Top Manufacturers in the Global Heat Exchanger Market

The global heat exchanger market reached a value of USD 20.16 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 30.79 Billion by 2033, exhibiting at a CAGR of 4.77% during 2025-2033. End users are currently seeking technological improvements that would reduce vibration-induced premature failures, especially in shell and tube heat exchangers. As a result, the leading companies are investing in research and development (R&D) projects to introduce energy-efficient heat exchangers. They are also optimizing the existing designs to increase energy efficiency and minimize the overall operating costs.

Growing emphasis on effective thermal management across various industries, such as oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is anticipated to propel the demand for heat exchangers during the forecast period. The market for heat exchangers is mostly fueled by growing energy efficiency standards and increased focus on sustainability in a wide range of industries. Industrial growth in developing economies, along with expansion of existing plant, continues to drive market demand as firms attempt to maximize operating efficiency and minimize power usage.

The growth in demand for different chemical products along with rising focus on energy efficiency and sustainability has compelled the use of next-generation heat exchanger technologies in chemical verticals. Further, growing public and private investment in infrastructure is slated to propel the demand for heat exchangers in the HVAC & refrigeration segment. The market's strong growth is also supplemented by advances in heat transfer technology, miniaturization, and materials science that offer improved performance with lower environmental footprint.

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List of Top Heat Exchanger Manufacturing Companies in the World:

The global heat exchanger market has several major players, including Alfa Laval AB, API Heat Transfer, Boyd, Chart Industries, Danfoss, GE Vernova, GEA Group Aktiengesellschaft, Hisaka Works, Ltd., IHI Plant Services Corporation, Johnson Controls, Kelvion Holding GmbH, Mersen, Modine Manufacturing Company, SPX FLOW, Inc., and Xylem.

1. Alfa Laval AB

Alfa Laval AB primarily manufactures heat transfer, separation and fluid handling products. The company serves the energy optimization, environmental protection, and food production industries. It is organized around three main product lines, including heat transfer (heat exchangers), fluid handling (pumps and valves) and separation (centrifuges). Its services and equipment help optimize processes such as heating, cooling, separating and transporting products (biofuels, chemicals, petrochemicals and pharmaceuticals).

2. API Heat Transfer, Inc.

API Heat Transfer, Inc. offers air-cooled, plate, pre-engineered, shell, tube and thermal systems. The company manufactures power and marine boilers, pressure and non-pressure tanks, processing and storage vessels, heat exchangers, weldments and similar products.

3. Boyd

Boyd Corporation offers advanced sealing, thermal management and protection solutions. The company also provides bonding, adhesive system, extrusions, gasket seals, air, conduction, liquid cooling and related accessories.

4. Chart Industries

Chart Industries is a market-leading manufacturer of highly engineered products for cryogenic and gas processing industries, including custom heat exchangers for the liquefied natural gas and industrial gas markets. Chart's product focus includes cryogenic heat exchangers, brazed aluminum heat exchangers, and process equipment allowing clean energy and industrial gas utilization. Some of the major innovations offered by them are advanced cryogenic technologies, high-performance heat transfer solutions, and equipment facilitating hydrogen economy infrastructure development. Chart Industries has worldwide operations supporting energy transition markets, industrial gas customers, and clean technology industries offering essential infrastructure solutions that enable decarbonization strategies and sustainable energy systems through innovative thermal management technologies.

5. Danfoss

Danfoss primarily manufactures mechanical and electronic components for different equipment, which are utilized in a variety of sectors. The company's major power solution unit that makes hydraulic systems and electronic controls to power off-highway vehicles, holds more than a third of the revenues. Its other divisions are refrigeration and air-conditioning equipment, heating equipment and commercial compressors.

6. GE Vernova

GE Vernova, once a division of General Electric as an independent energy business, is a power generation equipment expert that provides heat exchangers for gas turbines, steam turbines, and renewable energy systems. The company is focused on high-performance heat recovery steam generators, gas turbine heat exchangers, and power generation infrastructure thermal management. Their R&D centers on such high-priority fields as materials and technologies for application in extreme-high-temperature contexts, digital monitoring equipment for predictive maintenance, and grid decarbonization underpinning sustainable energy technologies. GE Vernova aids utility customers around the world, independent power producers, and industrial facilities with far-reaching networks of services, including such critical thermal management solutions as enhancing the efficiency of power plants, reducing emissions, and facilitating the energy transition with cutting-edge heat transfer technologies.

