Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By End Use (Chemical, Power Generation), By Region, And Segment Forecasts, 2020 - 2027

Heat Exchanger Market Growth Market Growth & Trends Trends

The global heat exchanger market size is anticipated to reach USD 25.5 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Growing demand for energy in HVAC and refrigeration, power generation, and chemical industries, especially in developing economies including India, Brazil, and China anticipated to complement the market.

Energy infrastructure expansion coupled with increasing demand from the power generation sector is projected to drive the market. The market is characterized by technological innovation along with a rising focus to improve efficiency standards. These factors are likely to lower total ownership costs and increase the durability and efficiency of the exchangers over the coming years.

Heat exchangers are used in the manufacturing of chemicals in the chemical industrial production. In an industrial process, the device is used for cooling, heating, and mixing a substance at a temperature. The rapid expansion of the chemical industry is expected to act as a major factor in steering market growth.

The industry rivalry is expected to be high over the forecast period owing to the presence of numerous competitors of equal size and market share. The market is fragmented in nature with many major companies. Generic strategies employed by these companies include production capacity expansion and new technology innovation.

Heat Exchanger Market Report Highlights

  • The shell and tube segment accounted for the market share of 35.9% in 2019 on account of increasing demand of product in numerous end-use industries including chemical, power generation, and oil and gas
  • The chemical end-use segment is expected to grow with a robust pace, registering a CAGR of 6.5% from 2020 to 2027 owing to rapid expansion in the chemical industry in Asia specifically in China and India
  • In Europe, the market was valued at USD 7.34 billion in 2019 and projected to have a moderate growth over the forecast period owing to growth in the chemical industries and rise in demand of power generation
  • Asia Pacific is anticipated to emerge as the fastest growing regional segment accounting for over 30.3% by 2027 owing to the increasing construction activities along with increase in chemical industries and rise in demand for energy in the region
  • Key players in the market are focusing on several strategies including new product developments, expansions, partnerships, and joint ventures


