Heat Exchangers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Heat Exchangers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Heat Exchanger Market
The heat exchanger market size was valued at USD 17.61 billion in 2023, and the market is now projected to grow from USD 18.73 billion in 2024 to USD 35.34 billion by 2032, exhibiting a CAGR of 8.26% during the forecast period of 2024-2032.
The pandemic has impacted the agency, causing stressful situations in operating situations and a lack of operational time due to strict recommendations. This has altered the demand for products, with production units shutting down across areas because of government restrictions. The unavailability of workers has also impacted production. However, the market is anticipated to have a nice impact, with elevated desire for general district energy and renewable energy goals, and the want to meet HVAC demand.
Heat exchangers are crucial components in various industries, together with meals and beverage pasteurization, oil and gasoline, and electricity sectors. They additionally function cooling device, with coolants jogging via them to control gadget temperature. The oil and gas industry's application scope is expanding due to accelerated energy demand and electricity necessities. The heat exchanger market growth is predicted to upward push because of those elements. China's commercial manufacturing has grown 7.5% in January 2022, improving from the COVID-19 pandemic. The Made in China 2025 plan targets to transform China into an excessive-stop production country, boosting the adoption of this equipment due to developing industrialization.
The World Green Building Council states that 28% of worldwide carbon dioxide (C02) comes from constructing operations, on the whole due to strength used for cooling, heating, and electricity. Modern, less expensive thermal strength structures can substantially lessen greenhouse fuel emissions and primary power demand. Transitioning to these systems and power efficiency measures can assist hold temperatures rising to 2-3°C. Heat exchangers, as an instance, can transition from fossil fuels, substantially reducing primary electricity intake. They are used in commercial areas, education institutes, hospitals, and industries for consolation cooling. Cold thermal power storage is as efficient as conventional decentralized air con structures and may lessen electricity utilization throughout peak demand.
Comprehensive Analysis of Heat Exchanger Market
The market for air coolers and cooling towers is segmented into shell & tube, plate & frame, air coolers, and others. Shell & tube exchangers are preferred for high-temperature and pressure applications in chemical plants, petrochemical, oil & gas, and power sectors. Plate exchangers are widely used in the food industry due to their multiple plates, making them safe for consumption. The market is further divided into chemicals, oil & gas, power generation, HVAC, automobile, pharmaceuticals, food & beverages, and others. The chemicals segment is leading due to significant growth in the chemical industry, where these products are used in manufacturing processes like solvent condensation, hydrocarbon cooling, and reactor heating. The HVAC industry is also growing, with installations in commercial and residential sectors driving the market. The growing automotive and food & beverage industries are also driving the growth of these products.
The Asia Pacific region lead the heat exchanger market share by benefitting a market size of USD 5.94 billion in 2023 due to emerging economies like China, India, and Japan, and the growth of chemical industries due to population growth, capital expenditure, urbanization, and improved living standards.
Alfa Laval, a Swedish organisation, has been developing plate heat exchanger technology for over 90 years. The market consists of both small and massive organizations offering diverse sizes and shapes. Significant companies invest heavily in studies and development to optimize tool efficiency. Key agencies within the market consist of Alfa Laval, Kelvion Holding Gmbh, GEA Group, Danfoss, SWEP International AB, Thermax Limited, API Heat Transfer, Trenter, Mersen, Lindde Engineering, and Air Products.
