Heat Exchanger Market Size, Share & Trends Analysis Report By product (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), By End-Use Industry (Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper, Others), COVID-19 Impact Analysis, Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2031 

Region: Global | Format: Word, PPT, Excel | Report Status: Published

Market Overview

The Heat Exchanger Market size was USD 18.50 Billion in 2022. Covid-19's pandemic has had a significant impact on the global heat exchanger market, as it has with many other industries. The pandemic has caused disruptions to supply chains, reduced demand for certain types of heat exchangers, and led to delays in construction and infrastructure projects, which has impacted the demand for heat exchangers in those sectors. Between 2023 and 2031, the market is projected to grow at a CAGR of 5.1%, from USD 19.44 billion in 2023 to USD 28.95 billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over according to a new report by Intellectual Market Insights Research.

Market Scope and Definition

A heat exchanger is a device that is used to transfer heat from one fluid to another, without the fluids coming into direct contact with each other. Heat exchangers are used in a wide range of applications, including heating and cooling systems, refrigeration and air conditioning, power generation, and industrial processes. In a typical heat exchanger, there are two fluid streams that pass through the device, with one fluid being heated or cooled as it passes over a surface that is in contact with the second fluid. The two fluids are kept separate by a barrier, which can be a metal wall or a bundle of tubes. Heat exchangers can be designed in a variety of different configurations, depending on the specific application and the requirements for heat transfer. Some common types of heat exchangers include shell and tube, plate and frame, and spiral heat exchangers.

The heat exchanger market has a broad scope, as heat exchangers are used in a wide range of industries and applications. Heat exchangers are used in heating, ventilation, air conditioning, and refrigeration systems to transfer heat between fluids and control temperature. Overall, the heat exchanger market has a broad scope, with applications in many different industries and sectors. As a result, the market is expected to continue to grow in the coming years, driven by increasing demand for energy-efficient systems and the need for improved process efficiency in various industrial applications. Several key players in the market are adopting strategies such as mergers, acquisition, partnerships, and collaboration for the expansion their product portfolio. For instance,

  • In September 2021, Kelvion, a leading manufacturer of heat exchangers, invested $3.7 million in 2021 to build a new production facility in Tennessee, USA. The new facility is intended to expand the company's presence in the US and meet the growing demand for heat exchangers in the data center and refrigeration industries in North America.

Market Drivers

Growth in Oil & Gas Demand Growth Drives the Market Growth

The growth in oil and gas demand is expected to have a positive impact on the heat exchanger market, as the oil and gas industry is a key user of heat exchangers for a variety of applications. Heat exchangers are used in the oil and gas industry for processes such as heat recovery, gas cooling, and water heating, as well as for the cooling of compressors and other equipment. As the global demand for oil and gas continues to increase, driven by population growth, urbanization, and industrialization, the demand for heat exchangers in the industry is also expected to grow. In addition, the increasing focus on energy efficiency and environmental sustainability is likely to drive demand for heat exchangers that can help to reduce energy consumption and greenhouse gas emissions in the industry, the growth in oil and gas demand is expected to be a positive driver for the heat exchanger market, as the industry is a key user of these products and is likely to continue to invest in new technologies and equipment to meet growing demand and improve efficiency.

Rising Industrialization in Developing Economies is One of the Key Drivers of the Heat Exchanger Market

The rising industrialization in developing economies is expected to have a positive impact on the heat exchanger market, as industries in these regions are increasingly adopting heat exchangers for various applications. Heat exchangers are used in a wide range of industries, including chemical, petrochemical, food and beverage, HVAC and refrigeration, and power generation, among others. As developing economies such as China, India, and Brazil continue to industrialize and expand their manufacturing sectors, the demand for heat exchangers is expected to grow. This is driven by a combination of factors, including the need for energy-efficient processes, the demand for higher-quality products, and the increasing focus on environmental sustainability, the rising industrialization in developing economies is expected to be a positive driver for the heat exchanger market, as these regions offer significant growth potential for manufacturers and suppliers of heat exchangers. However, challenges such as infrastructure development and the impact of the COVID-19 pandemic on these regions must also be considered.

