Global Heat Exchanger Market 2024

Market Overview

The revenue generated from the global heat exchanger market witnessed a compound annual growth rate (CAGR) of 4.4% from USD 13,864 million in 2020 to USD 15,765 million in 2023. This trend is expected to continue in the foreseeable future, with the global heat exchanger market projected to grow at a CAGR of 5.3% between 2024 to 2029, resulting in a market size of USD 20,205 million in 2029. The global heat exchanger market has matured, with most of the growth coming from Asia Pacific. A substantial number of significant market players populate emerging markets, where growth potential remains high.

The global heat exchanger market categorized by product type, for the respective periods: cooling tower, air-cooled, shell & tube, gasketed plate, and others. In terms of product type, the shell & tube segment dominated the market studied in 2023, holding a largest share. The valuation of the shell & tube segment is projected to reach USD 5,119 million by 2029. Shell and tube heat exchangers find extensive use across a wide range of temperature and pressure conditions, enabling effective heat transfer between liquids and gases. These heat exchangers are employed in various industries and applications where efficient heat exchange is required.

In 2023, the petrochemical segment recorded a revenue of USD 3,725 million. It is anticipated to reach USD 4,805 million by 2029, reflecting a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2024 to 2029. The petrochemical industry is a significant consumer of heat exchangers globally, accounting for a substantial market share of 23.6% in 2023 within the chemical industry. In chemical processes, heat transfer systems must be highly efficient, as heat transfer itself is an energy-intensive phase. Among the various types of heat exchangers used in the chemical processing sector, shell-and-tube units are the most popular due to their versatility and ability to handle fluids with varying levels of particles.

In the field of geography, the Asia Pacific region has emerged as the leading participant in the heat exchanger market, as observed in the 2023 study, encompassing a substantial share. Europe and North America closely follow. This trend can be attributed to the increasing demand for electricity generation and the considerable influx of capital into the chemical industry, particularly in countries such as China and India. Consequently, the Asia Pacific region is projected to witness the most rapid adoption of heat exchangers.

The global heat exchanger market is characterized by the presence of approximately 200 to 300 manufacturers. Among them, several prominent players operate in this industry, including Alfa Laval AB, Kelvion Holding GmbH, SPX Flow, Inc., Baltimore Aircoil Company, Xylem, Inc., Danaher Corporation, Hisaka Works, Ltd., Danfoss A/S, Johnson Controls International plc, Graham Corporation, Chart Industries, Inc., Koch Industries, Inc., Boyd Corporation, Mersen S.A., Guentner GmbH & Co KG, Hamon Thermal Europe SA, Paharpur Cooling Towers, Ltd., Argenfrio S.A.I.C., Reymsa Cooling Towers, Inc., Balcke-Dürr GmbH, Paul Mueller Co., HLE Glascoat Ltd., Astra Refrigeranti S.p.A., SWEP International AB, Vahterus Oy, thermofin GmbH, Southern Heat Exchanger Corporation, HYDAC International GmbH, and others.

This study aims to analyze the global market for various segments of heat exchanger, including:
Product Type: Cooling Tower, Air-Cooled, Shell & Tube, Gasketed Plate, and Others.
End-User: Oil & Gas, Petrochemical, Food & Beverage, Electricity Generation, HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration), and Others (Mineral, Water Treatment, Data Center, Shipbuilding, Pharmaceuticals, Paper, Engineering, etc.).
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa.

