Heat Exchanger Market Size

Global Heat Exchanger Market Overview

Heat Exchanger Market Size was predicted at USD 20.51 billion in 2023. The heat exchanger industry is projected to grow from USD 22 billion in 2024 to USD 37.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.06% during the forecast period (2024 - 2032). 

The heat exchanger market's expansion is aided by the rise in industrial activities and HVAC installation. Additionally, the increase in the upcoming years due to rising energy prices and industrial expansions in developing economies like those in the Asia-Pacific region positively impacts market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Heat Exchanger Market Trends

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  Rising focus on decarbonization to drive market growth

  
  

One of the most promising ways to lower greenhouse gas (GHG) emissions and the main energy consumption is to employ the developing, contemporary, and reasonably priced thermal energy system. As per the World Green Building Council, the energy used for cooling, heating, and power in buildings accounts for around 28% of the world's carbon dioxide (CO2) emissions (WGBC). 

By switching from fossil fuels, a heat exchanger greatly lowers the primary energy needed. Installing such systems lowers the need for fossil fuels, eventually reducing the threat of rising pollution. One of the proven solutions for comfort chilling in commercial spaces, educational institutions, hospitals, enterprises, and various other uses are providing chilled water through an integrated system. Therefore, the trend of green building has enhanced the heat exchanger market CAGR in recent years.

Figure1 Levels of green building activity worldwide in 2018 and 2021, based on the percentage of green building projects

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

The most important energy source for producing electricity is generally regarded as fossil fuels. According to the Energy Information Administration (EIA), coal is the third-largest fuel, generating over 19% of the U.S. energy output, while approximately 40% of the country's electricity was generated using natural gas in 2020. These fossil fuels emit GHGs into the atmosphere. 

One of the key aspects that will ultimately help the acceptance of a product is the increasing use of renewable resources for power generation, such as wind and solar. The installation of devices will be prompted by the increase in energy consumption resulting from the requirement to lower greenhouse gas emissions. The expanding renewable energy industry is another factor driving the heat exchanger market revenue.

Heat Exchanger Industry Segment Insights

Heat Exchanger Type Insights

The heat exchanger market segmentation, based on type, includes shell & tube, plate, regenerative, and air-cooled. In 2021, the industry's top-performing segment, shell & tube, was responsible for a major share of the heat exchanger market revenue. The three most typical varieties of shell and tube products are the floating-head type, U-tube design, and fixed tube sheet design. 

These straightforward heat exchangers are excellent for transferring heat from steam to water. During the projection period, the plate & frame product segment is anticipated to grow rapidly. At low to medium pressures, plate & frame products are commonly utilized for liquid-liquid exchange. Petrochemical plants, refineries, compressor stations, gas treatment plants, power plants, and other facilities use these items. Hence, rising applications of plate-type heat exchangers positively impact market growth.

February 2022 Alfa Laval, a world leader in critical heat transfer technology, separation, and fluid management, has introduced a gasket plate heat exchanger that is anticipated to have various applications. The TS45 is the most modern exchanger on the market, offering versatility and performance. This creation has further broadened the growth opportunity for the heat exchanger industry.

Heat Exchanger Application Insights

The heat exchanger Industry segmentation has been bifurcated by application into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. The chemicals segment dominated the heat exchanger industry due to the high increase in the chemical industry. Solvent condensation, hydrocarbons cooling, and reactor heating and cooling are some items employed in chemical manufacturing.

Figure 2: Heat Exchanger Market, by Application, 2024 & 2030 (USD Million)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

The second fastest-growing segment in the heat exchanger data is the HVACR sector. With increasing installations in the commercial and residential sectors, the HVACR industry has also picked up steam in recent years, boosting the sector.

Heat Exchanger Regional Insights

By Region, the study provides market insights into Europe, North America, Asia-Pacific and the Rest of the World. The North American heat exchanger market accounted for USD 7.5 billion in 2021 and is expected to exhibit a significant CAGR of 42.6 percent growth during the study period. The region's booming automotive industry has increased demand for heat exchangers by encouraging the use of light and hybrid automobiles. 

In 2021, there were around 721,100 plug-in hybrid electric vehicles on American roads. In addition, the region serves as the hub for many well-known businesses engaged in industries such as oil and gas, HVAC, automotive, aviation, and aerospace. The heat exchanger market will be driven by increased offshore investment in the oil and gas sector and refining capacity.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Heat Exchanger Market Share By Region 2021 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's heat exchanger Industry accounts for the second-largest market share. Throughout the upcoming years, significant growth is anticipated in Europe. The manufacturing, industrial, and automotive sectors are well-established in the area. The region fosters heat exchanger market expansion by focusing on less carbon-intensive processes and working toward zero-emission laws for residential and commercial buildings. 

