Heat Exchanger Market Size is projected to reach USD 27 Billion by 2030, growing at a CAGR of 5%: Straits Research


The global heat exchanger market size was valued at USD 17.5 billion in 2021 and is expected to reach USD 27 billion by 2030 growing at a CAGR of 5% during the analysis period (2022-2030). The European economy dominated the market. It is valued at USD 5580 million in 2021 and is expected to reach USD 8025 million with a CAGR of 4% by 2030.

New York, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Heating, ventilation, and air conditioning (HVAC) systems are utilized in personal, industrial, and commercial settings. Local and national rules govern the industry, closely tied to the building industry. Expanding desire for environmentally friendly HVAC systems, such as photovoltaic power or geothermal energy to minimize energy consumption, is likely to drive market expansion soon. Additionally, market growth for HVAC systems in the commercial sector, due to increased development of offices, retail sectors, and public buildings, is likely to drive product demand in the future years.

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Growth of Chemical and Petrochemical Industries to Boost the Global Heat Exchanger Market

The American Chemical Society predicts that the chemical sector in the United States will increase by 2.5 percent in 2019 and 3 percent in 2020. The rising residential end-use industries are significant contributors to boosting the expansion of the chemical sector in the United States. Increased chemical consumption from various end-use applications is spurring additional capital expenditure in the chemical sector. Heat exchangers are used to chill, heat, and combine chemicals in the chemical manufacturing process. The chemical industry's rapid expansion is a prominent driver driving the heat exchangers market.

According to Deutsche Bank, China will account for 45 percent of the world revenue share by 2020. Because of the extensive product invasion in different applications such as solvent condensation, different material mixtures, benzene heat exchange, cooling of water circuits, cooling of hydrocarbons, convection & cooling of intermediate products, heating & cooling of reactors, and production methods, the quick advancement of the chemical industry in Asia, particularly in China, is anticipated to intervene as a prominent driving force for the heat exchangers market.

Rapid Industrialization in the Asia Pacific to Provide Potential Opportunities for the Global Heat Exchanger Market

Rapid urbanization in Asia-Pacific's growing countries, coupled with higher spending on production, industrial, and commercial projects, has attributed to the region's aggregate rise in the heat exchangers market. This expansion can be attributable to growing market penetration in various end-use industries such as power generation, petrochemicals, chemicals, HVAC & refrigeration, and food & beverage.

Demand for heat exchangers is shifting significantly from mature countries such as Europe and North America to rising economies such as China and India in the Asia-Pacific. The development of China's petrochemical industry can be ascribed to the country's substantial government control, increasing environmental laws, significant industrial dispersion, and the increasing significance of specialized chemicals. Rising energy consumption creates profitable prospects for the heat exchangers market growth.

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Impact of COVID-19

COVID-19 impeded several industrial activities and interrupted the distribution network, affecting nearly all industries. The bulk of firms has shut down due to a lack of labor. Additionally, due to COVID-19's impacts, the global heat exchanger market is slowly declining.

Revenue from heat exchangers is closely related to the demand for oil and gas. The COVID-19 pandemic restriction has severely harmed the oil and gas industry, and crude prices decreased considerably in 2020 due to renewed overflow manufacturing. In contrast, ongoing upstream measures have had little impact on the demand for heat exchangers.

According to the UNIDO, many enterprises, including petrochemical, chemicals, petroleum & gas, HVACR, food and drinks, power generation, and other third-party suppliers, moved to their native regions due to a lack of knowledge and missed earnings during the lockdown. This shortage of labor is found to directly influence machinery and construction processes, resulting in a drop in the desire for raw materials used in heat exchangers. During the projection period, this is expected to slow market growth.

Regional Insights

The Global Heat Exchanger Market is segmented as Europe, Asia-Pacific, North America, Central, and South America, Middle East, and Africa. The European economy dominated the market. It is valued at USD 5580 million in 2021 and is expected to reach USD 8025 million with a CAGR of 4% by 2030. The European region is distinguished by numerous major world economies, including Germany, the United Kingdom, France, Spain, Italy, and Russia.