Table of Contents

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 8
Part 2. Scope and Methodology 9
Report Scope 10
Product Type 10
End-User 10
Region 10
Research Methodology 12
Part 3. Heat Exchanger Market Overview 14
Summary 14
Introduction 15
Part 4. Market Dynamics 17
Growth Drivers and Future Trends 17
Restraints and Challenges 28
Opportunities 33
Pricing Forecast 38
Part 5. Global Heat Exchanger Market by Product Type 40
Part 6. Global Heat Exchanger Market by End-User 44
Oil & Gas 45
Petrochemical 46
Food & Beverage 48
Electricity Generation 49
HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration) 51
Others 52
Part 7. Global Heat Exchanger Market by Region 60
Part 8. North America Heat Exchanger Market 63
By Product Type 65
By End-User 66
By Country 68
Part 9. Europe Heat Exchanger Market 69
By Product Type 70
By End-User 72
By Country 74
Part 10. Asia Pacific Heat Exchanger Market 75
By Product Type 77
By End-User 78
By Country 80
Part 11. Latin America Heat Exchanger Market 81
By Product Type 82
By End-User 84
By Country 85
Part 12. Middle East and Africa (MEA) Heat Exchanger Market 87
By Product Type 88
By End-User 90
By Region 92
Part 13. Competitive Analysis 94
Competition Overview 94
Product Distribution 97
Recent Developments 97
Alfa Laval AB 100
Business Overview 100
Heat Transfer 102
Contact Information 103
Kelvion Holding GmbH 104
Business Overview 104
Contact Information 104
SPX Flow, Inc. 105
Business Overview 105
Contact Information 105
Baltimore Aircoil Company 106
Business Overview 106
Contact Information 106
Xylem, Inc. 107
Business Overview 107
Contact Information 111
Danaher Corporation 112
Business Overview 112
Contact Information 114
Johnson Controls International plc 115
Business Overview 115
Contact Information 117
Hisaka Works, Ltd. 118
Business Overview 118
Contact Information 120
Danfoss A/S 121
Business Overview 121
Contact Information 123
Graham Corporation 124
Business Overview 124
Contact Information 126
Chart Industries, Inc. 127
Business Overview 127
Heat Transfer Systems 129
Contact Information 131
Koch Industries, Inc. 132
Business Overview 132
Contact Information 132
Boyd Corporation 133
Business Overview 133
Contact Information 133
Mersen S.A. 134
Business Overview 134
Contact Information 135
Other Companies 136
Disclaimer 137
FIGURES AND TABLES
Global Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Global Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Global Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Global Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Global Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Heat Exchanger Market Share by Region, 2023
Global Heat Exchanger Market by Region, 2020-2029 (USD Million)
Global Heat Exchanger Market by Region, CAGR Historic and Forecast, 2020-2029
North America Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
North America Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
North America Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
North America Heat Exchanger Market by End-User, 2020-2029 (USD Million)
North America Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
North America Heat Exchanger Market Share by Country, 2023
Europe Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Europe Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Europe Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Europe Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Europe Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe Heat Exchanger Market Share by Country, 2023
Asia Pacific Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Asia Pacific Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Asia Pacific Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Asia Pacific Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Asia Pacific Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia Pacific Heat Exchanger Market Share by Country, 2023
Latin America Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Latin America Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Latin America Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Latin America Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Latin America Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Latin America Heat Exchanger Market Share by Country, 2023
Middle East and Africa Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Middle East and Africa Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Middle East and Africa Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Middle East and Africa Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Middle East and Africa Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Middle East and Africa Heat Exchanger Market Share by Region, 2023
Global Heat Exchanger Market Share by Leading Players, 2023
Heat Exchanger Market Leading Players by Region, 2023
Global Heat Exchanger Market Share by Distribution Channels, 2023
Alfa Laval AB Financial Overview (SEK Million)
Alfa Laval AB Revenue, by Segment, 2022
Alfa Laval AB Revenue, by Product/Service, 2022
Alfa Laval AB Revenue, by Region, 2022
Alfa Laval AB Heat Transfer Revenue (SEK Million)
Xylem, Inc. Pumps, Accessories, Parts and Service Revenue (USD Million)
Xylem, Inc. Financial Overview (USD Million)
Xylem, Inc. Revenue, by Segment, 2022
Xylem, Inc. Revenue, by Type, 2022
Xylem, Inc. Revenue, by Region, 2022
Danaher Corporation Financial Overview (USD Million)
Danaher Corporation Revenue, by Segment, 2022
Danaher Corporation Revenue, by Region, 2022
Johnson Controls International plc Financial Overview (USD Million)
Johnson Controls International plc Revenue, by Type, 2021
Johnson Controls International plc Revenue, by Segment, 2021
Johnson Controls International plc Revenue, by Region, 2021
Hisaka Works, Ltd. Financial Overview (JPY Million)
Hisaka Works, Ltd. Revenue, by Segment, 2023
Danfoss A/S Financial Overview (EUR Million)
Danfoss A/S Revenue, by Segment, 2022
Danfoss A/S Revenue, by Region, 2022
Graham Corporation Financial Overview (USD Million)
Graham Corporation Revenue, by Segment, 2023
Graham Corporation Revenue, by Region, 2023
Chart Industries, Inc. Financial Overview (USD Million)
Chart Industries, Inc. Revenue, by Segment, 2022
Chart Industries, Inc. Revenue, by Region, 2022
Chart Industries, Inc. Heat Transfer Systems Revenue (USD Million)
Chart Industries, Inc. Heat Transfer Systems Revenue, by Region, 2022
Mersen S.A. Financial Overview (EUR Million)