Heat Exchangers Market Growth & Trends

The global heat exchangers market size is expected to reach USD 26.26 billion by 2030, registering at a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards is expected to drive the market.

The presence of favorable government regulations in the emerging economies of China, India, Brazil, and Mexico about setting up new manufacturing facilities is expected to spur the demand for heat exchangers in various industries. In addition, upcoming nuclear power projects, particularly in the Asia Pacific, are anticipated to drive market growth during the forecast period.

Technological advancements coupled with constant efforts and investments by major market participants in product innovation and research & development are expected to increase the market competitiveness over the coming years. The adoption of novel techniques of additive manufacturing in the production of heat exchangers is likely to complement industrial growth.

The COVID-19 pandemic has severely impacted several economies worldwide. Containment measures, including lockdowns imposed by various countries to curb the spread of COVID-19, have resulted in limiting the operations of manufacturing facilities, thereby negatively impacting the demand for heat exchangers in 2020.

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Heat Exchangers Market Report

Heat Exchangers Market Report Highlights

• The demand for plate & frame heat exchangers is anticipated to witness growth at a CAGR of 6.1% from 2024 to 2030 on account of its simple & compact structure coupled with their ability to increase capacity easily by adding new plates to the system

• The shell & tube segment led the market and accounted for 35.6% of the global revenue in 2023

• Asia Pacific heat exchanger demand is likely to grow at a CAGR of 6.8% over the forecast period

• The demand for heat exchangers in Saudi Arabia is expected to witness a CAGR of 4.5% owing to the presence of a robust oil & gas industry coupled with the growth in the manufacturing sector attributed to the government’s diversification efforts

Heat Exchangers Market Segmentation

Grand View Research has segmented the global heat exchangers market report based on product, end-use, material and region

Heat Exchangers Product Outlook (Revenue, USD Million, 2018–2030)

• Plate & Frame Heat Exchanger

• Brazed Plate & Frame Heat Exchanger

• Gasketed Plate & Frame Heat Exchanger

• Welded Plate & Frame Heat Exchanger

• Others

• Shell & Tube Heat Exchanger

• Air-Cooled Heat Exchanger

• Others

Heat Exchangers End-use Outlook (Revenue, USD Million, 2018–2030)

• Chemical & Petrochemical

• Oil & Gas

• HVAC & Refrigeration

• Power Generation

• Food & Beverage

• Pulp & Paper

• Others

Heat Exchangers Material Outlook (Revenue, USD Billion, 2018–2030)

• Metals

• Alloys

• Others

List of Key Players of Heat Exchanger Market

• Alfa Laval

• Danfoss

• Kelvion Holding GmbH

• Güntner Group GmbH

• Xylem Inc.

• API Heat Transfer

• Merse

• Hisaka Works, Ltd.

• Chart Industries, Inc.

• Johnson Controls International

• HRS Heat Exchangers

• SPX FLOW, Inc.

• Funke Wärmeaustauscher Apparantebau GmbH

• Koch Heat Transfer Company

• Southern Heat Exchanger Corporation