Heat Exchanger Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.07 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Heat Exchanger Market Analysis
The heat exchanger market is estimated to be at USD 16.73 billion by the end of this year and is projected to reach USD 21.42 billion in the next five years, registering a CAGR of 5.07% during the forecast period.
- Over the medium period, the increasing industrial applications, expansions, and 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.
- Nevertheless, 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, which may 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 Energy Information Administration, The total electricity generation in the United States accounted for 4243 Terawatt-hours (TWh) in 2022. With an annual growth rate of 3.3% compared to the previous year and increasing urbanization, The electricity demand is expected to grow further in the coming years.
- In November 2022, the Council of Ministers formally authorised the decision to build Poland's first nuclear power station with three Westinghouse AP1000 reactors. Westinghouse had been chosen for the first of the Polish government's 6 to 9 GW nuclear projects.
- Hence, such projects will positively impact the heat exchanger market during the forecast period.
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 2022, China has 1118 operational coal power plants, and the government plans to include more large-scale coal-fired power plants. This factor is expected to drive the demand for heat exchangers in the country.
- 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.
- Hence, such projects are expected to drive the Asia-Pacific heat exchanger market during the forecast period.
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, among others.
Heat Exchanger Market Leaders
General Electric Company
Alfa Laval AB
Kelvion Holding GmbH
Danfoss AS
Hisaka Works Ltd
*Disclaimer: Major Players sorted in no particular order
Heat Exchanger Market News
- 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.
- February 2022: Tranter won a European EPC business order for a petrochemical project in Eastern Europe. The company's delivery scope for the project includes 37 big heat exchangers from all of our product lines. This contains four jumbo-sized shell-and-plate heat exchangers employed in heat recovery services at near temperatures.
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 2028
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 Rest of the 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 Rest of the 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 Rest of the Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of the 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 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
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Advancements in Developing Heat Exchangers
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 Middle East & Africa. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| 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 | ||||||
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Heat Exchanger Market Research FAQs
What is the current Heat Exchanger Market size?
The Heat Exchanger Market is projected to register a CAGR of 5.07% during the forecast period (2024-2029)
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 (2024-2029).
Which region has the biggest share in Heat Exchanger Market?
In 2024, the Asia Pacific accounts for the largest market share in Heat Exchanger Market.
What years does this Heat Exchanger Market cover?
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.
What are the key opportunities for the Heat Exchangers Market?
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.