7. GEA Group Aktiengesellschaft

GEA Group is an international technology group focusing on process engineering and equipment production, such as heat exchangers for food processing, pharmaceutical, and chemical markets. The product horizon of the company includes plate heat exchangers, tubular heat exchangers, and specialized thermal processing equipment for hygienic operation and industrial processes. Their technological competencies are in sustainable food processing technologies, efficient energy-saving heat recovery systems, and high-end automation solutions with production efficiency optimization. GEA Group provides customers around the world in food and beverage, pharmaceutical, chemical, and energy industries with end-to-end engineering capabilities that deliver solutions that improve product quality, minimize energy use, and promote sustainable manufacturing practices through heat transfer and thermal processing innovation.

8. Hisaka Works, Ltd.

Hisaka Works, Ltd. is majorly engaged in the manufacturing of power and marine boilers, pressure and non-pressure tanks, processing and storage vessels, heat exchangers, weldments and similar products. The company manufactures these products by cutting, forming and joining metal plates, shapes, bars, sheet, pipe mill products and tubing to custom or standard design for factory or field assembly.

9. IHI Plant Services Corporation

IHI Corporation is known for constructing several long suspension bridges around the world. The company mainly provides items for energy and resources (boilers, engines, gas turbines, nuclear power plant parts, radioactive waste management) and aero engine and space (jet engines, rocket and satellite systems.

10. Johnson Controls

Johnson Controls International PLC manufactures, installs, and services energy-efficient heating, ventilation, and air conditioning (HVAC) systems. The company provides fire detection and suppression and security measures, such as electronic card site access. Its industrial refrigeration solution offers industrial plate heat exchangers, which are designed for use with ammonia, halocarbon, and hydrocarbon refrigerants.

11. Kelvion Holding GmbH

Kelvion Holding GmbH is a manufacturer of heat exchangers and provides solutions for almost every industrial application. The company primarily deals in the development, manufacturing, distribution of and trade with heat exchangers, air filtration systems, plastic filling media, aeration and ventilation solutions.

12. Mersen

Mersen is a global leader in electrical power and advanced materials, including high-temperature and special process heat exchangers for chemical processing. Mersen has expertise in graphite heat exchangers, silicon carbide heat exchangers, and thermal equipment corrosion-resistant for severe chemical environments. The key innovations of Mersen include superior carbon and ceramic material technologies, anti-corrosion technologies, and special designs for processing corrosive fluids at very high/low temperatures. Mersen serves chemical processing, pharmaceutical, metallurgy, and electronic industries across the globe with the solutions of imperative thermal management that can withstand harsh operating conditions, ensure process safety, and exhibit stable performance in applications where conventional materials degrade, facilitating sustainable chemical processing and industrial manufacturing.

13. Modine Manufacturing Company

Modine Manufacturing Company designs and manufactures highly engineered heat transfer systems and components for a range of customers across the globe. The company operates in around 15 countries and has technical centers in the US, Germany, and Italy.

14. SPX FLOW, Inc.

SPX FLOW is a global supplier of engineered flow products and process equipment, including heat exchangers for food and beverage, industrial, and energy markets. The company is versed in plate and frame heat exchangers, tube-in-tube heat exchangers, and sanitary thermal processing equipment for hygienic and industrial purposes. Sustainable processing solutions, energy-efficient heat transfer designs, and automation technologies that maximize manufacturing efficiency are its technological strengths. SPX FLOW is a provider of customers all over the world in the food and beverage processing, chemical manufacturing, and energy markets with worldwide manufacturing and service capability, delivering solutions to improve product quality, conserve energy, and facilitate sustainable production through innovative thermal processing and heat recovery technology.

15. Xylem

Xylem, Inc. is a designer, manufacturer, equipment and service provider for water and wastewater applications addressing the full cycle of water from collection, distribution, and use to the return of water to the environment. The Company's products include water and wastewater pumps, treatment and testing equipment, industrial pumps, valves, heat exchangers, and dispensing equipment.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the global heat exchanger market and regional Asia Pacific, Europe, India, Latin America, United States, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

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