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

The Report Covers Global Heat Exchanger Market Growth & Trends. The 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).

Heat Exchanger Market Size

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Heat Exchanger Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 18.08 Billion
Market Size (2029) USD 28.26 Billion
CAGR (2024 - 2029) 9.34 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Heat Exchanger Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Heat Exchanger Market Analysis

The Heat Exchanger Market size is estimated at USD 18.08 billion in 2024, and is expected to reach USD 28.26 billion by 2029, growing at a CAGR of 9.34% during the forecast period (2024-2029).

  • Over the medium term, increasing industrial applications, expansions, and the development of new power plants will likely drive the market during the forecast period.
  • On the other hand, increasing renewable energy, which rarely requires a heat exchanger, is expected to impact the market negatively.
  • However, 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.

Heat Exchanger Market Trends

Power Generation Expected to Dominate the Market

  • The power generation segment is expected to dominate the market due to the increasing demand for electricity from households and industrial operations. This segment may also dominate the heat exchanger market during the forecast period.
  • 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.
  • According to the Energy Information Administration, the total electricity generation in the United States accounted for 4,178 terawatt-hours (TWh) in 2023. Compared to the previous year, power generation decreased by 50 TWh, but with increasing urbanization, the electricity demand is expected to grow further in the coming years.
  • In a nuclear power plant, heat exchangers transfer heat from the primary side (reactor) to the secondary side steam generator. In April 2024, the United Arab Emirates announced that it would release a tender for constructing a new nuclear power plant that would double the small Gulf state's nuclear reactors. Such projects will boost the demand for heat exchangers in the power sector.
  • Hence, such projects will positively impact the heat exchanger market during the forecast period.
Heat Exchanger Market: Net Electricity Generation, in Terawatt-hours (TWh), United States, 2010-2023

Asia-Pacific Expected to Dominate the Market

  • Asia-Pacific dominated the heat exchanger market in the past. It will likely dominate the market during the forecast period due to several power projects under construction.
  • As of July 2023, China had 1,142 operational coal power plants, and the government plans to include more large-scale coal-fired power plants. This factor is expected to drive the country's demand for heat exchangers.
  • Several heat exchanger companies are investing to expand their regional presence, which is expected to drive the market. In June 2023, LU-VE Group, the world’s largest operator in the field of air heat exchangers, agreed with Tianmen Prefecture (Hubei Province, China) to expand the LU-VE Tianmen production plant.
  • Additionally, NTPC Ltd intends to begin the construction of additional coal plants this year. The country continues to rely on fuel to meet its expanding energy needs. The New Delhi-based NTPC is expected to award building contracts for approximately 4.5 gigatonnes of coal-fired capacity.
  • Further, in the upcoming period, the market for heat exchangers will be in demand as countries like India and China focus on building new nuclear power plants. For example, in May 2023, Nuclear Power Corporation of India Ltd agreed to develop six 700 MW pressurized heavy water reactors (PHWRs) across two sites in India.
  • Hence, such projects are expected to drive the Asia-Pacific heat exchanger market during the forecast period.
Heat Exchanger Market : Growth Rate by Region, 2024-2029

Heat Exchanger Industry Overview

The heat exchanger market is moderately fragmented. The key players in the market include (in no particular order) Alfa Laval AB, Danfoss AS, General Electric Company, Hisaka Works Ltd, and Kelvion Holding GmbH.

Heat Exchanger Market Leaders

  1. General Electric Company

  2. Alfa Laval AB

  3. Kelvion Holding GmbH

  4. Danfoss AS

  5. Hisaka Works Ltd

*Disclaimer: Major Players sorted in no particular order

Heat Exchanger Market Concentration
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Heat Exchanger Market News

  • September 2023: APV, a part of SPX FLOW’s suite of process solutions, introduced the new Plate Heat Exchanger FastFrame. The product has improved usability and durability, which is expected to save time and money for food and beverage operators.
  • April 2023: Researchers in India developed a PV-powered earth-to-air heat exchanger to provide space heating and cooling in buildings. According to them, the proposed system may generate an annual energy gain of 8116.7 kWh.
  • March 2023: Alfa Laval launched AlfaNova GL50. The company claims the product is the first heat exchanger explicitly developed for fuel cell systems.

