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Heat Exchanger Market

Global Heat Exchanger Market Size, Share, Trends, Forecast: By Type: Shell and Tube, Plate and Frame, Air Coolers, Others; By Material: Sheet, Non-Sheet; By Application: Chemicals, Oil and Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food and Beverage, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Heat Exchanger Market Outlook

The global heat exchanger market reached a value of about USD 17.71 billion in 2023. The market is further expected to grow at a CAGR of 3.4% in the forecast period of 2024-2032 to attain a value of USD 23.88 billion in 2032.

 

Global Heat Exchanger Market

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The Asia Pacific to Provide Significant Growth Opportunities to the Heat Exchanger Industry

Region-wise, Europe accounts for a significant share in the industry owing to the growing focus on effective utilisation of waste heat from industrial processes. This, coupled with the stringent environmental regulations, is resulting in increased installation of heat exchangers in the region. Meanwhile, the Asia Pacific is expected to witness a robust growth in the forecast period owing to the rapid industrialisation and urbanisation across the region and the growth of the chemical and power generation industries. There has been a rise in demand for heat exchangers in emerging economies like China and India. This is contributing to the growth of the heat exchanger industry. The increasing energy demand and the growing investments to upgrade the existing energy infrastructure in these nations are expected to aid the regional industry growth in the forecast period.

 

Heat Exchanger: Market Segmentation

Heat exchangers refer to a system that is designed to facilitate the transfer of heat between two or more fluids. These systems can be utilised in both cooling and heating processes. They find applications across various industries like oil and gas, power generation, automobile, and chemical, among others to effectively manage the transfer of energy from one medium to another.

 

Global Heat Exchanger Market By Type

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By type, the market is divided into:

  • Shell and Tube
  • Plate and Frame
  • Air Coolers
  • Others

The plate and frame segment is further divided based on type into gasketed plate and frame, welded plate and frame, and brazed.

 

Based on material, the industry can be bifurcated into:

  • Sheet
  • Non-Sheet

 

On the basis of application, the industry can be categorised into:

  • Chemicals
  • Oil and Gas
  • Power Generation
  • HVAC
  • Automobile
  • Pharmaceuticals
  • Food and Beverage
  • Pulp and Paper
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Heat Exchanger Market By Region

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Increasing Focus on Effective Utilisation of Energy and the Rapid Industrial Growth in Emerging Economies to Bolster the Growth of the Heat Exchanger Industry

With the growing demand for sustainable energy development, there has been an increasing focus on effective utilisation of waste heat generated from various industries. This is driving the growth of the heat exchanger industry globally. The increased construction activities across residential and commercial sectors and the rapid industrial growth, particularly in emerging economies, are driving the demand for heat exchangers. Further, the global capacity expansions across various end use sectors like chemicals, oil and gas, and power generation, among others, is further contributing to the industry growth. Over the forecast period, the favourable government initiatives and technological innovations are expected to further propel the industry growth.

 

Key Industry Players in the Global Heat Exchanger Market

The report gives a detailed analysis of the following key players in the global heat exchanger market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Danfoss A/S
  • Güntner GmbH & Co. KG
  • Chart Industries, Inc.
  • General Electric Co.
  • Heatmaster BV
  • Barriquand Group
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Material
  • Application
  • Region
Breakup by Type
  • Shell and Tube
  • Plate and Frame
  • Air Coolers
  • Others
Breakup by Material
  • Sheet
  • Non-Sheet
Breakup by Application
  • Chemicals
  • Oil and Gas
  • Power Generation
  • HVAC
  • Automobile
  • Pharmaceuticals
  • Food and Beverage
  • Pulp and Paper
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Netherlands
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Malaysia
    • Indonesia
    • Vietnam
    • South Korea
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Danfoss A/S
  • Güntner GmbH & Co. KG
  • Chart Industries, Inc.
  • General Electric Co.
  • Heatmaster BV
  • Barriquand Group
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Heat Exchanger Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Heat Exchanger Historical Market (2018-2023) 
    8.3    Global Heat Exchanger Market Forecast (2024-2032)
    8.4    Global Heat Exchanger Market by Type
        8.4.1    Shell and Tube
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Plate and Frame
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
            8.4.2.3    Breakup by Type
                8.4.2.3.1    Gasketed Plate & Frame
                    8.4.2.3.1.1    Historical Trend (2018-2023)
                    8.4.2.3.1.2    Forecast Trend (2024-2032)
                8.4.2.3.2    Welded Plate & Frame
                    8.4.2.3.2.1    Historical Trend (2018-2023)
                    8.4.2.3.2.2    Forecast Trend (2024-2032)
                8.4.2.3.3    Brazed
                    8.4.2.3.3.1    Historical Trend (2018-2023)
                    8.4.2.3.3.2    Forecast Trend (2024-2032)
        8.4.3    Air Coolers
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Others
    8.5    Global Heat Exchanger Market by Material
        8.5.1    Sheet
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Non-Sheet
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Heat Exchanger Market by Application
        8.6.1    Chemicals
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Oil and Gas
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Power Generation
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    HVAC
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Automobile
            8.6.5.1    Historical Trend (2018-2023)
            8.6.5.2    Forecast Trend (2024-2032)
        8.6.6    Pharmaceuticals
            8.6.6.1    Historical Trend (2018-2023)
            8.6.6.2    Forecast Trend (2024-2032)
        8.6.7    Food and Beverage
            8.6.7.1    Historical Trend (2018-2023)
            8.6.7.2    Forecast Trend (2024-2032)
        8.6.8    Pulp and Paper
            8.6.8.1    Historical Trend (2018-2023)
            8.6.8.2    Forecast Trend (2024-2032)
        8.6.9    Others    
    8.7    Global Heat Exchanger Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Heat Exchanger Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Heat Exchanger Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Heat Exchanger Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Heat Exchanger Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Heat Exchanger Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis (HS Code: 841950)

