Heat Exchanger Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

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 & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Heat Exchanger Market Size

Heat Exchanger Market Summary
Study Period 2020 - 2030
Market Size (2025) USD 19.77 Billion
Market Size (2030) USD 30.89 Billion
CAGR (2025 - 2030) 9.34 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Heat Exchanger Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Heat Exchanger Market with other markets in Energy & Power Industry

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Heat Exchanger Market Analysis

The Heat Exchanger Market size is estimated at USD 19.77 billion in 2025, and is expected to reach USD 30.89 billion by 2030, at a CAGR of 9.34% during the forecast period (2025-2030).

  • 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 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

  6. *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. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2029
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.1.1 Increasing Industrialization across the World
    • 4.5.1.2 Expansion and Development of New Power Plants
    • 4.5.2 Restraints
    • 4.5.2.1 Increasing Adoption of Renewable Energy
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitute Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Construction Type
    • 5.1.1 Shell and Tube
    • 5.1.2 Plate Frame
    • 5.1.3 Other Construction Types
  • 5.2 End User
    • 5.2.1 Oil and Gas Industry
    • 5.2.2 Power Generation
    • 5.2.3 Chemical
    • 5.2.4 Food and Beverages
    • 5.2.5 Other End Users
  • 5.3 Geography
    • 5.3.1 North America
    • 5.3.1.1 United States
    • 5.3.1.2 Canada
    • 5.3.1.3 Mexico
    • 5.3.1.4 Rest of North America
    • 5.3.2 Europe
    • 5.3.2.1 United Kingdom
    • 5.3.2.2 Germany
    • 5.3.2.3 France
    • 5.3.2.4 Russia
    • 5.3.2.5 NORDIC
    • 5.3.2.6 Italy
    • 5.3.2.7 Spain
    • 5.3.2.8 Rest of Europe
    • 5.3.3 Asia-Pacific
    • 5.3.3.1 India
    • 5.3.3.2 China
    • 5.3.3.3 Japan
    • 5.3.3.4 Australia
    • 5.3.3.5 Thailand
    • 5.3.3.6 Indonesia
    • 5.3.3.7 Malaysia
    • 5.3.3.8 Rest of Asia-Pacific
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Colombia
    • 5.3.4.4 Rest of South America
    • 5.3.5 Middle East and Africa
    • 5.3.5.1 United Arab Emirates
    • 5.3.5.2 Saudi Arabia
    • 5.3.5.3 Qatar
    • 5.3.5.4 Nigeria
    • 5.3.5.5 South Africa
    • 5.3.5.6 Egypt
    • 5.3.5.7 Rest of the Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Alfa Laval AB
    • 6.3.2 Barriquand Technologies Thermiques SAS
    • 6.3.3 Danfoss AS
    • 6.3.4 General Electric Company
    • 6.3.5 Hisaka Works Ltd
    • 6.3.6 Mersen SA
    • 6.3.7 Thermax Limited
    • 6.3.8 SPX Flow Inc.
    • 6.3.9 Kelvion Holding GmbH
  • *List Not Exhaustive
  • 6.4 Market Ranking/Share (%) Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 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

How big is the Heat Exchanger Market?

The Heat Exchanger Market size is expected to reach USD 19.77 billion in 2025 and grow at a CAGR of 9.34% to reach USD 30.89 billion by 2030.

What is the current Heat Exchanger Market size?

In 2025, the Heat Exchanger Market size is expected to reach USD 19.77 billion.

Who are the key players in Heat Exchanger Market?

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.

Which is the fastest growing region in Heat Exchanger Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Heat Exchanger Market?

In 2025, the Asia Pacific accounts for the largest market share in Heat Exchanger Market.

What years does this Heat Exchanger Market cover, and what was the market size in 2024?

In 2024, the Heat Exchanger Market size was estimated at USD 17.92 billion. The report covers the Heat Exchanger Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Heat Exchanger Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

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.

The market report covers global market growth and trends, offering detailed market size analysis and market growth insights. Market research indicates a positive market share outlook, supported by industry report data and market forecast predictions. The global market overview highlights industry trends and market segmentation, providing valuable market data and industry statistics. Industry analysis reveals a significant growth rate, driven by market leaders and industry sales in various sectors.

The market outlook remains optimistic, with market value projections and market review reports indicating continued growth. Industry information and industry research provide a comprehensive understanding of market dynamics, with market predictions suggesting sustained industry size expansion. Report examples and report PDFs offer in-depth industry reports, detailing market segmentation and market value trends. Research companies contribute to the market analysis, ensuring accurate and up-to-date industry outlook and market forecast data.