Global Heat Exchanger Market 2024

Global Heat Exchanger Market 2024

The revenue generated from the global heat exchanger market witnessed a compound annual growth rate (CAGR) of 4.4% from USD 13,864 million in 2020 to USD 15,765 million in 2023. This trend is expected to continue in the foreseeable future, with the global heat exchanger market projected to grow at a CAGR of 5.3% between 2024 to 2029, resulting in a market size of USD 20,205 million in 2029. The global heat exchanger market has matured, with most of the growth coming from Asia Pacific. A substantial number of significant market players populate emerging markets, where growth potential remains high.

The global heat exchanger market categorized by product type, for the respective periods: cooling tower, air-cooled, shell & tube, gasketed plate, and others. In terms of product type, the shell & tube segment dominated the market studied in 2023, holding a largest share. The valuation of the shell & tube segment is projected to reach USD 5,119 million by 2029. Shell and tube heat exchangers find extensive use across a wide range of temperature and pressure conditions, enabling effective heat transfer between liquids and gases. These heat exchangers are employed in various industries and applications where efficient heat exchange is required.

In 2023, the petrochemical segment recorded a revenue of USD 3,725 million. It is anticipated to reach USD 4,805 million by 2029, reflecting a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2024 to 2029. The petrochemical industry is a significant consumer of heat exchangers globally, accounting for a substantial market share of 23.6% in 2023 within the chemical industry. In chemical processes, heat transfer systems must be highly efficient, as heat transfer itself is an energy-intensive phase. Among the various types of heat exchangers used in the chemical processing sector, shell-and-tube units are the most popular due to their versatility and ability to handle fluids with varying levels of particles.

In the field of geography, the Asia Pacific region has emerged as the leading participant in the heat exchanger market, as observed in the 2023 study, encompassing a substantial share. Europe and North America closely follow. This trend can be attributed to the increasing demand for electricity generation and the considerable influx of capital into the chemical industry, particularly in countries such as China and India. Consequently, the Asia Pacific region is projected to witness the most rapid adoption of heat exchangers.

The global heat exchanger market is characterized by the presence of approximately 200 to 300 manufacturers. Among them, several prominent players operate in this industry, including Alfa Laval AB, Kelvion Holding GmbH, SPX Flow, Inc., Baltimore Aircoil Company, Xylem, Inc., Danaher Corporation, Hisaka Works, Ltd., Danfoss A/S, Johnson Controls International plc, Graham Corporation, Chart Industries, Inc., Koch Industries, Inc., Boyd Corporation, Mersen S.A., Guentner GmbH & Co KG, Hamon Thermal Europe SA, Paharpur Cooling Towers, Ltd., Argenfrio S.A.I.C., Reymsa Cooling Towers, Inc., Balcke-Dürr GmbH, Paul Mueller Co., HLE Glascoat Ltd., Astra Refrigeranti S.p.A., SWEP International AB, Vahterus Oy, thermofin GmbH, Southern Heat Exchanger Corporation, HYDAC International GmbH, and others.

This study aims to analyze the global market for various segments of heat exchanger, including:

Product Type: Cooling Tower, Air-Cooled, Shell & Tube, Gasketed Plate, and Others.
End-User: Oil & Gas, Petrochemical, Food & Beverage, Electricity Generation, HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration), and Others (Mineral, Water Treatment, Data Center, Shipbuilding, Pharmaceuticals, Paper, Engineering, etc.).
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa. Show more