Heat Exchanger Market Research Report – Forecast to 2027

Heat Exchanger Market Research Report, By Type (Shell & Tube, Plate, Regenerative, Air cooled), Application (Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, Other), and Region (North America, Europe, Asia-Pacific, RoW) - Forecast till 2027

ID: MRFR/E&P/2177-HCR | February 2021 | Region: Global | 110 pages

Heat Exchanger Market Overview

Heat Exchanger Market is projected to reach  USD 317.4 Billion  by 2027 from an estimated USD 17.1 billion in 2019, at a CAGR of 6.19%.

One of the major driving factors of the heat exchangers industry is its rising demand among the non-commercial and commercial sectors. The increase in population and the growth in the economy of various countries are fuelling the market. Other than that, technological advancements and the demand for “Heating Ventilation Air Conditioning and Refrigeration” are boosting the growth.

COVID-19 Analysis

The disease of COVID-19 had serious effects on the growth of the heat exchangers market revenue. Due to the outbreak, the supply of raw materials has largely affected the market. This factor leads to the shutdown of many manufacturing companies in the heat exchanger industry. It is anticipated that the market will gain its previous position after the virus can be effectively eradicated across various countries.

Competitive Landscape

There are various key players in the global heat exchanger industry that use various tactics to increase their business. They do collaborations, investments, new product launches, new ventures, mergers, acquisitions, etc. Some of the companies are Alfa Laval that has recently acquired some companies to increase heat exchanger market revenue. Here is the list of some major key players -

  • Koch Heat Transfer Company (US)

  • Danfoss AS (Denmark)

  • Kelvion Holding GmbH (Germany)

  • General Electric Company (US)

  • Hughes Anderson Heat exchangers (US)

  • Hamon and Cie International SA (Belgium)

  • Alfa Laval AB, SWEP (Sweden)

  • Meren (France)

  • Thermax Limited (India)

  • HISAKA WORKS LTD. (Thailand)

  • API Heat Transfer (US)

  • Air Products (US)

  • Tranter Inc. (US)

  • HRS Heat exchangers (UK)

  • Linde Engineering (UK)

Market Dynamics

Market Drivers

One of the major drivers of the heat exchanger market is the massive demand for HVAC among the commercial, non-commercial and industrial sectors. The change in the lifestyle, changes in the climate are also some factors leading towards the growth. Also, it has been observed that many economies are growing at a rapid speed demanding sustainable solutions.


There are several restraints that are expected to hamper the market growth. The instability of the prices of raw materials is among the major factors. The unstable prices can create confusion and may have a negative impact on the heat exchangers industry.


The rising heat exchanger market trends are expected to drive the market with various opportunities in the upcoming years. The heat exchangers are efficient solutions for paper, steel and iron, pulp, and mining industries. The heavy investments by the key players and supporting government policies will help the market to propel.


Technological advancement can also hamper the market growth of the heat exchanger industry to some extent. The evolution of cheap alternatives and cost-effective components will prevent market growth. However, the complex installation of the components and identifying skilled labour will be challenging for the market. The supply and transportation of bulky components can be tedious and challenging.

Cumulative Analysis

The rising demand for heat exchangers for efficient transportation into conventional energy will drive the market in the future. The people are now also aware of the usage of sustainable and recycling of energy. The Compound Annual Growth of the heat exchanger industry is around 7.4% during the forecast period 2020-2027.

Value Chain Analysis

The growth in the price of heat exchangers largely depends upon technological advancements. Also, the awareness among the consumers and manufacturers for sustainable and renewable energies and components are important factors. Hence, the value of the heat exchanger industry will rise exponentially in the upcoming years. 

Segment Overview

heat exchanger market size has been divided into application and type. On the basis of application, the heat exchanger industry is further segmented into HVACR, chemicals, beverages and food, power generation, gas and oil, and several others.  In this category, the chemical category will dominate the market with the largest share. The chemicals are extensively used among the companies such as agrochemicals, petrochemicals, plastics, pharmaceuticals, polymers, etc.

On the basis of type, the heat exchanger industry is further classified into plate, air-cooled, tube and shell, and regenerative.  It is speculated that the shell and tube segment will rule the market because of high pressure, operating temperatures. They are also easy to detect any fault and put less pressure around the tube cooler.

