GVR Report cover Heat Exchanger Market Size, Share & Trends Report

Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By End Use (Chemical, Power Generation), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jun, 2020
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-718-6
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 130

Report Overview

The global heat exchanger market size was estimated at USD 16.9 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2028. The rising trend for efficient thermal management in chemical, oil and gas, power generation, food and beverage, and HVAC and refrigeration industries has been a primary factor driving the market.

The heat exchangers are being widely used in industries such as chemicals, HVAC and refrigeration, food and beverages, petrochemical, power generation, pulp and paper, and others. In addition, the growing demand from the chemical industry, technology innovation, and rising focus on improving efficiency standards is projected to drive the market over the forecast period.

U.S. heat exchanger market size

The U.S. held the largest market share in the global nuclear energy market and held the highest number of operational nuclear reactors. Furthermore, ongoing construction activities for additional nuclear capacities are projected to further steer the power generation industry over the next few years. Increasing refinery capacities coupled with new setups of chemical plants in the region is further expected to drive the market over the forecast period.

According to Deutsche Bank, China is expected to have 45% of the revenue share in the global market by 2020. Asia handles more than 50% of the global sales of chemicals. Such rapid expansion in the chemical industry in Asia specifically in China is expected to act as a major driving force for the heat exchangers market.

The demand for heat exchangers in automotive is anticipated to rise as demand for automotive components in engineering industrial and commercial applications increases for residential and commercial purposes. Growing HVAC usage, especially in automotive, residential, and commercial buildings, is expected to drive market growth.

Technological advancements and steps undertaken to increase the heat transfer efficiency of the exchangers are expected to drive competition among market players. Constant efforts initiated by major players in research & development and product innovation is expected to increase their market share over the forecast period.

Product Insights

The shell and tube heat exchanger segment dominated the global heat exchanger product market and accounted for 35.9% of the revenue share in 2019. The segment is predominantly characterized by a rise in the demand for heat exchangers for various applications in end-use industries such as chemical, oil and gas, and power generation.

Rising demand for efficient thermal management systems with low space requirements is expected to drive demand for plate and frame heat exchangers (PFHE) over the forecast period. The welded plate heat exchanger is expected to witness high growth on account of its growing use in various industries including automobile, pharmaceuticals, petrochemical, and paper manufacturing pertaining to performance characteristics.

The brazed plate heat exchanger is anticipated to witness significant growth in the heat exchanger market owing to its rising use in-floor heating, refrigerant evaporators, economizers, oil coolers, condensers, super-coolers, and various other industrial applications. Replacing the old and current ongoing technology with new technology is a major challenge over the forecast period

The air-cooled heat exchanger is likely to witness a CAGR of 4.3% from 2020 to 2028 owing to rising in the use of air-cooled heat exchangers (ACHE) in automobiles, chemicals, and oil and gas industries. The growing demand for refrigeration and AC globally along with increased construction activity, in various countries including China, India, and some of the Middle East countries.

End-use Insights

The chemical segment is expected to move ahead at a CAGR of 4.2% in terms of revenue over the forecast period owing to the significant growth of the chemical industry in the Asia Pacific region. Heat exchangers in chemicals are used in the manufacturing process which includes condensation of solvents, benzene heat recovery, cooling of water circuits, cooling of hydrocarbons, heating & cooling of intermediate products, heating and cooling of reactors, and production processes.

HVAC and refrigeration require a heat exchanger for heating, cooling, and ventilating in both residential and commercial sectors. This application segment is likely to emerge as the fastest-growing end-use segment owing to the increase in demand for air-conditioners and refrigeration units, especially in the Asia Pacific.

The demand for heat exchangers in the oil and gas end-use industry segment is anticipated to reach USD 4.6 billion owing to the increasing E&P activities across the globe. Heat exchangers in the oil and gas industry are required for cooling which involves cooling of water or air, without phase change, chilling which involves refrigeration below that is obtainable with water, condensing which involves condensing vapor or vapor mixture, reboiler that involves using heat for the distillation column.

