Global Heat Exchangers Market Analysis–Trends, Insights & Forecasts (2022-2030)

  • Publish Date
    October 1, 2023
  • No of Pages
  • SKU Code
    GIR 7059
  • Format

Report Overview

  • Understand the latest market trends and future growth opportunities for the Heat Exchangers industry globally with research from the Global Industry Reports team of in-country analysts – experts by industry and geographic specialization.
  • Key trends are clearly and succinctly summarized alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight, and confident growth projections.
  • The report will cover the overall analysis and insights in relation to the size and growth rate of the “Heat Exchangers Market” by various segments at a global and regional level for the 2010-2030 period, with 2010-2021 as historical data, 2022 as a base year, 2023 as an estimated year and 2023-2030 as forecast period.


  • In the changed post COVID-19 business landscape, the global market for Heat Exchangers estimated at US$17.5 Billion in the year 2022, is projected to reach a revised size of US$28 Billion by 2030, growing at a CAGR of 6% over the analysis period 2022-2030.
  • Shell & Tube Heat Exchangers, one of the segments analyzed in the report, is projected to record a 4.9% CAGR and reach US$6.5 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Cooling Towers segment is readjusted to a revised 6.2% CAGR for the next 8-year period.
  • The Heat Exchangers market in the U.S. is estimated at US$3.9 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$5 Billion by the year 2030 trailing a CAGR of 7.9% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5% CAGR.

Heat Exchangers Market 2023


  • Unit SalesAverage Selling PricesMarket Size & Growth Trends
  • COVID-19 Impact and Global Recession Analysis
  • Analysis of US inflation reduction act 2022
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies – Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Market Drivers & Limiters
  • Market Forecasts Until 2028, and Historical Data to 2015
  • Recent Mergers & Acquisitions
  • Company Profiles and Product Portfolios
  • Leading Competitors

The Report Includes:

  • The report provides a deep dive into details of the industry including definitions, classifications, and industry chain structure.
  • Analysis of key supply-side and demand trends.
  • Detailed segmentation of international and local products.
  • Historic volume and value sizes, company, and brand market shares.
  • Five-year forecasts of market trends and market growth.
  • Robust and transparent research methodology conducted in-country.
  • Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.
  • Provision of market value (USD Billion) data for each segment and sub-segment.
  • Analysis by geography, region, Country, and its states.
  • A brief overview of the commercial potential of products, technologies, and applications.
  • Company profiles of leading market participants dealing in products category.
  • Description of properties and manufacturing processes.
  • marketed segments on the basis of type, application, end users, region, and others.
  • Discussion of the current state, setbacks, innovations, and future needs of the market.
  • Examination of the market by application and by product sizes; utility-scale, medium scale and small-scale.
  • Country-specific data and analysis for the United States, Russia, China, Germany, United Kingdom, France, Japan, Israel, Saudi Arabia, South Korea, United Arab Emirates, Canada, Switzerland, Australia, India, Italy, Turkey, Qatar, Sweden, Spain, Belgium, Netherlands, Norway, Singapore, Egypt, Denmark, Austria, Vietnam, Brazil, Argentina, Mexico, South Africa, and others.
  • Coverage of historical overview, key industrial development and regulatory framework.
  • Analysis of competitive developments, such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the market.
  • A look at the opportunities in the market for stakeholders and provide a competitive landscape of the market leaders.

Reports Scope and Segments:

Report Attribute Details
Market size value in 2022 USD 17.5 Billion
Revenue forecast in 2030 USD 28 Billion
Growth Rate CAGR of 6% from 2022 to 2030
Base year for estimation 2022
Historical data 2015 – 2021
Forecast period 2022 – 2030
Quantitative units Revenue in USD million and CAGR from 2022 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, trends, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

COVID-19 Impact, Market Growth Trends, Market Limiters, Competitive Analysis & SWOT for Top Competitors, Mergers & Acquisitions, Company Profiles, Product Portfolios, Disease Overviews.

Market Size, Market Shares, Market Forecasts, Market Growth Rates, Units Sold, and Average Selling Prices.

