The global heat exchanger market grew at a CAGR of around 7% during 2014-2019. A heat exchanger refers to a device that is used for transferring heat from one fluid to another. It is used for controlling the temperature of a system or substance. It contains streams of hot and cold fluids, which are utilized to transfer thermal energy among the streams. They may be separated by a thermally conductive tube or plate or kept in direct contact if the fluids are immiscible. These devices assist in heating or cooling buildings as well as enable efficient functioning of engines and machines. As a result, they are widely utilized in boilers, furnaces, refrigerators, automotive radiators, sewage treatment and air conditioning systems.
The significantly rising demand for heat, ventilation and air-conditioning (HVAC) from industrial, commercial and residential sectors is primarily driving the growth of the market. This can be accredited to the inflating disposable income levels, changing living standards and extreme average climatic conditions across the globe. Moreover, rising environmental concerns amongst individuals regarding the use of energy-efficient and environment-friendly devices are also influencing the market growth. Governments of several countries have implemented stringent regulations to reduce carbon emissions across various industries, which are creating a positive outlook for the heat exchanger market. Furthermore, manufacturers are constantly engaging in research and development (R&D) activities in the heat exchange technology to launch cost-effective and efficient product variants, which is expected to drive the market growth further. Looking forward, IMARC Group expects the global heat exchanger market is expected to expand at a CAGR of around 6% during 2020-2025.
Breakup by Type:
- Shell & Tube
- Plate & Frame
- Air Cooled
- Others
Breakup by Material:
- Carbon Steel
- Stainless Steel
- Nickel
- Others
Breakup by End-Use Industry:
- Chemical
- Petrochemical and Oil & Gas
- HVAC and Refrigeration
- Food & Beverage
- Power Generation
- Paper & Pulp
- Others
Breakup by Region
- North America
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- Peru
- Others
- Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players 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.
Key Questions Answered in This Report:
The global heat exchanger market was worth around US$ 15.4 Billion in 2019.
The sudden outbreak of the COVID-19 pandemic, in the early 2020, has negatively impacted the market for heat exchangers due to disrupted supply chains and unavailability of raw materials.
According to the estimates by IMARC Group, the global heat exchanger market will exhibit moderate growth during the next five years.
Rapid adoption of heat, ventilation, and air-conditioning (HVAC) systems across the residential, commercial, and industrial sectors, is primarily augmenting the demand for heat exchangers.
The increasing investments in extensive R&D activities for the introduction of cost-effective and energy-efficient product variants, represent one of the key trends in the heat exchanger market.
On the basis of the type, the market has been bifurcated into shell and tube, plate and frame, air cooled and others. In this segment, shell and tube account for the largest market share.
On the basis of the material, the market has been bifurcated into carbon steel, stainless steel, nickel and others.
On the basis of the end use industry, the market has been bifurcated into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others. In this segment, petrochemical and oil & gas hold the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe dominates the global market.
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Heat Exchanger Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Shell & Tube
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Plate & Frame
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Air Cooled
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Material
7.1 Carbon Steel
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Stainless Steel
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Nickel
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Chemical
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Petrochemical and Oil & Gas
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 HVAC and Refrigeration
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Food & Beverage
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Power Generation
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Paper & Pulp
8.6.1 Market Trends
8.6.2 Market Forecast
8.7 Others
8.7.1 Market Trends
8.7.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Europe
9.2.1 Germany
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 France
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 United Kingdom
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 Italy
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Spain
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Russia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Asia Pacific
9.3.1 China
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 Japan
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 India
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 South Korea
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Australia
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Indonesia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Argentina
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.4.4 Columbia
9.4.4.1 Market Trends
9.4.4.2 Market Forecast
9.4.5 Chile
9.4.5.1 Market Trends
9.4.5.2 Market Forecast
9.4.6 Peru
9.4.6.1 Market Trends
9.4.6.2 Market Forecast
9.4.7 Others
9.4.7.1 Market Trends
9.4.7.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Turkey
9.5.1.1 Market Trends
9.5.1.2 Market Forecast
9.5.2 Saudi Arabia
9.5.2.1 Market Trends
9.5.2.2 Market Forecast
9.5.3 Iran
9.5.3.1 Market Trends
9.5.3.2 Market Forecast
9.5.4 United Arab Emirates
9.5.4.1 Market Trends
9.5.4.2 Market Forecast
9.5.7 Others
9.5.7.1 Market Trends
9.5.7.2 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Indicators
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Alfa Laval
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 API Heat Transfer Inc.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Danfoss
