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Base Year
Historical Year
Forecast Year
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 Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 17.71 |
Market Size 2032 | USD Billion | 23.88 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 3.4% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 3.9% |
CAGR 2024-2032 - Market by Country | UK | 3.1% |
CAGR 2024-2032 - Market by Country | USA | 3.0% |
CAGR 2024-2032 - Market by Type | Plate and Frame | 3.8% |
CAGR 2024-2032 - Market by Material | Non-Sheet | 3.7% |
Market Share by Country 2023 | Canada | 2.5% |
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.
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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.
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By type, the market is divided into:
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:
CAGR 2024-2032 - Market by | Country |
UK | 3.1% |
USA | 3.0% |
Germany | 2.8% |
Australia | 2.7% |
France | 2.7% |
Canada | XX% |
Italy | XX% |
China | XX% |
Japan | 2.3% |
India | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
On the basis of application, the industry can be categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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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.
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:
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.
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:
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Breakup by Type |
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Breakup by Material |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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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. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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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.
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United States (Head Office)
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+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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