Segments covered Product, Type, Operation, Technology, Application, Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East and Africa and rest of the world
Country scope United States, Russia, China, Germany, United Kingdom, France, Japan, Israel, Saudi Arabia, South Korea, United Arab Emirates, Canada, Switzerland, Australia, India, Italy, Turkey, Qatar, Sweden, Spain, Belgium, Netherlands, Norway, Singapore, Egypt, Denmark, Austria, Vietnam, Brazil, Argentina, Mexico, South Africa, and others.
Key companies profiled Air Products and Chemicals, Inc.; Alfa Laval AB; Ambassador Heat Transfer Co.; Anguil Environmental Systems; API Heat Transfer Inc.; Associated Steam Specialty Co.; Balcke-Durr GmbH; Barriquand Technologies Thermiques; Brask, Inc.; Catylytic Products International; Chart Industries, Inc.; Danfoss A/S; Doosan Corporation; Enerquip, Inc.; Exergy LLC; F.W. Webb Company; Flow Solutions, Inc.; Funke Warmeaustauscher Apparatebau GMB; Gunter AG & Co. KG; Hamon Group; Harsco Industrial Air-X-Changers; Hatfield and Company, Inc.; Heat Transfer Company; Hindustan Dorr-Oliver; Hisaka Works, Ltd.; HRS Heat Exchangers Ltd; Hughes Anderson Heat Exchangers; HYDAC Technology Corporation; JFD Tube and Coil Products, Inc.; Johnson Bros Metal Forming, Co.; Johnson Controls International; Kelvion Holding GmbH; Kerr Pump and Supply, Inc.; Koch Heat Transfer Company; Lincoln Associates; Lytron Inc.; Markair, Inc.; McDermott; Mersen; Pre Heat Inc.; Quintel, Inc.; Radiant Heat Exchanger pvt Ltd.; Royal Hydraulics; Sierra S.p.A; SmartHeat Inc.; Southern Heat Exchanger; SPX FLOW, Inc.; Stoermer Anderson, Inc.; SWEP International AB; Technologies, Inc.; Thermal Transfer Corporation; Thermax Global; Thermofin; Thrush Co, Inc.; Tranter Inc.; Trumbo, Inc.; Tru-Stop Inc.; Vahterus Oy; Whaley Products, Inc.; Xylem Inc. and others
Customization scope Free report customization (equivalent up to 20 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Report Format PDF, PPT, Excel & Online User Account

Report Segmented by:

Type Material End Use Region
Shell & Tube Steel Chemical North America
Plate & Frame Non-Steel Energy Europe
Air Cooled Other Metal/alloy HVAC Asia Pacific
Cooling Towers Oil & Gas South America
Gasketed PHE Pulp & Paper Middle East
Welded PHE Power Africa
Brazed PHE Food & Beverages

Companies Covered in Report:

Air Products and Chemicals, Inc. Johnson Controls International
Alfa Laval AB Kelvion Holding GmbH
Ambassador Heat Transfer Co. Kerr Pump and Supply, Inc.
Anguil Environmental Systems Koch Heat Transfer Company
API Heat Transfer Inc. Lincoln Associates
Associated Steam Specialty Co. Lytron Inc.
Balcke-Durr GmbH Markair, Inc.
Barriquand Technologies Thermiques McDermott
Brask, Inc. Mersen
Catylytic Products International Pre Heat Inc.
Chart Industries, Inc. Quintel, Inc.
Danfoss A/S Radiant Heat Exchanger pvt Ltd.
Doosan Corporation Royal Hydraulics
Enerquip, Inc. Sierra S.p.A
Exergy LLC SmartHeat Inc.
F.W. Webb Company Southern Heat Exchanger
Flow Solutions, Inc. SPX FLOW, Inc.
Funke Warmeaustauscher Apparatebau GMB Stoermer Anderson, Inc.
Gunter AG & Co. KG SWEP International AB
Hamon Group Technologies, Inc.
Harsco Industrial Air-X-Changers Thermal Transfer Corporation
Hatfield and Company, Inc. Thermax Global
Heat Transfer Company Thermofin
Hindustan Dorr-Oliver Thrush Co, Inc.
Hisaka Works, Ltd. Tranter Inc.
HRS Heat Exchangers Ltd Trumbo, Inc.
Hughes Anderson Heat Exchangers Tru-Stop Inc.
HYDAC Technology Corporation Vahterus Oy
JFD Tube and Coil Products, Inc. Whaley Products, Inc.
Johnson Bros Metal Forming, Co. Xylem Inc.


After Sales Support

  • Every updated edition of the report and full data stack will be provided at no extra cost for 24 months.
  • Latest 2022 base year report.
  • Free Updated edition of 2023 every quarter without any hidden cost.
  • No user limitation for the report. Unlimited access within the organization.
  • Unrestricted post-sales support at no additional cost
  • Free report customization (equivalent up to 10 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope
  • Global Industry Reports will support your post-purchase for a period of 24 months to answer any of your queries related to the following market and to provide you any more data needed, for your analysis.
  • Option to purchase regional or some selected Chapters from the report.