The region's construction sector is a crucial customer of chemicals and is predicted to develop due to many factors, such as increased infrastructure spending and low financing rates. As a result, chemical demand is expected to remain consistent in the following years, positively impacting the heat exchanger industry. Furthermore, increased infrastructure investments are likely to fuel the demand for heat exchangers in the HVAC and refrigeration industries.

The Asia Pacific is distinguished by many developing economies, including China, India, Thailand, Indonesia, and advanced nations, such as Japan and Australia. It is the most critical region in the global heat exchanger industry. Furthermore, rising investments in the chemical sector are likely to boost the Asia Pacific heat exchangers market. It is valued at USD 5370million in 2021 and is expected to reach USD 8560 million with a CAGR of 5.3% by 2030. The heat exchangers market in China is predicted to be driven by the growing investments in the petrochemical, chemical, and HVAC sectors.

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Key Insights

  • The global heat exchanger market was valued at USD 17.5 billion in 2021 and is expected to reach USD 27 billion by 2030 at a CAGR of 5%.
  • By product type, the global heat exchanger market is segmented into shell and tube, plate and frame, air-cooled, micro channel heat exchanger, and others. The shell and tube segment dominated the global heat exchanger market in 2021 and is projected to remain the fastest-growing segment during the forecast period. It is valued at USD 6220 million in 2021 and is expected to reach USD 8900 million with a CAGR of 4% by 2030.
  • By end-user industry, the global heat exchanger market is segmented as chemical and petrochemical, power generation, oil & gas, HVAC & Refrigeration, food & beverage, pulp & paper, and others. The chemical segment dominated the global heat exchanger market in 2021 and is projected to remain the fastest-growing segment during the forecast period. It is valued at USD 3940 million in 2021 and is expected to reach USD 5740 million with a CAGR of 4.3% by 2030.

Competitive Analysis

The major key players in the global heat exchanger market are –

  • Mersen
  • Danfoss
  • Alfa Laval AB
  • API Heat Transfer
  • Kelvion Holding GmbH
  • Xylem, Inc
  • Chart Industries, Inc
  • Johnson Controls International
  • Koch Heat Transfer Company
  • HRS Heat Exchangers
  • Southern Heat Exchanger Corporation
  • Güntner Group GmbH
  • Funke Wärmeaustauscher Apparantebau GmbH

Global Heat Exchanger Market: Segmentation

By Product Type

  • Shell And Tube
  • Plate And Frame
  • Air-Cooled
  • Microchannel Heat Exchanger
  • Others

By End-User

  • Chemical and Petrochemical
  • Oil and Gas
  • HVAC and Refrigeration
  • Food and Beverage
  • Power Generation
  • Others

By Region

  • Europe
  • North America
  • Asia-Pacific


1 Introduction

1.1 Market Definition

1.2 Market Scope

2 Research Methodology

2.1 Primary Research

2.2 Research Methodology

2.3 Assumptions & Exclusions

2.4 Secondary Data Sources

3 Executive Summary

4 Market Overview

4.1 Report Segmentation & Scope

4.2 Value Chain Analysis: Heat Exchanger Market

4.2.1 Vendor Matrix

4.3 Key Market Trends

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.4 Porter’s Five Forces Analysis

4.4.1 Bargaining Power of Suppliers

4.4.2 Bargaining Power of Buyers

4.4.3 Threat of Substitution

4.4.4 Threat of New Entrants

4.4.5 Competitive Rivalry

4.5 Environment & Regulatory Landscape

4.6 Forecast Factors & Relevance of Impact

4.7 Macro-Economic & Geopolitical Scenario

4.8 Parent Market Overview

4.9 Technology Landscape

4.10 Market Share Analysis

4.11 Potential Venture Analysis

4.12 Regional Price Trends

4.13 Raw Material Trends

4.14 Cost Structure Analysis

4.14.1 Labor Cost

4.14.2 Consumables

4.14.3 Maintenance Cost

4.15 Covid-19 Impact Analysis:

4.15.1 Pre and Post Covid-19 Market Scenario Analysis

4.15.2 Market Recovery Timeline and Challenge

4.15.3 Measures Taken by Top Players

4.15.4 Quarterly Market Revenue and Growth Forecast till 2021 North America Europe Asia-Pacific Central and South America and the Caribbean The Middle East and Africa

