Heat exchanger sales to grow 6% through 2032 amid growing infrastructure development activities worldwide

The demand for heat exchangers will exceed US$34.24 billion by 2031 as applications in the power generation sector strengthen

A recent survey conducted by Fact.MR on the Global Heat Exchangers Market provides in-depth insights on the prevailing trend between 2022 and 2032. The study reveals key dynamics such as drivers and opportunities in 5 regions. It also provides demand outlook for heat exchangers in terms of product and end user for the next decade.

NEW YORK, June 6, 2022 /PRNewswire/ — The global heat exchanger market was valued at $18.94 billion in 2021. Sales of heat exchangers are expected to exceed US$34.24 billion by the end of 2031, growing at a healthy CAGR of 6% over the forecast period 2022-2031.

As the trend towards urbanization and sustainable development continues to intensify, there is a substantial increase in building and construction activities, especially in emerging countries such as China, Indiaand Brazil. Citing this trend, the governments of many countries are undertaking initiatives to build smart cities in the respective countries.

For example, according to the India Brand Equity Foundation, the government of India announced the penalty closely US$868 million to build more than 100 smart cities across India as part of the country’s Smart City Mission between 2021 and 2022.

As heat exchangers play a crucial role in modern heating and cooling infrastructure, increasing infrastructure development activities are expected to accelerate market sales.

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There is a significant increase in the demand for electricity around the world, due to the growing trend of electrification and automation of processes. This creates a high demand for equipment that helps in power generation.

For example, according to a report by the International Energy Agency, demand for electricity is expected to increase by 2.1% per year worldwide until 2040, nearly double the rate of total electricity demand. primary energy.

Heat exchangers are used as condensers and heat extractors in nuclear power plants for electricity generation. Therefore, the focus on increasing power generation to meet growing energy demand is expected to increase heat exchanger sales.

Key points to remember:

  • The United States should continue to dominate the North America heat exchanger market, due to the growth of power generation activities in the country.
  • Germany is estimated to post growth at a robust CAGR, helping the Europe will account for approximately 35% of total heat exchanger sales by 2022.
  • India is expected to emerge as a highly lucrative market for heat exchangers, driven by increased infrastructure development activities.
  • China should represent an important part of the Asia Pacific market, driven by the growing adoption of heat exchangers in wastewater treatment applications.
  • Among the product verticals, the shell and tube heat exchanger is expected to remain the most sought after, accounting for nearly 40% of the revenue share by 2022.

Growth drivers:

  • Implementation of strict regulations regarding proper heat, ventilation and air conditioning in the US, UK, Chinaand India increases the demand for heat exchangers.
  • The increasing use of heat exchangers in many appliances such as heating coils, boilers, furnaces, car heaters, blown air coolers, heat pumps, freezers, air conditioning systems and the sewage treatment system is driving sales in the market.


  • The high initial cost of heat exchangers and the extravagant cost of maintenance are the major factors hindering the sales in the market.
  • The volatility in the cost of raw materials used in heat exchangers such as steel, copper, and aluminum is negatively affecting the market growth.

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Competitive Landscape:

Leading heat exchanger manufacturers are focusing on introducing new energy-efficient products to strengthen their product portfolio. Some of the other major players are engaging in collaboration and partnership with other companies to expand their market share.

For instance,

  • In December 2021, Alfa Laval, a Swedish supplier of heat transfer, separation and fluid handling equipment, announced the signing of a global partnership agreement with Microsoft for the creation of digital solutions to facilitate support and maintenance of its range of plate heat exchangers.

Top Companies Featured by Fact.MR

  • Heatmaster B.V.
  • Alfa Laval Corporate AB
  • Southwest Thermal Technology
  • General electricity company
  • Thermax Limited
  • SPX Flow, Inc.
  • Kelvion Holding GmbH

More valuable information about Heat exchangers Market

In its latest study, Fact.MR reveals the driving factors influencing the growth of the Global Heat Exchangers Market for the forecast period 2022-2031. The study also provides compelling insights into the key drivers expected to create growth opportunities in the Heat Exchangers market through detailed segmentation as follows:


  • Air-cooled heat exchangers
  • Plate and frame heat exchangers
  • Shell and tube heat exchangers
  • Others (condensers, oil coolers and radiators)

Final user:

  • HVAC
  • Chemicals and Petrochemicals
  • energy production
  • Others (food processing, aerospace and medical)


  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Key questions addressed in the Heat exchangers Market report

  • What is the estimated revenue of the heat exchangers market during the forecast period?
  • What are the challenges faced in the heat exchanger market?
  • Which region is estimated to show the fastest growth rate in the global heat exchangers market during the period 2022-2031?
  • What is the projected market valuation of the heat exchangers market in 2022?
  • What are the factors driving heat exchangers in 2022-2031?
  • What is the expected growth rate of the Heat Exchangers market through 2031?

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