Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A1854
Buy Now

Market Overview:

The global heat exchanger market size reached US$ 17.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.75% during 2023-2028.

A heat exchanger is a device used for transferring heat between two mediums that are at different temperatures. It comprises hot and cold fluid streams separated by a solid wall of the thermally conductive plate, which aids in preventing direct contact between two fluids and gases. It assists in heating and cooling buildings and facilitates the efficient functioning of engines and machines. It is usually employed for numerous industrial and domestic applications to remove heat from an enclosed room and system. Besides this, heat exchanger finds application in boilers, furnaces, power stations, refrigerators, air conditioners, automotive radiators, and sewage treatment plants.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample

Heat Exchanger Market Trends:

The increasing global population, rising construction activities, and the escalating demand for heat, ventilation, and air-conditioning (HVAC) in the industrial, commercial, and residential sectors are among the key factors positively influencing the market. In addition, inflating disposable income levels, improving living standards, and extreme climatic conditions are driving the need for luxury items, such as air conditioners, boilers, and other electrical appliances. Apart from this, the growing environmental concerns and rising awareness among individuals about the use of energy-efficient and environment-friendly devices are creating a positive market outlook. In line with this, governments of various countries are implementing stringent regulations to minimize harmful carbon emissions, which is bolstering market growth. Moreover, several companies are adopting energy-efficient methods to curb the wastage of energy by deploying advanced heat recovery devices for several industrial applications. This, in turn, is catalyzing the demand for heat exchangers across the globe. Furthermore, key manufacturers are constantly investing in research and development (R&D) activities to launch cost-effective and advanced product variants, which is anticipated to propel market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global heat exchanger market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, material and end-use industry.

Breakup by Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

To get more information about this market, Request Sample

  • Shell & Tube
  • Plate & Frame
  • Air Cooled
  • Others


Shell and tube are the most popular types of heat exchanger as they are budget friendly and offer numerous advantages, such as the ease of application at extreme pressures and temperatures.

Breakup by Material:

  • Carbon Steel
  • Stainless Steel
  • Nickel
  • Others


Stainless steel is widely used in manufacturing heat exchangers due to its high strength, durability, and ability to resist corrosion.

Breakup by End-Use Industry:

  • Chemical
  • Petrochemical and Oil & Gas
  • HVAC and Refrigeration
  • Food & Beverage
  • Power Generation
  • Paper & Pulp
  • Others


The chemical industry accounts for the majority of the market share as heat exchangers are widely used in chemical processing applications on account of their design flexibility and high corrosion resistance.

Breakup by Region:

 

 
 

 

To get more information on the regional analysis of this market, Request Sample

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Others
  • Middle East and Africa
    • Turkey
    • Saudi Arabia
    • Iran
    • United Arab Emirates
    • Others


Europe exhibits a clear dominance in the market due to rising construction activities in residential and commercial complexes, along with the escalating demand for heat exchangers across different industry verticals in the region.

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the top heat exchanger manufacturers being Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Lytron Inc., Mersen, Modine Manufacturing, Royal Hydraulics, Sondex A/S, Xylem Inc., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Type, Material, End-Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Lytron Inc., Mersen, Modine Manufacturing, Royal Hydraulics, Sondex A/S and Xylem Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Clients Testimonial

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More