Key questions that are answered in this report

  • How big is the heat exchanger market?
  • What is the heat exchanger market growth?
  • Which segment accounted for the largest heat exchanger market share?
  • Who are the key players in the heat exchanger market?
  • What are the factors driving the heat exchanger market?

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumption
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GIR Research’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Heat Exchanger Market Variables, Trends & Scope
3.1. Market Segmentation & Scope
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Industry Challenges
3.6. Business Environment Analysis
3.6.1. Industry Analysis – Porter’s Supplier Power Buyer Power Threat of Substitutes Threat of New Entrant Competitive Rivalry
3.6.2. PESTEL Analysis Political Landscape Environmental Landscape Social Landscape Technology Landscape Economic Landscape Legal Landscape
Chapter 4. COVID-19 Impact Analysis
Chapter 5. Heat Exchanger Market – Product Estimates & Trend Analysis
5.1. Heat Exchanger Market: Product Movement Analysis & Market Share, 2022 & 2030
5.2. Plate & Frame Heat Exchanger
5.2.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
5.2.2. Plate & Frame Heat Exchanger Market Estimates & Forecasts, by Product, 2018 – 2030 (USD Million)
5.3. Shell & Tube Heat Exchanger
5.3.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
5.4. Air-Cooled Heat Exchanger
5.4.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
5.5. Others
5.5.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
Chapter 6. Heat Exchanger Market – End-Use Estimates & Trend Analysis
6.1. Heat Exchanger Market: End-Use Movement Analysis & Market Share, 2022 & 2030
6.2. Chemical & Petrochemical
6.2.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
6.3. Oil & Gas
6.3.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
6.4. HVAC & Refrigeration
6.4.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
6.5. Power Generation
6.5.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
6.6. Food & Beverage
6.6.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
6.7. Pulp & Paper
6.7.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
6.8. Others
6.8.1. Market Estimates & Forecasts, 2018 – 2030 (USD Million)
Chapter 7. Heat Exchanger Market – Regional Estimates & Trend Analysis

Chapter 8. Competitive Analysis
8.1. Key Global Players & Recent Developments & Their Impact on the Industry
8.2. Key Company/Competition Categorization
8.3. Vendor Landscape
8.4. Company Dashboard Analysis
8.5. Public Companies
8.5.1. Company Market Position Analysis
8.6. Private Companies
8.6.1. List of Key Emerging Companies and Their Geographical Presence
Chapter 9. Company Profiles

(150+ Company Profiles Covered)


Research Methodology is the process used to collect information and data for the purpose of making business decisions. The success of a research project is entirely dependent on the research methodology adopted by the company. Research Methodology and Scope We have implemented a mix of primary and secondary research for our market estimate and forecast. Secondary research formed the initial phase of our study, where we conducted extensive data mining, referring to verified data sources such as independent studies, company annual reports, white papers, case studies, government and regulatory published articles, technical journals, magazines, and paid data sources. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for respective regions. The primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the respective regions. The primary data has been collected through questionnaires, e-mails, and telephonic interviews, end-user surveys, consumer surveys, technology distributors and wholesaler’s surveys.

  • Quantitative methods (e.g. surveys) are best for measuring, ranking, categorizing, identifying patterns and making generalizations
  • Qualitative methods (e.g. interviews) are best for describing, interpreting, contextualizing, and gaining in-depth insight into specific concepts or phenomena
  • Mixed methods allow for a combination of numerical measurement and in-depth exploration.

Market drivers and restraints, along with their current and expected impacts, technological scenario and expected developments, end-use industry trends and dynamics  and consumer behavior trends  these forecasting parameters were considered.

Ethical approach, attention to detail, consistency, latest trend in the market and highly authentic source these are benefits of company’s research methodology.

Global Industry Reports

Market size estimation methodology top-down and bottom-up approaches

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the virtual reality market. These methods have also been extensively used to estimate the sizes of various market subsegments. Estimating the size of the market in each region by adding the sizes of country-wise markets and tracking the ongoing and upcoming implementation of virtual reality projects by various companies in each region and forecasting the size of the virtual reality market based on these developments and other critical parameters, including COVID-19 related impacts

Data Triangulation

After arriving at the overall market size—using the market size estimation processes explained above—the market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. It provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, company profiles, key player strategies competitive developments and key developments) influencing the virtual reality market growth.

Statistical Model

Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development and pricing trends is fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression and time series analysis.