Heat Exchanger Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Heat Exchanger Market is Segmented by Construction Type (Shell and Tube, Plate Frame, and Other Construction Types), End User (Oil and Gas Industry, Power Generation, Chemical, Food and Beverages, and Other End Users), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Market Snapshot

Heat Exchanger Market Summary
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3 %
Heat Exchanger Market Major Players

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Market Overview

The heat exchanger market is expected to register a CAGR of more than 3% during the forecast period (2022 – 2027). The COVID-19 outbreak in Q1 2020 led to delayed manufacturing and supply of heat exchangers. Obstruction of oil and gas projects and power projects due to induced lockdown worldwide also hampered the demand for heat exchangers from the mentioned industries. The increasing industrial applications, expansions, and development of new power plants are likely to drive the market during the forecast period. However, increasing renewable energy, which rarely requires a heat exchanger, is expected to negatively impact the market.

  • The power generation segment is expected to dominate the market due to the increasing demand for electricity from households and industrial operations, which may dominate the heat exchanger market during the forecast period.
  • Increasing industrialization and urbanization in developing countries, such as China and India, require more power generation, which is expected to create an opportunity for the heat exchanger market.
  • Asia-Pacific is expected to dominate the heat exchanger market due to its increasing industrial development in China, Japan, South Korea, and India.

Scope of the Report

The scope of the heat exchanger market report includes:

Construction Type
Shell and Tube
Plate Frame
Other Construction Types
End User
Oil and Gas Industry
Power Generation
Food and Beverages
Other End Users
North America
South America
Middle-East and Africa

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Key Market Trends

Power Generation Expected to Dominate the Market

  • Heat exchangers are widely used in power generation through fossil and thermal energy. Power generation plants employ heat exchangers to collect heat from hot waste gases to generate power. The growing demand in the energy sector may boost the heat exchanger market during the forecast period.
  • The total electricity generation accounted for 26823.2 Terawatt-hours (TWh) in 2020. The demand for electricity is expected to grow further in the coming years.
  • Japan announced 22 coal-fired power projects at 17 different sites. These projects will produce electricity using coal. As the heat exchangers are used in every coal plant, it is likely to create many opportunities for the heat exchanger market.
  • Similarly, China’s Shandong Shengli coal-fired power project can produce 4,000 megawatts (MW) of energy. Its first phase was started in 2016, and the second phase was to be launched in 2020. Shengli Power Company has been building the project as a part of the Shanghai Temple Coal Power Support Base Demonstration Project.
  • Fujian Luoyuanwan power project in China began in 2015 and is still under the construction phase in 2020. It can generate 4,000 megawatts(MW) of electricity.
  • Barakah Nuclear power plant in the United Arab Emirates was started in 2009. It is expected to complete in 2020. It can produce 5,600 megawatts (MW) of energy.
  • In February 2021, the eastern Chinese coastal province of Zhejiang approved the construction of a new USD 1.10-billion coal-fired power plant with 2 GW of generating capacity.
  • Hence, such projects are likely to positively impact the heat exchanger market during the forecast period.
Heat Exchanger Market : Electricity Generation, in Terawatt-hours (TWh), Global, 2010-2020

Asia-Pacific Expected to Dominate the Market

  • Asia-Pacific dominated the heat exchanger market in the past. It is likely to dominate the market during the forecast period due to several power projects under construction.
  • As of August 2021, China’s provincial governments had approved the construction of 24 new coal power projects in the first half of 2021, adding a total of 5.2 gigawatts (GW) of capacity, including three large-scale coal-fired power plants. This factor is expected to drive the demand for heat exchangers in the country.
  • Leizhou Thermal Power Project in China can generate 6,000 megawatts (MW) of power. It started in 2015 and is expected to be completed by 2022. This project may also drive the heat exchanger market during the forecast period.
  • The Shin Kori Nuclear Power Plant in South Korea added units 4, 5, and 6, which can generate 4,200 MW of power. Reactor 1 was already decommissioned in 2017, while reactors 2 and 3 were to be decommissioned in mid-2020. Construction of reactor 4 started in 2015 and was commissioned in 2019. The development of reactors 5 and 6 is in progress and will be completed by 2022.
  • Hence, such projects are expected to drive the Asia-Pacific heat exchanger market during the forecast period.
Heat Exchanger Market: Growth Rate By Region, 2022-2027

Competitive Landscape

The heat exchanger market is moderately fragmented. The key players in the market include Alfa Laval AB, Danfoss AS, General Electric Company, Hisaka Works Ltd, and Kelvion Holding GmbH.

Major Players

  1. General Electric Company

  2. Alfa Laval AB

  3. Kelvion Holding GmbH

  4. Danfoss AS

  5. Hisaka Works Ltd

Heat Exchanger Market Concentration

Recent Developments

  • In January 2021, SWEP, part of Dover Corporation, announced the launch of the BX4T brazed plate heat exchanger (BPHE), the latest addition to the B4-sized range for the refrigeration market. BX4T boasts a more compact design than existing economizers, making it perfect for variable refrigerant flow (VRF), heat pumps, and condensing units.
  • In April 2021, Glacier Energy announced the launch of HTX Digital, a new predictive maintenance tool for monitoring heat exchanger performance.
  • In December 2021, Alfa Laval signed a global collaboration agreement with Microsoft to develop digital tools that facilitate service and maintenance for its portfolio of plate heat exchangers. The new devices will use artificial intelligence (AI) to enable end-users to determine the customer's needs.

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 2027

    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 Forces 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 Substitute 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

      4. 5.2.4 Food and Beverages

      5. 5.2.5 Other End Users

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      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 Hisaka Works Ltd

      6. 6.3.6 Mersen SA

      7. 6.3.7 Thermax Limited

      8. 6.3.8 SPX Flow Inc.

      9. 6.3.9 Kelvion Holding GmbH

    4. *List Not Exhaustive

**Subject to Availability
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Frequently Asked Questions

The Heat Exchanger Market market is studied from 2019 - 2027.

The Heat Exchanger Market is growing at a CAGR of >3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

General Electric Company, Alfa Laval AB , Kelvion Holding GmbH, Danfoss AS, Hisaka Works Ltd are the major companies operating in Heat Exchanger Market.

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