchangers Market, 2017-2030
8.1. Asia Pacific Heat Exchangers Market size & Forecast, 2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Asia Pacific Heat Exchangers Market Share & Forecast, 2017-2030
8.2.1. By Type
8.2.1.1. Shell & Tube Heat Exchangers
8.2.1.2. Plate & Frame Heat Exchangers
8.2.1.3. Air Cooled Heat Exchangers
8.2.1.4. Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
8.2.2. By Material
8.2.2.1. Carbon Steel
8.2.2.2. Stainless Steel
8.2.2.3. Nickel
8.2.2.4. Others
8.2.3. By End-User Industry
8.2.3.1. Oil & Gas
8.2.3.2. Chemical
8.2.3.3. HVAC & Refrigerator
8.2.3.4. Food & Beverage
8.2.3.5. Power Generation & Metallurgy
8.2.3.6. Pulp & Paper
8.2.3.7. Others
8.2.4. By Country
8.2.4.1. China
8.2.4.2. India
8.2.4.3. Japan
8.2.4.4. Australia
8.2.4.5. Rest of Asia pacific
8.2.5. By Price Point Analysis
8.2.6. Company Market Share (Top 3-5)
8.2.7. Manufacturer & Distributor List (Top 5)
8.2.8. Economic Impact Study on Asia-Pacific Heat Exchangers Market
- The Middle East & Africa Heat Exchangers Market, 2017-2030
9.1. The Middle East & Africa Heat Exchangers Market size & Forecast, 2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. The Middle East & Africa Heat Exchangers Market Share & Forecast, 2017-2030
9.2.1. By Type
9.2.1.1. Shell & Tube Heat Exchangers
9.2.1.2. Plate & Frame Heat Exchangers
9.2.1.3. Air Cooled Heat Exchangers
9.2.1.4. Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
9.2.2. By Material
9.2.2.1. Carbon Steel
9.2.2.2. Stainless Steel
9.2.2.3. Nickel
9.2.2.4. Others
9.2.3. By End-User Industry
9.2.3.1. Oil & Gas
9.2.3.2. Chemical
9.2.3.3. HVAC & Refrigerator
9.2.3.4. Food & Beverage
9.2.3.5. Power Generation & Metallurgy
9.2.3.6. Pulp & Paper
9.2.3.7. Others
9.2.4. By Country
9.2.4.1. Saudi Arabia
9.2.4.2. UAE
9.2.4.3. South Africa
9.2.4.4. Rest of The Middle East & Africa
9.2.5. By Price Point Analysis
9.2.6. Company Market Share (Top 3-5)
9.2.7. Manufacturer & Distributor List (Top 5)
9.2.8. Economic Impact Study on The Middle East & Africa Heat Exchangers Market
- South America Heat Exchangers Market, 2017-2030
10.1. South America Heat Exchangers Market size & Forecast, 2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. South America Heat Exchangers Market Share & Forecast, 2017-2030
10.2.1. By Type
10.2.1.1. Shell & Tube Heat Exchangers
10.2.1.2. Plate & Frame Heat Exchangers
10.2.1.3. Air Cooled Heat Exchangers
10.2.1.4. Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers)
10.2.2. By Material
10.2.2.1. Carbon Steel
10.2.2.2. Stainless Steel
10.2.2.3. Nickel
10.2.2.4. Others
10.2.3. By End-User Industry
10.2.3.1. Oil & Gas
10.2.3.2. Chemical
10.2.3.3. HVAC & Refrigerator
10.2.3.4. Food & Beverage
10.2.3.5. Power Generation & Metallurgy
10.2.3.6. Pulp & Paper
10.2.3.7. Others
10.2.4. By Country
10.2.4.1. Brazil
10.2.4.2. Argentina
10.2.4.3. Rest of South America
10.2.5. By Price Point Analysis
10.2.6. Company Market Share (Top 3-5)
10.2.7. Manufacturer & Distributor List (Top 5)
10.2.8. Economic Impact Study on South America Heat Exchangers Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company profile
11.7.1. Alfa Laval
11.7.2. Kelvion Holdings
11.7.3. Danfoss
11.7.4. Xylem
11.7.5. API Heat Transfer
11.7.6. Gunter
11.7.7. Chart Industries
11.7.8. Hisaka Works
11.7.9. Johnson Controls International
11.7.10. Hindustan Dorr-Oliver
11.7.11. SPX-FLOW, Inc
11.7.12. IHI Corporation
11.7.13. FUNKE Wärmeaustauscher Apparatebau GmbH
11.7.14. Thermowave GmbH
11.7.15. Hisaka Works Ltd.
11.7.16. Other players
Frequently Asked Questions (FAQ)
The global Heat Exchangers Market is estimated to reach USD 25.9 billion by 2030 with a CAGR of 5.6% during the forecast period of 2022-2030. It was valued at USD 19.3 billion in 2022.
Companies such as Alfa Laval, Kelvion Holdings, Danfoss, Xylem, API Heat Transfer, Gunter, Chart Industries, Hisaka Works, Johnson Controls International, Hindustan Dorr-Oliver, SPX-FLOW, Inc, IHI Corporation, FUNKE Wärmeaustauscher Apparatebau GmbH, Thermowave GmbH, Hisaka Works Ltd are the key players in the Global Heat Exchangers Market.
The Asia Pacific is estimated to occupy the largest market share.
The increasing industrial activities and urbanization in developing and developed countries require more power generation, which can contribute to the opportunities of the global heat exchangers market size.