Market Trends

Increasing Energy Efficiency is a Significant Trend in the Heat Exchanger Market

Heat exchangers are utilized to recover waste heat from industrial processes and transfer it to other parts of the system or to other processes. This heat recovery helps in reducing the overall energy consumption and increasing the efficiency of the operation. Industries such as power generation, chemical processing, and oil and gas are actively implementing heat recovery systems to maximize energy efficiency.

The market is witnessing demand for heat exchangers that offer higher heat transfer efficiency. Manufacturers are focusing on developing advanced designs, such as compact heat exchangers with increased surface area, improved flow patterns, and optimized geometries. These advancements enable better heat transfer rates, reducing the energy required for heat exchange processes.

Market Restraining Factors

Leakage and Pressure Drops in The System is a Restraining Factor in the Heat Exchanger Market

Heat exchangers are designed to maintain a separation between the fluid streams to prevent cross-contamination. However, leakage can occur due to various reasons, such as gasket failure, tube damage, or improper assembly. Leakage in a heat exchanger can lead to reduced efficiency, compromised heat transfer, and potential safety hazards. Manufacturers and operators strive to minimize leakage by employing proper sealing techniques, using high-quality gaskets and seals, and implementing regular maintenance and inspection protocols. It's worth noting that the specific leakage and pressure drop considerations can vary depending on the type of heat exchanger (e.g., shell and tube, plate and frame, finned tube, etc.), the fluids involved, operating conditions, and industry requirements. Consulting with heat exchanger manufacturers, industry experts, and considering best practices in heat exchanger design and maintenance can help address these concerns effectively.

Key Industry Developments
  • In October 2022, Alfa Laval, a leading manufacturer of heat exchangers, announced a partnership with Spirax Sarco, a global leader in steam and thermal energy solutions. The partnership involves the delivery of Alfa Laval heat exchangers to Spirax Sarco for use in steam and industrial fluid applications across a wide range of industries.
  • In December 2020, Danfoss, a leading manufacturer of heat exchangers, introduced a new portfolio of microplate heat exchangers based on its Z-design technology. The new technology is designed to reduce the refrigerant charge in HVAC and refrigeration systems, while also minimizing weight and improving efficiency.
  • In January 2021, SWEP, a leading manufacturer of brazed plate heat exchangers and a part of Dover Corporation, announced the launch of the BX4T brazed plate heat exchanger. The BX4T is the latest addition to the B4-sized range of heat exchangers and is designed specifically for the refrigeration market.
  • In December 2021, Alfa Laval signed a collaboration agreement with Microsoft in December 2021 to develop digital tools that will help to facilitate service and maintenance for its portfolio of plate heat exchangers. The collaboration aims to leverage Microsoft's expertise in artificial intelligence (AI) and cloud computing to develop digital solutions that will enable end-users to determine their specific needs and optimize the performance of their plate heat exchangers.

Heat Exchanger Market Players Analysis:

  • Air Products
  • Alfa Laval
  • API Heat Transfer
  • Danfoss AS
  • General Electric Company
  • Hisaka Works, Ltd.
  • HRS Heat Exchangers
  • Kelvion Holding GmbH
  • Koch Heat Transfer Company
  • Mersen SA
  • SPX Flow Inc.
  • SWEP International AB
  • Thermax Limited
  • Tranter, Inc.
  • Xylem Inc.
Heat Exchanger Market Players & Competitor Analysis:

The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Heat Exchanger Market Segmentation Analysis:

The market scope is segmented because of by product, by end user and by region.

By Product

Based on the product of the market is segmented into 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, and others.

Shell & Tube: The shell & tube segment led the industry and accounted for 35.7% of the global revenue demand in 2022. Shell and tube heat exchangers are commonly used in applications that require heat transfer between two fluids. They consist of a cylindrical shell with a bundle of tubes inside, through which the fluids flow. The three most common types of shell and tube heat exchangers are floating-head, U-tube, and fixed tube sheet designs.

