Heat Exchanger Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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

Heat Exchanger Market Summary
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Study Period 2019 - 2028
Base Year For Estimation 2022
CAGR 5.07 %
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


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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.
Heat Exchanger Market - Electricity Generation

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 Market - Growth Rate by Region, 2022-2027

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

  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

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. 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 2028

    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. Increasing Industrialization across the World

        2. Expansion and Development of New Power Plants

      2. 4.5.2 Restraints

        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


    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. United States

        2. Canada

        3. Rest of the North America

      2. 5.3.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Rest of the Europe

      3. 5.3.3 Asia-Pacific

        1. India

        2. China

        3. Japan

        4. Rest of the Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of the South America

      5. 5.3.5 Middle-East and Africa

        1. United Arab Emirates

        2. Saudi Arabia

        3. Qatar

        4. Rest of the 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

    1. 7.1 Technological Advancements in Developing Heat Exchangers

**Subject to Availability

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
Food and Beverages
Other End Users
North America
United States
Rest of the North America
United Kingdom
Rest of the Europe
Rest of the Asia-Pacific
South America
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of the Middle-East and Africa

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Heat Exchanger Market Research FAQs

The Heat Exchanger Market is studied from 2019 - 2028.

The Heat Exchanger Market is growing at a CAGR of 5.07% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2019 - 2028.

Asia Pacific holds highest share in 2022.

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

Heat Exchanger Industry Report

Statistics for the 2023 Heat Exchanger market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Heat Exchanger analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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