The global heat exchanger market reached a value of about USD 18.31 Billion in 2025. The market is further expected to grow at a CAGR of 3.40% in the forecast period of 2026-2035 to attain a value of USD 25.58 Billion in 2035.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
3.4%
Value in USD Billion
2026-2035
*this image is indicative*
| Global Heat Exchanger Market Report Summary | Description | Value |
| Base Year | USD Billion | 2025 |
| Historical Period | USD Billion | 2019-2025 |
| Forecast Period | USD Billion | 2026-2035 |
| Market Size 2025 | USD Billion | 18.31 |
| Market Size 2035 | USD Billion | 25.58 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 3.40% |
| CAGR 2026-2035 - Market by Region | Asia Pacific | 3.9% |
| CAGR 2026-2035 - Market by Country | UK | 3.1% |
| CAGR 2026-2035 - Market by Country | USA | 3.0% |
| CAGR 2026-2035 - Market by Type | Plate and Frame | 3.8% |
| CAGR 2026-2035 - Market by Material | Non-Sheet | 3.7% |
| Market Share by Country 2025 | 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.
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:
On the basis of application, the industry can be categorised into:
The regional markets for the product include:
| CAGR 2026-2035 - 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% |
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.
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In 2025, the global heat exchanger market attained a value of nearly USD 18.31 Billion.
The market is projected to grow at a CAGR of 3.40% between 2026 and 2035.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035 to reach USD 25.58 Billion in 2035.
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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| 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. |
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