Regional Analysis

Regionally, the global heat exchanger market outlook is divided into North America, Asia-Pacific, Europe, and the Middle East, and Africa. North America is expected to have significant growth during the forecast period. One of the major driving factors is the established companies with advanced technologies. Several companies are leading in the oil and gas sector, communication technology, IT sector, aviation, automobile, HVAC, etc.

The Asia-Pacific region is expected to have the largest contribution to the heat exchanger market share. It is because of the rising investments among the key players and the government. Developing countries like India, China, Bangladesh, and others such as Japan are increasing the capacity for power generation. As per reports by World Nuclear Performance, around four projects were commissioned during 2017 in these countries which contributed the market towards growth.

The European region will also hold a significant hold heat exchanger market growth after North America. The strict regulation policies by the European Commission have helped to shift focus upon technological improvement. The companies are adopting various devices that conserve energy efficiently. Along with that, various automobile companies and other industries have improved the growth of the heat exchanger market value.

The global heat exchanger industry in the Middle East and the African region will record substantial growth. The technology called district cooling is extensively used in the countries like Saudi Arabia, Bahrain, UAE, etc. This technology helps in providing air conditioning without putting extra effects upon the environment. In this way, this region will grow exponentially in the upcoming years.

Recent Developments

  • In the year 2021, Alfa Laval announced its partnership with Carrier Global Corporation which is one top company that provides sustainable living building. It also provides cold chain solutions for an efficient supply of heat exchanging. This partnership is expected to boost the business portfolio of Carrier Corporation's business across the world.

  • 2020, in February, Saulsbury announced its collaboration with one of the leading companies of North America which provides solutions for low carbon energy usages for the industrial, utility, and energy sectors.

Report Overview

Heat exchangers are used for the transportation of the heat from one medium to another. The heat is transported through the exchanger components which isolate the mediums which are used. Important criteria such as installation guidelines, flow rate, differentials, and temperature are efficient for better performance of heat exchangers.

There are various uses of heat exchangers in various industries. They are largely used for the rehabilitation of the waste heat, power air cooling, power generation, transfer of heat, etc. It is also used in industrial processing, power plants of mobile, mining, power generation, equipment for food processing, swimming pools, etc.

The report overviews of the market are as below-

  • Market Overview

  • COVID-19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments by the key Players

Report Score

  • Study Period- 2020-2027

  • Base Year- 2019

  • Forecast Period- 2021-2027

  • Historical Period- 2018

The score of the report is to provide information about the topic of the global heat exchanger market. The report highlights its strengths and scope of growth in the upcoming years. Furthermore, the report also provides brief information about the key players.


By Application

  • Oil and Gas


  • Chemicals

  • Beverages and Food

  • Power Generation

By Type

  • Plate

  • Air-cooled

  • Shell and Tube

  • Regenerative 

By region

  • North America

  • Asia-Pacific

  • Europe

  • The Middle East and Africa

Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 317.4 billion by 2027
  CAGR   6.19% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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), and Hamon & Cie International SA (Belgium), Koch Heat Transfer Company (U.S.), Hughes Anderson Heat Exchangers (U.S.)
  Key Market Opportunities

  • Technological developments
  • Increasing investments in various industries
  •   Key Market Drivers

  • Increase in industrialization
  • Rising investments in manufacturing, commercial and industrial projects

  • Frequently Asked Questions (FAQ) :

    It is expected that the global heat exchanger market will grow at a rate of 7.4% CAGR during the forecast period.

    The major drivers of the global heat exchanger market are the development of the industry sectors, the rising rate of industrialisation, increasing number of investments among others.

    It is projected that the Asia-Pacific region will dominate the global heat exchangers market during the forecast period.

    It is anticipated that the chemical category of the end-use segment will record substantial growth in the global heat exchanger industry.

    It is projected that the tube and shell exchanger segment in the type category will record the highest growth in the global heat exchanger industry.

    Some of the major key players in the global heat exchanger industry are- Koch Heat Transfer Company (US), Danfoss AS, Kelvion Holding GmbH, General Electric Company, Hughes Anderson Heat exchangers (US), Hamon and Cie International SA (Belgium), Alfa Laval AB, SWEP (Sweden), Meren (France), Thermax Limited (India), HISAKA WORKS LTD. (Thailand), API Heat Transfer (US), Air Products (US), Tranter Inc. (US), HRS Heat exchangers (UK), Linde Engineering (UK) and others.