Asia-Pacific Heat Exchanger Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The market is segmented by Construction Type (Shell and Tube, Plate Frame, and Other Construction Types), End-user (Oil and Gas Facilities, Power Generation, Chemicals and Fertilizers, Food and Beverages, and Other End-users), and Geography (China, India, Japan, South Korea, and Rest of Asia-Pacific)

APAC Heat Exchanger Market Size

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Asia-Pacific Heat Exchanger Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 2.50 %
Market Concentration Low

Major Players

Asia-Pacific Heat Exchanger Market

*Disclaimer: Major Players sorted in no particular order


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APAC Heat Exchanger Market Analysis

The Asia-Pacific thermal energy power generation is expected to rise with a CAGR of over 2.5% during the forecast period of 2020-2025. Factors such as the increasing industrial operations in the developing countries such as China, India, etc. is expected to drive the demand for heat exchanger market over the forecast period. However, rising installations of renewable energy sources, which eliminates the requirement of the heat exchanger, is expected to hinder the growth of the market.

  • Power generation is expected to dominate the heat exchanger market, owing to the increasing energy demand in developing countries of the Asia-Pacific region over the forecast period.
  • In countries such as China, India and Indonesia, the increasing number of oil-gas refining facilities and chemical plants, in which heat exchanger is widely used, is likely to create some golden opportunities for the Asia-Pacific heat exchanger market in the future.
  • China held a significant share in 2018, due to its increasing industrial development and urbanization and is likley to dominate the Asia-Pacific heat exchanger market during the forecast period.

APAC Heat Exchanger Market Trends

This section covers the major market trends shaping the APAC Heat Exchanger Market according to our research experts:

Power Generation Segment Expected to Dominate the Market

  • Asia-Pacific is the largest region in the world both by area and by population. It is expected that the population of the region is likely to increase during the forecast period, which directly drive the energy generation in most of the developing countries in the region. And because of this growth in the energy sector, the Asia-Pacific heat exchanger market is expected to have a positive impact during the forecast period.
  • In 2018, power generation by thermal power register to be 9518.2 Terawatt-Hours (TWh) for Asia-Pacific, which was higher than any previous years.
  • Japan, in 2019, announced 22 coal-burning thermal power projects at 17 different sites. These will produce electricity using coal. As the heat exchangers are used in every coal plant, it is likely to create many opportunities for the Asia-Pacific heat exchanger market.
  •  In 2018, construction of Patratu Super Thermal Power Project in India started, which is expected to be complete by 2022. The project after completion is expected to produce 4000 megawatts (MW) of power when runned at its full potential and uses heat exchangers.
  • Shin Kori Nuclear Power Plant Units 4, 5, and 6 in South Korea. It is the expansion of the Kori Nuclear Power plant by adding three new reactors in it, totally having a power generation capacity of 4200 megawatts (MW). Reactor 1 was already decommissioned in 2017 while reactors 2 and 3 are to be decommissioned in mid of the 2020s. Construction of reactor 4 started in 2015 and commissioned in 2019. The development of reactors 5 and 6 are under progress and is expected to complete by 2022. The power plant uses two heat exchangers with total tube outside surface area of a 15205-meter square and an entire 13102 heat exchanger tubes. 
  • Hence, owing to the above points, power generation segment is expected to dominate the Asia-Pacific heat exchanger market during the forecast period.
Asia-Pacific Heat Exchanger Market- Electric Power Generation from Thermal Power Plants

China to Dominate the Market

  • China due to its largest population and increasing industrialization dominated the heat exchanger market in 2018 and is expected to dominate the market during the forecast period. There are several power projects under construction in the country, which uses heat exchangers directly. In 2018 electric power generated by thermal power plants in China was 5216.5 Terawatt-Hours (TWh), which was more than 50% of the Asia-Pacific.
  • Shandong Shenglu Coal-Fired Power Project in China can produce 4000 megawatts (MW) of energy. Its first phase was planned to be completed in 2019, and the second phase to be started in 2020. It will be requiring heat exchangers of huge capacity and is likely to create many opportunities for the Asia-Pacific heat exchanger market.
  • Leizhou Thermal Power Project in China has a power generation capacity of 6000 megawatts (MW). It started in 2015 and is expected to be completed by 2022. The development of the project exhibits increasing usage of heat exchanger in the country. 
  • Fujian Luoyuanwan Power Project in China began in 2015 and is still under the construction phase and has a capacity of generating 4000 megawatts (MW) of electricity. This project along with several other projects is expected to create dominance of China in Asia-Pacific heat exchanger market.
  • Hence, from the above points, it can be concluded that China is expected to dominate the Asia-Pacific heat exchanger market during the forecast period.
Asia-Pacific Heat Exchanger Market-Thermal Power Generation

APAC Heat Exchanger Industry Overview

The Asia-Pacific heat exchanger market is moderately fragmented. Some of key players in this market include Alfa Laval AB, Thermax Limited, Danfoss AS, General Electric Company, and Kelvion Holding GmbH, amongst others.

APAC Heat Exchanger Market Leaders

  1. Danfoss AS

  2. General Electric Company

  3. Alfa Laval AB

  4. Kelvion Holding GmbH

  5. ThermaxLimited

*Disclaimer: Major Players sorted in no particular order

Market Concentration - Asia-Pacific Heat Exchanger Market.png
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APAC Heat Exchanger Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Force Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Construction Type

      1. 5.1.1 Shell and Tube

      2. 5.1.2 Plate Frame

      3. 5.1.3 Other Construction Types

    2. 5.2 End-User

      1. 5.2.1 Oil and Gas Industry

      2. 5.2.2 Power Generation

      3. 5.2.3 Chemical and Fertilizers

      4. 5.2.4 Food and Beverages

      5. 5.2.5 Other End-Users

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Japan

      4. 5.3.4 South Korea

      5. 5.3.5 Rest of Asia-Pacific


    1. 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies Profile

      1. 6.3.1 Alfa Laval AB

      2. 6.3.2 Barriquand Technologies Thermiques SAS

      3. 6.3.3 Danfoss AS

      4. 6.3.4 General Electric Company

      5. 6.3.5 Guangzhou Qing Li Thermal Energy Equipment Co., Ltd.

      6. 6.3.6 Hisaka Works Ltd

      7. 6.3.7 Mersen SA

      8. 6.3.8 Thermax Limited

      9. 6.3.9 SPX Flow Inc.

      10. 6.3.10 Kelvion Holding GmbH


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APAC Heat Exchanger Industry Segmentation

The Asia-Pacific heat exchanger market report include:

Construction Type
Shell and Tube
Plate Frame
Other Construction Types
Oil and Gas Industry
Power Generation
Chemical and Fertilizers
Food and Beverages
Other End-Users
South Korea
Rest of Asia-Pacific
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APAC Heat Exchanger Market Research FAQs

The Asia-Pacific Heat Exchanger Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

Danfoss AS , General Electric Company, Alfa Laval AB , Kelvion Holding GmbH and ThermaxLimited are the major companies operating in the Asia-Pacific Heat Exchanger Market.

The report covers the Asia-Pacific Heat Exchanger Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Heat Exchanger Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Asia-Pacific Heat Exchanger Industry Report

Statistics for the 2024 Asia-Pacific Heat Exchanger market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Heat Exchanger analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Asia-Pacific Heat Exchanger Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)