Heat Exchanger Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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 Beverage, 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: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3 %

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Market Overview

The fossil and thermal energy power generation is expected to witness a CAGR of more than 3% during the forecast period, 2020-2025. It is expected to have a positive impact on the heat exchanger market, as it is wildly used in the power generation sector. Factors, such as the increase in industrial operations in the developing countries and the installation of new power plants are likely to drive the market during the forecast period. However, an increase in renewable energy, which rarely requires a heat exchanger, is expected to have a negative impact on the market.

  • The energy demand is increasing continuously, so the power generation projects are likely to 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 dominated the heat exchanger market in 2018, owing to its increasing industrial development in the countries, such as China, Japan, South Korea, and India.

Scope of the Report

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
South America
Middle-East and Africa

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Key Market Trends

Power Generation to Dominate the Market

  • According to the International Energy Agency (IEA), the fossil and thermal power energy in which heat exchangers are widely used is likely to grow at a CAGR of 3% in the coming years. And because of this growth in the energy sector, the heat exchanger market is expected to have a positive impact during the forecast period.
  • In 2018, 26,614 terawatts (TW) of electricity were produced using thermal power energy, which was more than in previous years.
  • Japan, in 2019, 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.
  • Shandong Shenglu Coal-Fired Power Project in China can produce 4000 megawatts (MW) of energy. Its first phase was started in 2016, and the second phase to be launched in 2020.
  • Fujian Luoyuanwan Power Project in China began in 2015 and is still under the construction phase in 2020 and has a capacity of generating 4000 megawatts(MW) of electricity.
  • Barakah Nuclear Power Plant in United Arab was started in 2009 and is expected to complete in 2020. It can produce 5,600 megawatts (MW) of energy.
  • Hence above and many more projects of power generation are there, which will likely have a positive impact on the heat exchanger market in the forecast period.
Heat Exchanger Market-Electric Power Consumption

Asia-Pacific to Dominate the Market

  • Asia-Pacific has dominated the heat exchanger market in the past and is likely to dominate the market during the forecast period as well, because of the several power projects under construction.
  • Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be completed in 2022. The project can produce 4000 megawatts (MW) of power and is likely to use huge capacity heat exchangers.
  • Leizhou Thermal Power Project in China has a power generation capacity of 6,000 megawatts (MW). It started in 2015 and is expected to be completed by 2022. This is likely to drive the heat exchanger market in the forecast period.
  • Shin Kori Nuclear Power Plant Units 4, 5, and 6 in South Korea. It is the expansion of the Kori Nuclear Power plant by adding three new reactors in it, totally having a power generation capacity of 4200 megawatts (MW). Reactor 1 was already decommissioned in 2017 while reactors 2 and 3 are to be decommissioned in mid of the 2020s. Construction of reactor 4 started in 2015 and commissioned in 2019. The development of reactors 5 and 6 are under progress and is expected to complete by 2022.
  • Hence, from the above points, it can be concluded that Asia-Pacific is going to dominate the heat exchanger market in the forecast period.
Heat Exchanger Market- Geography

Competitive Landscape

The heat exchanger market is moderately fragmented. Some of the key players in this market include Alfa Laval AB, Thermax Limited, Danfoss AS, General Electric Company, and Kelvion Holding GmbH.

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 2025

    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 Substitutes 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, Acquisitions, Collaboration, and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies 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 Heatmaster BV

      6. 6.3.6 Hisaka Works Ltd

      7. 6.3.7 Mersen SA

      8. 6.3.8 Thermax Limited

      9. 6.3.9 SPX Flow Inc.

      10. 6.3.10 Kelvion Holding GmbH


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Frequently Asked Questions

The Heat Exchanger Market market is studied from 2016 - 2026.

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 2020.

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

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