Heat Exchanger Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2029

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. 4.5.1.1 Increasing Industrialization across the World

        2. 4.5.1.2 Expansion and Development of New Power Plants

      2. 4.5.2 Restraints

        1. 4.5.2.1 Increasing Adoption of Renewable Energy

    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

  5. 5. MARKET SEGMENTATION

    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

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 NORDIC

        6. 5.3.2.6 Italy

        7. 5.3.2.7 Spain

        8. 5.3.2.8 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Thailand

        6. 5.3.3.6 Indonesia

        7. 5.3.3.7 Malaysia

        8. 5.3.3.8 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Colombia

        4. 5.3.4.4 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Qatar

        4. 5.3.5.4 Nigeria

        5. 5.3.5.5 South Africa

        6. 5.3.5.6 Egypt

        7. 5.3.5.7 Rest of the Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    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
    5. 6.4 Market Ranking/Share (%) Analysis

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Technological Advancements in Developing Heat Exchangers

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Heat Exchanger Industry Segmentation

Heat exchangers are devices that transfer heat from one medium to another. These media can be either a gas, a liquid, or a combination of the two. To prevent mixing, the media may be separated by a solid wall or in direct contact. Heat exchangers must supply heating and cooling to meet a process's needs.

The heat exchanger market is segmented by construction type, end user, and geography. By construction type, the market is segmented into shell and tube, plate frame, and other construction types. By end user, the market is segmented into the oil and gas industry, power generation, chemical, food and beverages, and other end users. The report also covers the market size and forecasts for the heat exchanger market across major regions such as North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts are done based on revenue (USD).

Construction Type
Shell and Tube
Plate Frame
Other Construction Types
End User
Oil and Gas Industry
Power Generation
Chemical
Food and Beverages
Other End Users
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
NORDIC
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Thailand
Indonesia
Malaysia
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
United Arab Emirates
Saudi Arabia
Qatar
Nigeria
South Africa
Egypt
Rest of the Middle East and Africa
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Heat Exchanger Market Research FAQs

The Heat Exchanger Market size is expected to reach USD 18.08 billion in 2024 and grow at a CAGR of 9.34% to reach USD 28.26 billion by 2029.

In 2024, the Heat Exchanger Market size is expected to reach USD 18.08 billion.

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

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Heat Exchanger Market.

In 2023, the Heat Exchanger Market size was estimated at USD 16.39 billion. The report covers the Heat Exchanger Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Heat Exchanger Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The key opportunities for the Heat Exchangers Market are a) Increasing number of nuclear power plants b) Rising demand for sustainable, low energy consumption, and cost-effective heat exchangers c) Stringent government regulations on greenhouse gas emissions

The key opportunities for the Heat Exchangers Market are a) Increasing number of nuclear power plants b) Rising demand for sustainable, low energy consumption, and cost-effective heat exchangers c) Stringent government regulations on greenhouse gas emissions

Heat Exchanger Industry Report

The global heat exchangers market is experiencing robust growth, driven by increasing demand across various industries for sustainable, energy-efficient, and cost-effective thermal management solutions. Key market segments include chemical processing, power generation, HVAC systems, and oil and gas industries, which utilize heat exchangers for efficient heat transfer and energy conservation. The market benefits from technological advancements enhancing performance and efficiency. Regionally, Asia Pacific leads with rapid industrialization in countries like China and India. Market dynamics are shaped by factors such as the rising number of nuclear power plants, stringent environmental regulations, and a global push towards energy efficiency. Challenges include the capital-intensive nature of the industry and lack of awareness about energy-efficient buildings. Despite these challenges, the market is set to continue its expansion, supported by innovation and increasing applications in emerging economies. For detailed statistics, market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which provide a comprehensive market forecast outlook and historical overview. Download a free report PDF sample for more insights into the heat exchanger industry.

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