Conflux Technology has begun production of a metal 3D printed heat exchanger, which will enhance the success of the M 4K system. AMCM plans to apply this principle to their M 8K system, which has a larger build volume.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2019-2032
Base Year
2023
Estimated Year
2024
Forecast Period
2024-2032
Historical Period
2019-2022
Growth Rate
CAGR of 8.26% from 2024 to 2032
Unit
Value (USD Billion)
Segmentation
By Type
Shell & Tube
Plate & Frame
Air Coolers
Cooling Towers
Others
By Application
Chemicals
Oil & Gas
Power Generation
HVAC
Automobile
Pharmaceuticals
Food & Beverages
Others
By Geography
North America (By Type, By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- U.K. (By Application)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- Spain (By Application)
- Rest of Europe (By Application)
- China (By Application)
- Japan (By Application)
- India (By Application)
- Australia (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
- Mexico (By Application)
- Brazil (By Application)
- Rest of Latin America (By Application)
- GCC (By Application)
- South Africa (By Application)
- Rest of Middle East & Africa (By Application)
Table of Contents
235 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porter’s Five Forces Analysis
- 4.6. Impact of COVID-19 on Heat Exchanger Market
- 5. Global Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Shell & Tube
- 5.2.2. Plate & Frame
- 5.2.3. Air Coolers
- 5.2.4. Cooling Towers
- 5.2.5. Others
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Chemicals
- 5.3.2. Oil & Gas
- 5.3.3. Power Generation
- 5.3.4. HVAC
- 5.3.5. Automobile
- 5.3.6. Pharmaceuticals
- 5.3.7. Food & Beverage
- 5.3.8. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Shell & Tube
- 6.2.2. Plate & Frame
- 6.2.3. Air Coolers
- 6.2.4. Cooling Towers
- 6.2.5. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Chemicals
- 6.3.2. Oil & Gas
- 6.3.3. Power Generation
- 6.3.4. HVAC
- 6.3.5. Automobile
- 6.3.6. Pharmaceuticals
- 6.3.7. Food & Beverage
- 6.3.8. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S. Market Analysis, Insights and Forecast – By Application
- 6.4.1.1. Chemicals
- 6.4.1.2. Oil & Gas
- 6.4.1.3. Power Generation
- 6.4.1.4. HVAC
- 6.4.1.5. Automobile
- 6.4.1.6. Pharmaceuticals
- 6.4.1.7. Food & Beverage
- 6.4.1.8. Others
- 6.4.2. Canada Market Analysis, Insights and Forecast – By Application
- 6.4.2.1. Chemicals
- 6.4.2.2. Oil & Gas
- 6.4.2.3. Power Generation
- 6.4.2.4. HVAC
- 6.4.2.5. Automobile
- 6.4.2.6. Pharmaceuticals
- 6.4.2.7. Food & Beverage
- 6.4.2.8. Others
- 7. Europe Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Shell & Tube
- 7.2.2. Plate & Frame
- 7.2.3. Air Coolers
- 7.2.4. Cooling Towers
- 7.2.5. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Chemicals
- 7.3.2. Oil & Gas
- 7.3.3. Power Generation
- 7.3.4. HVAC
- 7.3.5. Automobile
- 7.3.6. Pharmaceuticals
- 7.3.7. Food & Beverage
- 7.3.8. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. UK Market Analysis, Insights and Forecast – By Application
- 7.4.1.1. Chemicals
- 7.4.1.2. Oil & Gas
- 7.4.1.3. Power Generation
- 7.4.1.4. HVAC
- 7.4.1.5. Automobile
- 7.4.1.6. Pharmaceuticals
- 7.4.1.7. Food & Beverage
- 7.4.1.8. Others
- 7.4.2. Germany Market Analysis, Insights and Forecast – By Application
- 7.4.2.1. Chemicals
- 7.4.2.2. Oil & Gas
- 7.4.2.3. Power Generation