Global heat exchanger market share

The food and beverage segment is projected to witness a CAGR of 5.9% from 2020 to 2027. Heat exchangers in food and beverage are used in the processing of various food products which includes heating and cooling for refining and esterification of biodiesel; in dairy products for pasteurization and sterilization; in egg products for heating and cooling and for processing of eggs, in stewed fruits and jams and sauces to lower the product’s viscosity; and many more.

Regional Insights

In 2020, Europe held the largest market share and anticipated to witness a CAGR of 3.5% during the forecast period on account of a growing trend of basic chemical consumption in various end-use industries in Germany, France, Italy, and the U.K. Furthermore, rising expenditure on the HVAC and refrigeration industry in the region is likely to boost the market.

Asia Pacific is expected to witness the fastest growth trend reaching a net worth of over USD 7.7 billion by 2028. Demand in Asia is primarily attributed to the increasing construction activities along with the expansion of chemical and power generation industries and the rise in demand for energy, which is expected to drive the market in the region over the forecast period.

In North America, the market is estimated to witness healthy growth over the forecast period owing to increasing oil and gas E&P activities in the U.S. and Canada along with surging energy demand in various industrial and commercial sectors is expected to drive the demand for heat exchangers in the region over the forecast period.

Demand for heat exchangers in the Middle East and Africa is projected to reach USD 1.9 billion by 2028. Global events such as Dubai’s Expo 2020 and 2022 FIFA World Cup in Qatar are expected to drive industrial growth over the forecast period. Concentrated Solar Power (CSP) projects in countries such as South Africa, Egypt, and Morocco are expected to drive demand for heat exchangers in the region.

Key Companies & Market Share Insights

The market is expected to witness substantial growth over the next few years. Key players in the market are entering into an agreement with the distributors for the distribution of heat exchangers to end-use customers or businesses. E-commerce act as a major driving factor to increase the sales of the heat exchanger, owing to this, manufacturers are shifting their focus and concentrating on the efficient and effective distribution channel. Some of the prominent players in the heat exchanger market include:

  • Alfa Laval

  • Danfoss

  • Kelvion Holdings

  • Xylem

  • Hindustan-Dorr

  • HRS Heat Exchanger Ltd.

  • Güntner GmbH & Co. KG

  • Hisaka Works Ltd.

  • PI Heat Transfer

  • SPX Corporation

  • Johnson Controls International

Heat Exchanger Market Report Scope

Report Attribute


Market size value in 2020

USD 16.9 billion

Revenue forecast in 2028

USD 23.5 billion

Growth rate

CAGR of 4.2% from 2020 to 2028

Base year for estimation


Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative Units

Revenue in USD million and CAGR from 2020 to 2028

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

Segments covered

Product, end use, region

Regional Scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; Italy; France; China; Japan; India; Brazil; Saudi Arabia; UAE

Key companies profiled

Alfa Laval; Danfoss; Kelvion Holdings; Xylem; Hindustan-Dorr; HRS Heat Exchanger Ltd.; Güntner GmbH & Co. KG; Hisaka Works Ltd.; PI Heat Transfer; SPX Corporation; Johnson Controls International

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global heat exchanger market report on the basis of product, end use, and region:

  • Product Outlook (Revenue, USD Million, 2017 - 2028)

    • Plate & frame heat exchanger

      • Brazed plate & frame heat exchanger

      • Gasketed plate & frame heat exchanger

      • Welded plate & frame heat exchanger

      • Others

    • Shell & tube heat exchanger

    • Air-cooled heat exchanger

    • Others

  • End-use Outlook (Revenue, USD Million, 2017 - 2028)

    • Chemical

    • Food & Beverage

    • HVAC & refrigeration

    • Oil & Gas

    • Power Generation

    • Pulp & Paper

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

      • UAE

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