Reports
Global Heat Exchanger Market: By Type: Shell and Tube, Plate and Frame, Air Coolers; By Material: Sheet, Non-Sheet; By Application: Chemicals, Oil and Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments
Global Heat Exchanger Market Outlook
The global heat exchanger market reached a value of about USD 16.2 billion in 2020. The market is further expected to grow at a CAGR of 3% in the forecast period of 2023-2028 to attain a value of USD 20 billion in 2026.
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The Asia Pacific to Provide Significant Growth Opportunities to the Heat Exchanger Industry
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.
Heat Exchanger: Market Segmentation
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:
- Shell and Tube
- Plate and Frame
- Air Coolers
- Others
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:
- Sheet
- Non-Sheet
On the basis of application, the industry can be categorised into:
- Chemicals
- Oil and Gas
- Power Generation
- HVAC
- Automobile
- Pharmaceuticals
- Food and Beverage
- Pulp and Paper
- Others
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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Increasing Focus on Effective Utilisation of Energy and the Rapid Industrial Growth in Emerging Economies to Bolster the Growth of the Heat Exchanger Industry
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.
Key Industry Players in the Global Heat Exchanger Market
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:
- Danfoss A/S
- Güntner GmbH & Co. KG
- Chart Industries, Inc.
- General Electric Co.
- Heatmaster BV
- Barriquand Group
- Others
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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Heat Exchanger Market Analysis
8.1 Key Industry Highlights
8.2 Global Heat Exchanger Historical Market (2018-2022)
8.3 Global Heat Exchanger Market Forecast (2023-2028)
8.4 Global Heat Exchanger Market by Type
8.4.1 Shell and Tube
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Plate and Frame
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.2.4 Breakup by Type
8.4.2.4.1 Gasketed Plate & Frame
8.4.2.4.1.1 Market Share
8.4.2.4.1.2 Historical Trend (2018-2022)
8.4.2.4.1.3 Forecast Trend (2023-2028)
8.4.2.4.2 Welded Plate & Frame
8.4.2.4.2.1 Market Share
8.4.2.4.2.2 Historical Trend (2018-2022)
8.4.2.4.2.3 Forecast Trend (2023-2028)
8.4.2.4.3 Brazed
8.4.2.4.3.1 Market Share
8.4.2.4.3.2 Historical Trend (2018-2022)
8.4.2.4.3.3 Forecast Trend (2023-2028)
8.4.3 Air Coolers
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Heat Exchanger Market by Material
8.5.1 Sheet
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Non-Sheet
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Heat Exchanger Market by Application
8.6.1 Chemicals
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Oil and Gas
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Power Generation
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 HVAC
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Automobile
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
8.6.6 Pharmaceuticals
8.6.6.1 Market Share
8.6.6.2 Historical Trend (2018-2022)
8.6.6.3 Forecast Trend (2023-2028)
8.6.7 Food and Beverage
8.6.7.1 Market Share
8.6.7.2 Historical Trend (2018-2022)
8.6.7.3 Forecast Trend (2023-2028)
8.6.8 Pulp and Paper
8.6.8.1 Market Share
8.6.8.2 Historical Trend (2018-2022)
8.6.8.3 Forecast Trend (2023-2028)
8.6.9 Others
8.7 Global Heat Exchanger Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Heat Exchanger Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Heat Exchanger Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Heat Exchanger Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Heat Exchanger Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Heat Exchanger Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code: 841950)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
17.1 North America Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.2 Europe Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.3 Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.4 Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.5 Middle East and Africa Historical Price Trends (2018-2022) and Forecast (2023-2028)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Danfoss A/S
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Güntner GmbH & Co. KG
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Chart Industries, Inc.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 General Electric Co.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Heatmaster BV
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Barriquand Group
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Others
19 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirement and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Key Figures and Tables
1. Global Heat Exchanger Market: Key Industry Highlights, 2018 and 2028
2. Global Heat Exchanger Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Heat Exchanger Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Heat Exchanger Historical Market: Breakup by Material (USD Billion), 2018-2022
5. Global Heat Exchanger Market Forecast: Breakup by Material (USD Billion), 2023-2028
6. Global Heat Exchanger Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Heat Exchanger Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Heat Exchanger Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Heat Exchanger Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Heat Exchanger Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Heat Exchanger Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Major Importing Countries by Volume (2020)
21. Major Exporting Countries by Volume (2020)
22. Major Importing Countries by Value (2020)
23. Major Exporting Countries by Value (2020)
24. North America Historical Price Trends and Forecast 2018-2028
25. Europe Historical Price Trends and Forecast 2018-2028
26. Asia Pacific Historical Price Trends and Forecast 2018-2028
27. Latin America Historical Price Trends and Forecast 2018-2028
28. Middle East and Africa Historical Price Trends and Forecast 2018-2028
29. Global Heat Exchanger Market Structure
Key Questions Answered in the Report
In 2020, the global heat exchanger market attained a value of nearly USD 16.2 billion.
The market is projected to grow at a CAGR of 3% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 20 billion by 2026.
The major industry 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.
Types of the product include shell and tube and plate and frame, and air coolers, among others. Plate and frame can be further divided into gasketed plate and frame, welded plate and frame, and brazed. Shell and tube is the dominant segment in the industry.
The materials used in the industry include sheet and non-sheet.
The application sectors include chemicals, oil and gas, power generation, HVAC, automobile, pharmaceuticals, food and beverage, pulp and paper, among others.
The major players in the industry are Danfoss A/S, Güntner GmbH & Co. KG, Chart Industries, Inc., General Electric Co., Heatmaster BV, and Barriquand Group, among others.
Analyst Review
The global heat exchanger market attained a value of USD 16.2 billion in 2020, driven by the rapid industrialisation and urbanisation and the growth of the chemical and power generation industries. Aided by the growing demand for sustainable energy development and increased construction activities, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 3%. The market is projected to reach USD 20 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the heat exchanger industry can be segmented into shell and tube, plate and frame, air coolers, among others, with shell and tube accounting for the largest market share. The materials used in the industry include sheet and non-sheet. The application sectors include chemicals, oil and gas, power generation, HVAC, automobile, pharmaceuticals, food and beverage, pulp and paper, among others. The key players in the above market include Danfoss A/S, Güntner GmbH & Co. KG, Chart Industries, Inc., General Electric Co., Heatmaster BV, and Barriquand Group, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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