- 7.4.2.4. HVAC
- 7.4.2.5. Automobile
- 7.4.2.6. Pharmaceuticals
- 7.4.2.7. Food & Beverage
- 7.4.2.8. Others
- 7.4.3. France Market Analysis, Insights and Forecast – By Application
- 7.4.3.1. Chemicals
- 7.4.3.2. Oil & Gas
- 7.4.3.3. Power Generation
- 7.4.3.4. HVAC
- 7.4.3.5. Automobile
- 7.4.3.6. Pharmaceuticals
- 7.4.3.7. Food & Beverage
- 7.4.3.8. Others
- 7.4.4. Italy Market Analysis, Insights and Forecast – By Application
- 7.4.4.1. Chemicals
- 7.4.4.2. Oil & Gas
- 7.4.4.3. Power Generation
- 7.4.4.4. HVAC
- 7.4.4.5. Automobile
- 7.4.4.6. Pharmaceuticals
- 7.4.4.7. Food & Beverage
- 7.4.4.8. Others
- 7.4.5. Spain Market Analysis, Insights and Forecast – By Application
- 7.4.5.1. Chemicals
- 7.4.5.2. Oil & Gas
- 7.4.5.3. Power Generation
- 7.4.5.4. HVAC
- 7.4.5.5. Automobile
- 7.4.5.6. Pharmaceuticals
- 7.4.5.7. Food & Beverage
- 7.4.5.8. Others
- 7.4.6. Rest of Europe Market Analysis, Insights and Forecast – By Application
- 7.4.6.1. Chemicals
- 7.4.6.2. Oil & Gas
- 7.4.6.3. Power Generation
- 7.4.6.4. HVAC
- 7.4.6.5. Automobile
- 7.4.6.6. Pharmaceuticals
- 7.4.6.7. Food & Beverage
- 7.4.6.8. Others
- 8. Asia Pacific Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Shell & Tube
- 8.2.2. Plate & Frame
- 8.2.3. Air Coolers
- 8.2.4. Cooling Towers
- 8.2.5. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Chemicals
- 8.3.2. Oil & Gas
- 8.3.3. Power Generation
- 8.3.4. HVAC
- 8.3.5. Automobile
- 8.3.6. Pharmaceuticals
- 8.3.7. Food & Beverage
- 8.3.8. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China Market Analysis, Insights and Forecast – By Application
- 8.4.1.1. Chemicals
- 8.4.1.2. Oil & Gas
- 8.4.1.3. Power Generation
- 8.4.1.4. HVAC
- 8.4.1.5. Automobile
- 8.4.1.6. Pharmaceuticals
- 8.4.1.7. Food & Beverage
- 8.4.1.8. Others
- 8.4.2. India Market Analysis, Insights and Forecast – By Application
- 8.4.2.1. Chemicals
- 8.4.2.2. Oil & Gas
- 8.4.2.3. Power Generation
- 8.4.2.4. HVAC
- 8.4.2.5. Automobile
- 8.4.2.6. Pharmaceuticals
- 8.4.2.7. Food & Beverage
- 8.4.2.8. Others
- 8.4.3. Japan Market Analysis, Insights and Forecast – By Application
- 8.4.3.1. Chemicals
- 8.4.3.2. Oil & Gas
- 8.4.3.3. Power Generation
- 8.4.3.4. HVAC
- 8.4.3.5. Automobile
- 8.4.3.6. Pharmaceuticals
- 8.4.3.7. Food & Beverage
- 8.4.3.8. Others
- 8.4.4. Australia Market Analysis, Insights and Forecast – By Application
- 8.4.4.1. Chemicals
- 8.4.4.2. Oil & Gas
- 8.4.4.3. Power Generation
- 8.4.4.4. HVAC
- 8.4.4.5. Automobile
- 8.4.4.6. Pharmaceuticals
- 8.4.4.7. Food & Beverage
- 8.4.4.8. Others
- 8.4.5. Southeast Asia Market Analysis, Insights and Forecast – By Application
- 8.4.5.1. Chemicals
- 8.4.5.2. Oil & Gas
- 8.4.5.3. Power Generation
- 8.4.5.4. HVAC
- 8.4.5.5. Automobile
- 8.4.5.6. Pharmaceuticals
- 8.4.5.7. Food & Beverage
- 8.4.5.8. Others
- 8.4.6. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Application
- 8.4.6.1. Chemicals
- 8.4.6.2. Oil & Gas
- 8.4.6.3. Power Generation
- 8.4.6.4. HVAC
- 8.4.6.5. Automobile
- 8.4.6.6. Pharmaceuticals
- 8.4.6.7. Food & Beverage
- 8.4.6.8. Others
- 9. Latin America Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Plate & Frame
- 9.2.2. Air Coolers
- 9.2.3. Cooling Towers
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Chemicals
- 9.3.2. Oil & Gas
- 9.3.3. Power Generation
- 9.3.4. HVAC
- 9.3.5. Automobile
- 9.3.6. Pharmaceuticals
- 9.3.7. Food & Beverage