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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumption
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Heat Exchanger Market Variables, Trends & Scope
3.1. Market Segmentation & Scope
3.2. Market Lineage Outlook
3.3. Penetration and Growth Prospect Mapping
3.4. Industry Value Chain Analysis
3.4.1. Raw Material Trends
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.7. Business Environment Analysis: Heat Exchanger Market
3.7.1. Industry Analysis - Porter’s
3.7.1.1. Supplier Power
3.7.1.2. Buyer power
3.7.1.3. Threat of substitutes
3.7.1.4. Threat of new entrants
3.7.1.5. Competitive rivalry
3.7.2. PESTEL Analysis
3.7.2.1. Political Landscape
3.7.2.2. Economic Landscape
3.7.2.3. Social Landscape
3.7.2.4. Technological Landscape
3.7.2.5. Environmental Landscape
3.7.2.6. Legal Landscape
Chapter 4. Heat Exchanger Market: Product Estimates & Trend Analysis
4.1. Product Movement Analysis & Market Share, 2019 & 2027
4.2. Plate & frame heat exchanger
4.2.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.2.2. Brazed plate & frame heat exchanger
4.2.2.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.2.3. Gasketed plate & frame heat exchanger
4.2.3.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.2.4. Brazed plate & frame heat exchanger
4.2.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.2.5. Welded plate & frame heat exchanger
4.2.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.2.6. Others plate & frame heat exchanger
4.2.6.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.3. Shell & tube heat exchanger
4.3.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.4. Air-cooled heat exchanger
4.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
4.5. Others
4.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
Chapter 5. Heat Exchanger Market: End-use Estimates & Trend Analysis
5.1. End-use Movement Analysis & Market Share, 2019 & 2027
5.2. Chemical
5.2.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
5.3. Oil & Gas
5.3.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
5.4. HVAC & refrigeration
5.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
5.5. Power Generation
5.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
5.6. Food & Beverage
5.6.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
5.7. Pulp & Paper
5.7.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
5.8. Others
5.8.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
Chapter 6. Heat Exchanger Market: Regional Estimates & Trend Analysis
6.1. Regional Market Snapshot
6.2. North America
6.2.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.2.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.2.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.2.4. U.S.
6.2.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.2.4.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.2.4.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.2.5. Canada
6.2.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.2.5.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.2.5.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.2.6. Mexico
6.2.6.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.2.6.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.2.6.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.3. Europe
6.3.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.3.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.3.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.3.4. Germany
6.3.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.3.4.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.3.4.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.3.5. France
6.3.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.3.5.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.3.5.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.3.6. Italy
6.3.6.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.3.6.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.3.6.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.4. Asia Pacific
6.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.4.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.4.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.4.4. China
6.4.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.4.4.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.4.4.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.4.5. Japan
6.4.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.4.5.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.4.5.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.4.6. India
6.4.6.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.4.6.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.4.6.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.5. Central & South America
6.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.5.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.5.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.5.4. Brazil
6.5.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.5.4.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.5.4.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.6. Middle East & Africa
6.6.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.6.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.6.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.6.4. Saudi Arabia
6.6.4.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.6.4.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.6.4.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
6.6.5. United Arab Emirates
6.6.5.1. Market estimates and forecasts, 2016 - 2027 (USD Million)
6.6.5.2. Market estimates and forecasts, by product, 2016 - 2027 (USD Million)
6.6.5.3. Market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Chapter 7. Competitive Analysis
7.1. Key Global Players & Recent Developments & Their Impact On The Industry
7.2. Vendor Landscape
7.3. Company Market Position Analysis
7.4. Public Companies
7.4.1. Competitive Dashboard Analysis
7.5. Private Companies
7.5.1. List Of Key Emerging Companies And Their Geographical Presence
Chapter 8. Company Profiles
8.1. Alfa Laval
8.1.1. Company Overview
8.1.2. Financial Performance
8.1.3. Product Benchmarking
8.1.4. Strategic Initiatives
8.2. Danfoss
8.2.1. Company Overview
8.2.2. Financial Performance
8.2.3. Product Benchmarking
8.2.4. Strategic Initiatives
8.3. Kelvion Holdings
8.3.1. Company Overview
8.3.2. Financial Performance
8.3.3. Product Benchmarking
8.3.4. Strategic Initiatives
8.4. Guntner GmbH & Co. KG
8.4.1. Company Overview
8.4.2. Financial Performance
8.4.3. Product Benchmarking
8.4.4. Strategic Initiatives
8.5. Xylem
8.5.1. Company Overview
8.5.2. Financial Performance
8.5.3. Product Benchmarking
8.5.4. Strategic Initiatives
8.6. API Heat Transfer
8.6.1. Company Overview
8.6.2. Financial Performance
8.6.3. Product Benchmarking
8.6.4. Strategic Initiatives
8.7. Hindustan Dorr-Oliver
8.7.1. Company Overview