5 Product Type Overview

5.1 Introduction

5.1.1 Market Size & Forecast (Value & Volume)

5.2 Shell And Tube

5.2.1 Market Size & Forecast (Value & Volume)

5.3 Plate And Frame

5.3.1 Market Size & Forecast (Value & Volume)

5.4 Air-Cooled

5.4.1 Market Size & Forecast (Value & Volume)

5.5 Microchannel Heat Exchanger

5.5.1 Market Size & Forecast (Value & Volume)

5.6 Others

5.6.1 Market Size & Forecast (Value & Volume)

6 End User Overview

6.1 Introduction

6.1.1 Market Size & Forecast (Value & Volume)

6.2 Chemical

6.2.1 Market Size & Forecast (Value & Volume)

6.3 Petrochemical

6.3.1 Market Size & Forecast (Value & Volume)

6.4 Oil and Gas

6.4.1 Market Size & Forecast (Value & Volume)

6.5 HVAC and Refrigeration

6.5.1 Market Size & Forecast (Value & Volume)

6.6 Food and Beverage

6.6.1 Market Size & Forecast (Value & Volume)

6.7 Power Generation

6.7.1 Market Size & Forecast (Value & Volume)

6.8 Others

6.8.1 Market Size & Forecast (Value & Volume)

7 Regional Overview

7.1 Introduction

7.1.1 Market Size & Forecast (Value & Volume)

7.2 North America

7.2.1 Economic Overview

7.2.2 Market Scenario

7.2.3 U.S.

7.2.4 Canada

7.2.5 Mexico

7.3 Central and South America and the Caribbean

7.3.1 Economic Overview

7.3.2 Market Scenario

7.3.3 Brazil

7.3.4 Argentina

7.3.5 Colombia

7.3.6 Rest of Central and South America and the Caribbean

7.4 Europe

7.4.1 Economic Overview

7.4.2 Market Scenario

7.4.3 Germany

7.4.4 France

7.4.5 The U.K.

7.4.6 Italy

7.4.7 The Rest Of Europe

7.5 Asia-Pacific (APAC)

7.5.1 Economic Overview

7.5.2 Market Scenario

7.5.3 China

7.5.4 Japan

7.5.5 India

7.5.6 Australia

7.5.7 South Korea

7.5.8 Rest Of APAC

7.6 Middle East

7.6.1 Economic Overview

7.6.2 Market Scenario

7.6.3 South Arabia

7.6.4 The UAE

7.6.5 Qatar

7.6.6 Oman

7.6.7 Turkey

7.6.8 The Rest Of Middle East

7.7 Africa

7.7.1 Economic Overview

7.7.2 Market Scenario

7.7.3 Nigeria

7.7.4 South Africa

7.7.5 The Rest Of Africa

8 Competitive Landscape — Manufacturers & Suppliers

8.1 Competition Dashboard

8.2 Industry Structure

8.3 Mersen

8.3.1 Business Overview

8.3.2 Financial Performance

8.3.3 Recent Developments

8.3.4 Portfolio

8.4 Danfoss

8.5 Alfa Laval AB

8.6 API Heat Transfer

8.7 Kelvion Holding GmbH

8.8 Xylem, Inc

8.9 Chart Industries, Inc

8.10 Johnson Controls International

8.11 Koch Heat Transfer Company

8.12 HRS Heat Exchangers

8.13 Southern Heat Exchanger Corporation

8.14 Güntner Group GmbH

8.15 Funke Wärmeaustauscher Apparantebau GmbH

9 Conclusion & Recommendation

10 Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/heat-exchanger-market/toc

Market News

  • In February2020, Johnson Controls added wrap-around heat exchangers to its YORK solution outdoor and indoor air handling units to meet the rising demand for energy-efficient products globally.
  • In January 2021, API Heat Transfer, Inc. announced to close Coventry, England, facilities due to a revenue drop caused by the COVID-19 outbreak and changes in a critical customer's purchasing decisions.

News Media

North America will continue as Key Region for HVAC Filters Market

Applications across Oil & Gas Value Chain Will Drive Growth of Printed Circuit Heat Exchangers Market

Industrial Cooling System Market to Reach a Value of USD 42.17 Million by 2026

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