Plate & Frame: The plate & frame product segment is expected to grow at a CAGR of 5.6% over the forecast period. Plate-type heat exchangers consist of a series of thin, corrugated plates that are stacked together to form a heat transfer surface. The plates are usually made of metal, such as stainless steel or titanium, and are either smooth or corrugated to increase the surface area available for heat transfer. Plate-type heat exchangers are classified based on the method used to seal the plates together. Gasketed plate heat exchangers use gaskets to create a tight seal between the plates, while brazed and welded plate heat exchangers use a metal joining process to create a leak-proof seal.

By End User

Based on the end user of the market is segmented into chemical & petrochemical, oil & gas, hvac & refrigeration, power generation, food & beverage, pulp & paper, and others.

Chemical & Petrochemical: Chemical & petrochemical led the market and accounted for 22.7% of the global revenue demand in 2022. Heat exchangers are widely used in the chemical processing industry (CPI) due to their ability to handle a wide range of fluids, including those with high levels of solids or corrosive properties. The design flexibility and high corrosion resistance of heat exchangers make them well-suited for use in CPI applications where aggressive chemical environments are present.

Oil & Gas: The heat exchanger demand in the oil & gas end-use industry is anticipated to witness growth at a CAGR of 4.7% over the forecast period. The increasing utilization of shale gas in the energy and manufacturing industries is expected to drive demand for heat exchangers. Shale gas is a type of natural gas that is extracted from shale rock formations through hydraulic fracturing, or fracking. The use of shale gas has grown rapidly in recent years, particularly in the United States, due to advances in drilling technology and the discovery of large shale gas reserves.

Report Coverage

The report will cover the qualitative and quantitative data on the global heat exchanger market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Study Period


Base Year


Estimated Forecast Year


Growth Rate

CAGR of 5.1% from 2023 to 2031


By Product, By End User, By Region


USD Billion

By Product

  • 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

By End User

  • Chemical & Petrochemical
  • Oil & Gas
  • HVAC & Refrigeration
  • Power Generation
  • Food & Beverage
  • Pulp & Paper
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)


Regional Snapshots

Europe led the market and accounted for 31.9% of the global revenue share in 2022. The rising oil and gas exploration activities in the US and Canada are also expected to drive the demand for heat exchangers in North America. Heat exchangers are used in the oil and gas industry for a range of applications, including heat recovery, gas cooling, and water heating. As oil and gas exploration activities increase, the demand for heat exchangers in the industry is likely to grow.

The Asia Pacific heat exchanger demand is likely to grow at a CAGR of 6.2% over the forecast period. The rapid industrialization in the developing economies of Asia Pacific, particularly in China, has contributed significantly to the growth of the heat exchanger market in the region. Rising investments in manufacturing, commercial, and industrial projects have resulted in increased demand for heat exchangers for various applications across different industries.

In China, the heat exchanger market is expected to be driven by growing investments in the chemical, petrochemical, and HVAC sectors. The burgeoning population and the government's efforts to enhance the country's infrastructure are expected to favor the growth of power generation and HVAC & refrigeration sectors, thereby driving the demand for heat exchangers over the forecast period.

Heat Exchanger Market Report is also available for below Regions and Country Please Ask for that

North America

  • U.S.
  • Canada


  • Switzerland
  • Belgium
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Rest of Europe


  • India
  • Australia
  • Philippines
  • Singapore
  • South Korea
  • Japan
  • China
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Argentina
  • Peru
  • Colombia
  • Brazil
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA
Points Covered in the Report

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase

To gain insightful analyses of the Heat Exchanger market and have comprehensive understanding of the global market and its commercial landscape.

Assess the production processes, major issues, and solutions to mitigate the development risk.

To understand the most affecting driving and restraining forces in the market and its impact in the global market.

Learn about the Heat Exchanger market strategies that are being adopted by leading respective organizations.

To understand the future outlook and prospects for the Heat Exchanger market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Heat Exchanger Market
  • Historic year: 2018- 2021
  • Base year: 2022
  • Forecast: 2023 to 2031
  • Representation of Market revenue in USD Million

Heat Exchanger Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:

Frequently Asked Questions

  • PUBLISHED ON : June, 2022
  • BASE YEAR : 2023
  • STUDY PERIOD : 2020-2032
  • NO OF PAGES : 380

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