    16.1    Major Importing Countries
        16.1.1    By Volume
        16.1.2    By Value
    16.2    Major Exporting Countries
        16.2.1    By Volume
        16.2.2    By Value
17    Price Analysis
    17.1    North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.2    Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.3    Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.4    Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.5    Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18    Competitive Landscape
    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Danfoss A/S
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Güntner GmbH & Co. KG
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    Chart Industries, Inc.
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    General Electric Co.
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Heatmaster BV
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Barriquand Group
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    Others
19    Key Trends and Developments in the Market


Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operation Involved
2    Project Requirement and Cost Analysis
    2.1    Land, Location and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Cost of Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investment


List of Key Figures and Tables

1.    Global Heat Exchanger Market: Key Industry Highlights, 2018 and 2032
2.    Global Heat Exchanger Historical Market: Breakup by Type (USD Billion), 2018-2023
3.    Global Heat Exchanger Market Forecast: Breakup by Type (USD Billion), 2024-2032
4.    Global Heat Exchanger Historical Market: Breakup by Material (USD Billion), 2018-2023
5.    Global Heat Exchanger Market Forecast: Breakup by Material (USD Billion), 2024-2032
6.    Global Heat Exchanger Historical Market: Breakup by Application (USD Billion), 2018-2023
7.    Global Heat Exchanger Market Forecast: Breakup by Application (USD Billion), 2024-2032
8.    Global Heat Exchanger Historical Market: Breakup by Region (USD Billion), 2018-2023
9.    Global Heat Exchanger Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    North America Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    North America Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Europe Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Europe Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Asia Pacific Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Asia Pacific Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Latin America Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Latin America Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Middle East and Africa Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Middle East and Africa Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Major Importing Countries by Volume (2020)
21.    Major Exporting Countries by Volume (2020)
22.    Major Importing Countries by Value (2020)
23.    Major Exporting Countries by Value (2020)
24.    North America Historical Price Trends and Forecast 2018-2028
25.    Europe Historical Price Trends and Forecast 2018-2028
26.    Asia Pacific Historical Price Trends and Forecast 2018-2028
27.    Latin America Historical Price Trends and Forecast 2018-2028
28.    Middle East and Africa Historical Price Trends and Forecast 2018-2028
29.    Global Heat Exchanger Market Structure

Key Questions Answered in the Report

In 2023, the global heat exchanger market attained a value of nearly USD 17.71 billion.

The market is projected to grow at a CAGR of 3.4% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 23.88 billion in 2032.

The major market drivers are rapid industrialisation and urbanisation and the growth of the chemical and power generation industries.

The key trends in the market are growing demand for sustainable energy development and increased construction activities.

The major regional markets of heat exchanger include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The different types of the product include shell and tube and plate and frame, and air coolers, among others.

The major materials considered in the market report include sheet and non-sheet.

The significant applications of the product are chemicals, oil and gas, power generation, HVAC, automobile, pharmaceuticals, food and beverage, and pulp and paper, among others.

The major players in the market are Danfoss A/S, Güntner GmbH & Co. KG, Chart Industries, Inc., General Electric Co., Heatmaster BV, and Barriquand Group, among others.

Analyst Review

The global heat exchanger market attained a value of USD 17.71 billion in 2023, driven by the rapid industrialisation and urbanisation and the growth of the chemical and power generation industries. Aided by the growing demand for sustainable energy development and increased construction activities, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 3.4%. The market is projected to reach USD 23.88 billion in 2032.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the heat exchanger industry can be segmented into shell and tube, plate and frame, air coolers, among others, with shell and tube accounting for the largest market share. The materials used in the industry include sheet and non-sheet. The application sectors include chemicals, oil and gas, power generation, HVAC, automobile, pharmaceuticals, food and beverage, pulp and paper, among others. The key players in the above market include Danfoss A/S, Güntner GmbH & Co. KG, Chart Industries, Inc., General Electric Co., Heatmaster BV, and Barriquand Group, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

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