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 General Electric Company
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Hisaka Works
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 IHI Corporation
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Johnson Controls
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Kelvion Holding GmbH
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 Koch Industries
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 SWOT Analysis
14.3.10 Lytron Inc.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 Mersen
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Modine Manufacturing
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Royal Hydraulics
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.14 Sondex A/S
14.3.14.1 Company Overview
14.3.14.2 Product Portfolio
14.3.15 Xylem Inc.
14.3.15.1 Company Overview
14.3.15.2 Product Portfolio
14.3.15.3 Financials
14.3.15.4 SWOT Analysis
List of Figures
Figure 1: Global: Heat Exchanger Market: Major Drivers and Challenges
Figure 2: Global: Heat Exchanger Market: Sales Value (in Billion US$), 2014-2019
Figure 3: Global: Heat Exchanger Market: Breakup by Type (in %), 2019
Figure 4: Global: Heat Exchanger Market: Breakup by Material Construction (in %), 2019
Figure 5: Global: Heat Exchanger Market: Breakup by Application (in %), 2019
Figure 6: Global: Heat Exchanger Market: Breakup by Region (in %), 2019
Figure 7: Global: Heat Exchanger Market Forecast: Sales Value (in Billion US$), 2020-2025
Figure 8: Global: Heat Exchanger (Shell & Tube) Market: Sales Value (in Million US$), 2014 & 2019
Figure 9: Global: Heat Exchanger (Shell & Tube) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 10: Global: Heat Exchanger (Plate & Frame) Market: Sales Value (in Million US$), 2014 & 2019
Figure 11: Global: Heat Exchanger (Plate & Frame) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 12: Global: Heat Exchanger (Air Cooled) Market: Sales Value (in Million US$), 2014 & 2019
Figure 13: Global: Heat Exchanger (Air Cooled) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 14: Global: Heat Exchanger (Other Types) Market: Sales Value (in Million US$), 2014 & 2019
Figure 15: Global: Heat Exchanger (Other Types) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 16: Global: Heat Exchanger (Carbon Steel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 17: Global: Heat Exchanger (Carbon Steel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 18: Global: Heat Exchanger (Stainless Steel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 19: Global: Heat Exchanger (Stainless Steel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 20: Global: Heat Exchanger (Nickel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 21: Global: Heat Exchanger (Nickel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 22: Global: Heat Exchanger (Others) Market: Sales Value (in Million US$), 2014 & 2019
Figure 23: Global: Heat Exchanger (Others) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 24: Global: Heat Exchanger (Chemical) Market: Sales Value (in Million US$), 2014 & 2019
Figure 25: Global: Heat Exchanger (Chemical) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 26: Global: Heat Exchanger (Petrochemical and Oil & Gas) Market: Sales Value (in Million US$), 2014 & 2019
Figure 27: Global: Heat Exchanger (Petrochemical and Oil & Gas) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 28: Global: Heat Exchanger (HVAC and Refrigeration) Market: Sales Value (in Million US$), 2014 & 2019
Figure 29: Global: Heat Exchanger (HVAC and Refrigeration) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 30: Global: Heat Exchanger (Food & Beverage) Market: Sales Value (in Million US$), 2014 & 2019
Figure 31: Global: Heat Exchanger (Food & Beverage) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 32: Global: Heat Exchanger (Power Generation) Market: Sales Value (in Million US$), 2014 & 2019
Figure 33: Global: Heat Exchanger (Power Generation) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 34: Global: Heat Exchanger (Paper & Pulp) Market: Sales Value (in Million US$), 2014 & 2019
Figure 35: Global: Heat Exchanger (Paper & Pulp) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 36: Global: Heat Exchanger (Other Applications) Market: Sales Value (in Million US$), 2014 & 2019
Figure 37: Global: Heat Exchanger (Other Applications) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 38: North America: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 39: North America: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 40: United States: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 41: United States: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 42: Canada: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 43: Canada: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 44: Europe: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 45: Europe: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 46: Germany: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 47: Germany: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 48: France: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 49: France: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 50: United Kingdom: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 51: United Kingdom: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 52: Italy: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 53: Italy: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 54: Spain: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 55: Spain: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 56: Russia: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 57: Russia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 58: Others: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 59: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 60: Asia Pacific: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 61: Asia Pacific: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 62: China: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 63: China: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 64: Japan: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 65: Japan: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 66: India: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 67: India: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 68: South Korea: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 69: South Korea: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 70: Australia: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 71: Australia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 72: Indonesia: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 73: Indonesia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 74: Others: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 75: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 76: Latin America: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 77: Latin America: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 78: Brazil: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 79: Brazil: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 80: Mexico: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 81: Mexico: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 82: Argentina: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 83: Argentina: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 84: Columbia: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 85: Columbia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 86: Chile: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 87: Chile: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 88: Peru: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 89: Peru: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 90: Others: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 91: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 92: Middle East and Africa: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 93: Middle East and Africa: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 94: Turkey: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 95: Turkey: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 96: Saudi Arabia: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 97: Saudi Arabia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 98: Iran: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 99: Iran: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 100: United Arab Emirates: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 101: United Arab Emirates: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 102: Others: Heat Exchanger Market: Sales Value (in Million US$), 2014 & 2019
Figure 103: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 104: Global: Heat Exchanger Industry: SWOT Analysis
Figure 105: Global: Heat Exchanger Industry: Value Chain Analysis
Figure 106: Global: Heat Exchanger Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Heat Exchanger Market: Key Industry Highlights, 2019 and 2025
Table 2: Global: Heat Exchanger Market Forecast: Breakup by Type (in Million US$), 2020-2025
Table 3: Global: Heat Exchanger Market Forecast: Breakup by Material (in Million US$), 2020-2025
Table 4: Global: Heat Exchanger Market Forecast: Breakup by Application (in Million US$), 2020-2025
Table 5: Global: Heat Exchanger Market Forecast: Breakup by Region (in Million US$), 2020-2025
Table 6: Global: Heat Exchanger Market: Competitive Structure
Table 7: Global: Heat Exchanger Market: Key Players