- 9.3.8. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil Market Analysis, Insights and Forecast – By Application
- 9.4.2. Chemicals
- 9.4.3. Oil & Gas
- 9.4.4. Power Generation
- 9.4.5. HVAC
- 9.4.6. Automobile
- 9.4.7. Pharmaceuticals
- 9.4.8. Food & Beverage
- 9.4.9. Others
- 9.5. Mexico Market Analysis, Insights and Forecast – By Application
- 9.5.1. Chemicals
- 9.5.2. Oil & Gas
- 9.5.3. Power Generation
- 9.5.4. HVAC
- 9.5.5. Automobile
- 9.5.6. Pharmaceuticals
- 9.5.7. Food & Beverage
- 9.5.8. Others
- 9.6. Rest of Latin America Market Analysis, Insights and Forecast – By Application
- 9.6.1. Chemicals
- 9.6.2. Oil & Gas
- 9.6.3. Power Generation
- 9.6.4. HVAC
- 9.6.5. Automobile
- 9.6.6. Pharmaceuticals
- 9.6.7. Food & Beverage
- 9.6.8. Others
- 10. Middle East & Africa Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Shell & Tube
- 10.2.2. Plate & Frame
- 10.2.3. Air Coolers
- 10.2.4. Cooling Towers
- 10.2.5. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Chemicals
- 10.3.2. Oil & Gas
- 10.3.3. Power Generation
- 10.3.4. HVAC
- 10.3.5. Automobile
- 10.3.6. Pharmaceuticals
- 10.3.7. Food & Beverage
- 10.3.8. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC Market Analysis, Insights and Forecast – By Application
- 10.4.1.1. Chemicals
- 10.4.1.2. Oil & Gas
- 10.4.1.3. 10.4.1.4. HVAC
- 10.4.1.4. Pharmaceuticals
- 10.4.1.5. Food & Beverage
- 10.4.1.6. Others
- 10.4.2. South Africa Market Analysis, Insights and Forecast – By Application
- 10.4.2.1. Chemicals
- 10.4.2.2. Oil & Gas
- 10.4.2.3. Power Generation
- 10.4.2.4. HVAC
- 10.4.2.5. Automobile
- 10.4.2.6. Pharmaceuticals
- 10.4.2.7. Food & Beverage
- 10.4.2.8. Others
- 10.4.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Application
- 10.4.3.1. Chemicals
- 10.4.3.2. Oil & Gas
- 10.4.3.3. Power Generation
- 10.4.3.4. HVAC
- 10.4.3.5. Automobile
- 10.4.3.6. Pharmaceuticals
- 10.4.3.7. Food & Beverage
- 10.4.3.8. Others
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Alfa Laval
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Recent Development
- 11.2.2. Kelvion Holding GmbH
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Recent Development
- 11.2.3. GEA Group
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Recent Development
- 11.2.4. Danfoss
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Recent Development
- 11.2.5. SWEP International AB
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Recent Development
- 11.2.6. Thermax Ltd
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Recent Development
- 11.2.7. API Heat Transfer
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Recent Development
- 11.2.8. Tranter,Inc.
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Recent Development
- 11.2.9. Merson
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Recent Development
- 11.2.10. HRS Heat Exchangers
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Recent Development
- 11.2.11. Linde
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Overall Revenue
- 11.2.11.4. Recent Development
- 11.2.12. Hisaka Works Ltd.
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Overall Revenue
- 11.2.12.4. Recent Development
- 11.2.13. Air Products Inc.
- 11.2.13.1. Business Overview
- 11.2.13.2. Product & Service Offering
- 11.2.13.3. Overall Revenue
- 11.2.13.4. Recent Development
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