8.7.2. Financial Performance
8.7.3. Product Benchmarking
8.7.4. Strategic Initiatives
8.8. Hisaka Works
8.8.1. Company Overview
8.8.2. Financial Performance
8.8.3. Product Benchmarking
8.8.4. Strategic Initiatives
8.9. Chart Industries
8.9.1. Company Overview
8.9.2. Financial Performance
8.9.3. Product Benchmarking
8.9.4. Strategic Initiatives
8.10. Johnson Controls International
8.10.1. Company Overview
8.10.2. Financial Performance
8.10.3. Product Benchmarking
8.10.4. Strategic Initiatives
8.11. HRS Heat Exchangers Ltd.
8.11.1. Company Overview
8.11.2. Financial Performance
8.11.3. Product Benchmarking
8.11.4. Strategic Initiatives
8.12. SPX flow, Inc.
8.12.1. Company Overview
8.12.2. Financial Performance
8.12.3. Product Benchmarking
8.12.4. Strategic Initiatives
8.13. Funke Warmeaustauscher Apparatebau GmbH
8.13.1. Company Overview
8.13.2. Financial Performance
8.13.3. Product Benchmarking
8.13.4. Strategic Initiatives
8.14. Koch Heat Transfer Company
8.14.1. Company Overview
8.14.2. Financial Performance
8.14.3. Product Benchmarking
8.14.4. Strategic Initiatives
8.15. Southern Heat Exchanger Corporation
8.15.1. Company Overview
8.15.2. Financial Performance
8.15.3. Product Benchmarking
8.15.4. Strategic Initiatives
List of Tables
Table 1. Plate & frame heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 2. Brazed plate & frame heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 3. Gasketed plate & frame heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 4. Welded plate & frame heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 5. Other plate & frame heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 6. Shell & tube heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 7. Air-cooled heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 8. Other heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 9. Heat exchanger market estimates and forecasts, in chemical, 2016 - 2027 (USD Million)
Table 10. Heat exchanger market estimates and forecasts, in oil & gas, 2016 - 2027 (USD Million)
Table 11. Heat exchanger market estimates and forecasts, in HVAC & refrigeration, 2016 - 2027 (USD Million)
Table 12. Heat exchanger market estimates and forecasts, in power generation, 2016 - 2027 (USD Million)
Table 13. Heat exchanger market estimates and forecasts, in food & beverage, 2016 - 2027 (USD Million)
Table 14. Heat exchanger market estimates and forecasts, in pulp & paper, 2016 - 2027 (USD Million)
Table 15. Heat exchanger market estimates and forecasts, in others, 2016 - 2027 (USD Million)
Table 16. North America heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 17. North America heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 18. North America heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 19. U.S. heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 20. U.S. heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 21. U.S. heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 22. Canada heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 23. Canada heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 24. Canada heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 25. Mexico heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 26. Mexico heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 27. Mexico heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 28. Europe heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 29. Europe heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 30. Europe heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 31. Germany heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 32. Germany heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 33. Germany heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 34. France heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 35. France heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 36. France heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 37. Italy heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 38. Italy heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 39. Italy heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 40. Asia Pacific heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 41. Asia Pacific heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 42. Asia Pacific heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 43. China heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 44. China heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 45. China heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 46. Japan heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 47. Japan heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 48. Japan heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 49. India heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 50. India heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 51. India heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 52. Central & South America heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 53. Central & South America heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 54. Central & South America heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 55. Brazil heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 56. Brazil heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 57. Brazil heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 58. Middle East & Africa heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 59. Middle East & Africa heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 60. Middle East & Africa heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 61. Saudi Arabia heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 62. Saudi Arabia heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 63. Saudi Arabia heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
Table 64. UAE heat exchanger market estimates and forecasts, 2016 - 2027 (USD Million)
Table 65. UAE heat exchanger market estimates and forecasts, by product, 2016 - 2027 (USD Million)
Table 66. UAE heat exchanger market estimates and forecasts, by end use, 2016 - 2027 (USD Million)
List of Figures
Fig. 1 Information Procurement
Fig. 2 Primary Research Pattern
Fig. 3 Primary Research Process
Fig. 4 Market Research Approaches - Bottom Up Approach
Fig. 5 Market Research Approaches - Top Down Approach
Fig. 6 Market Research Approaches - Combined Approach
Fig. 7 Heat Exchanger Market - Market Segmentation
Fig. 8 Penetration and Growth Prospect Mapping
Fig. 9 Plastic Waste Management- Value Chain Analysis
Fig. 10 Plastic Waste Management- Market Dynamics
Fig. 11 Market Driver Analysis
Fig. 12 Market Restraint Analysis
Fig. 13 Heat Exchanger Market: Product Movement Analysis, 2019 & 2027
Fig. 14 Heat Exchanger Market: End-use Movement Analysis, 2019 & 2027
Fig. 15 Heat Exchanger Market: Regional Market Snapshot

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