Heat Exchanger Market Size to Reach $26.78 Billion by 2030 Owing to Rising Demand From Chemical Industry Coupled With Increasing Technological Advancements | Grand View Research, Inc.

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According to a new report published by Grand View Research, rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards in expected to drive the global heat exchanger market at a CAGR of 5.1%.

Heat Exchanger Industry Overview

The global heat exchanger market size was estimated at USD 17.38 billion in 2021 and is expected to reach USD 26.78 billion by 2030, registering a CAGR of 5.1% from 2022 to 2030.

The rising focus on efficient thermal management in various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is expected to drive the demand for heat exchangers during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Heat Exchanger market

Rising demand from the chemical industry coupled with increasing technological advancements and a growing focus on improving efficiency standards is expected to drive the market over the coming years. Most processes in petrochemical facilities involve high pressure and temperature, thus, necessitating the optimization of heat transfer and the enhancement of energy savings, which, in turn, is likely to boost the demand for energy-efficient heat exchangers.


The U.S. dominated the North America heat exchanger market in 2021, owing to high electricity demand, industrialization, and investments in renewable power generation in the country. Rising investments by oil & gas companies in exploration & production activities in the U.S. are expected to boost the demand for these products in the oil & gas industry.

The significant power markets such as China, the U.S., India, Russia, and Japan are restructuring the operating models to adapt the structure of renewable energy and efficient utilization of energy by installing heat exchangers and shifting from traditional energy use. This is expected to drive the demand for heat exchangers during the forecast period.

Technological advancements such as tube inserts in heat exchangers are expected to complement the market growth. Furthermore, ongoing technological improvements to improve energy efficiency, total life cycle cost, durability, and compactness of heat exchangers are expected to drive the industry growth during the forecast period.

The manufacturers of these products face a long list of difficult supply chain challenges, including increasing demand variability, intense global competition, more environmental compliance regulations, increasing human- and nature-based risks, and inventory proliferation. The COVID-19 pandemic has created new challenges, which are compelling manufacturers to innovate their supply chains at a faster speed.

Heat Exchanger Market Segmentation

Based on the Product Insights, the market is segmented into Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger and Others.

The plate & frame product segment is expected to expand at a CAGR of 5.6% during the forecast period. Plate-type is built of plates either having some form of corrugation or smoothness.
Shell & tube segment led the industry and accounted for 35.8% of the global revenue demand in 2021. Shell & tube products are built from a bundle of tubes placed in a cylindrical shell with the tube axis parallel to that of the shell.

Based on the End-use Insights, the market is segmented into Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper and Others.

Chemical & petrochemical led the market and accounted for 22.7% of the global revenue demand in 2021. The rising demand for fertilizers, plastics, packaging, digital devices, medical equipment, and clothing is likely to boost the petrochemical industry’s growth.
The heat exchanger demand in the oil & gas end-use industry is anticipated to expand at a CAGR of 4.7% during the forecast period.
Increasing utilization of shale gas in the energy and manufacturing industries, along with growing shale gas exploration activities due to technological advancements in exploration, is expected to boost the demand for heat exchangers. 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Europe led the market and accounted for 32.1% of the global revenue share in 2021. Rising public and private infrastructure investments are anticipated to drive the demand for these products in HVAC & refrigeration industry.
Rising oil & gas exploration activities in the U.S. and Canada are expected to drive the demand for these products in the North America region.
The Asia Pacific heat exchangers demand is likely to witness a CAGR of 6.2% during the forecast period. Rapid industrialization in the developing economies of Asia Pacific.

Market Share Insights:

June 2021: GE Research’s interdisciplinary team, made and tested a subscale 3D printed heat exchanger at the temperature of 900°C. This temperature beats today’s modern devices by more than 200°C, or close to 400°F.
April 2021: Alfa Laval collaborated with Stena Recycling to announce a sustainable business model titled “Re-Made to matter” for increasing circularity in the heat exchanger supply chain. This will allow consumers to get a reimbursement for an old heat exchanger and upgrade to an energy-efficient heat exchanger.

Key Companies Profile:

The global heat exchangers market is characterized by the presence of multinational as well as regional players that are engaged in designing, manufacturing, and distributing these products.

Some prominent players in the global heat exchanger market include

Alfa Laval
Kelvion Holding GmbH
API Heat Transfer
Xylem Inc.
HRS Heat Exchangers
Hisaka Works, Ltd.
Koch Heat Transfer Company

Order a free sample PDF of the Heat Exchanger Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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