In addition, a 20% increase in energy efficiency and a 20% decrease in greenhouse gas emissions are significant priorities in the strict environmental protection policies of the European government. As a result, many European nations are using energy-efficient technology to stop warming. Further, the German heat exchanger market held the largest market share, and the UK heat exchanger market was the fastest-growing market in the European region.

Asia Pacific’s heat exchanger market is predicted to have significant market growth. Emerging economies in the area, including China, India, and Japan, are anticipated to play a significant role in heat exchanger market expansion because of factors like rising capital spending, population growth, urbanization, and living standards. In addition, one major reason propelling the heat exchanger market is the rise of the chemical industries in the area. In India, there are more than 11,000 chemical companies. 

The government's efforts to improve the nation's infrastructure, as well as factors including the expanding population, are anticipated to encourage the expansion of the HVAC & refrigeration, and power generation industries, which will increase demand for these products throughout the forecast period. Moreover, China's heat exchanger market held the largest market share, and the Indian heat exchanger market was the fastest-growing market in the Asia-Pacific region.

Heat Exchanger Key Market Players & Competitive Insights

The market for heat exchangers will continue to rise due to major market players spending a lot of money on R&D to diversify their product lines. Market participants are engaging in various strategic activities to increase their presence in conjunction with significant market developments such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the heat exchanger industry must offer reasonably priced products if they want to expand and survive in a market that is getting increasingly cutthroat.

One of the primary business strategies utilized by the heat exchanger industry to service clients and expand the market sector is local manufacturing to reduce operational costs. Some of the most significant benefits recently offered to medicine by the heat exchanger industry. Heat exchanger market major players, including Danfoss A/S (Denmark), Alfa Laval AB (Sweden), Sierra S.p.A (Italy), Xylem Inc. (U.S.), and others are supporting R&D projects to boost market demand.

Danfoss Group provides products in various industries, including industrial machinery, automotive, marine, off- and on-highway equipment, heating, cooling, power conversion, motor control, and refrigeration. They offer solutions for district energy infrastructure for cities and renewable energy sources like solar and wind energy.

For instance, in April 2021, Danfoss Group, a Danish multinational corporation, introduced the world's first microchannel heat exchanger, which features a revolutionary optimized version that can be utilized for low-GWP and low-density refrigerants. It will achieve an optimal balance of internal refrigerant pressure drop and maximum heat rejection.

Alfa Laval is a leader in producing high-quality heat transfer, separation, and fluid handling products. With these as its foundation, Alfa Laval aspires to help its customers improve their productivity and competitiveness in a variety of industries throughout the world. We define their problems and provide long-term products and solutions that fit their needs. 

For instance, in May 2021, Alfa Laval developed a stainless steel AlfaNovaTW 66 heat exchanger, giving new options for households and safer tap water systems with huge capacities. The AlfaNovaTW is specifically optimized to guarantee safe and dependable performance in tap water tasks.

Key Companies in the heat exchanger market include

• Alfa Laval AB (Sweden)


• Kelvion Holdings Gmbh (Germany)


• Southern Heat Exchanger (U.S.)


• Danfoss A/S (Denmark)


• SPX Corporation (U.S.)


• Xylem Inc. (U.S.)


• API Heat Transfer Inc. (U.S)


• Gunter AG & Co. KG (Germany)


• Sierra S.p.A (Italy)


• Hamon & Cie International SA (Belgium)


• Koch Heat Transfer Company (U.S.)


• Hughes Anderson Heat Exchangers (U.S.)

Heat Exchanger Industry Developments

January 2022 SWEP, a subsidiary of Dover, introduced the FTW250AS brazed plate heat exchanger (BPHE), the first BPHE based on the Company's innovative Hypertwain® technology. The FTW250AS BPHE is primarily intended for use with reversible chillers and heat pumps. The FTW250AS has a capacity range of roughly 70 USRt, while the Hypertwain platform is being expanded with further BPHEs with capacities of up to 200 USRt on both single and multiple circuits.

March 2022 General Electric has paid Vacuum Process Engineering (VPE), a thermal engineering and manufacturing firm, to produce a 14 MW fuel gas performance Printed Circuit Heat Exchanger (PCHE). It will be a component of GE's sophisticated 7HA.02 gas turbine technology, supplying roughly 500 MW to the South Korean national grid and steam for district heating for over 100,000 South Koreans.

Heat Exchanger Segmentation

Heat Exchanger Maintenance Type Outlook

• Shell & Tube


• Plate


• Regenerative


• Air-cooled

Heat Exchanger Application Outlook

• Chemicals


• Oil & Gas


• Power Generation


• HVACR


• Food & Beverages


• Other

Heat Exchanger Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America