Heat Exchangers Market is expected to generate USD 25.9 Billion in Revenue by 2028, Globally at a CAGR of 6.14%: Verified Market Research®

Growing demand from the chemical industry and increasing emphasis on improving efficiency standards. Additionally, increasing industrial expansions occurring in developing economies are the factors expected to drive the heat exchanger market.

JERSEY CITY, NJ, September 19, 2022 /PRNewswire/ — Verified Market Research recently released a report, “heat exchanger market” By Type (Shell & Tube Heat Exchangers, Plate & Frame Heat Exchangers, Air Cooled Heat Exchangers), By Application (Chemical, Petrochemical & Oil & Gas, Food & Beverage, Power Generation) and by geography.


According to the extensive research done by the verified market research experts, the Heat Exchangers market size was valued at $16.03 billion in 2020 and is expected to reach $25.9 billion by 2028, growing at a CAGR of 6.14% from 2021 to 2028, during the forecast period.

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Browse the table of contents in depth onHeat Exchanger Market

202 – Pages
126 – Tables
37 – Numbers

Key developments

Partnerships, collaborations and agreements

  • In August 2018Granges AB, a Swedish company, has entered into a partnership with Mitsubishi Aluminum Co., Ltd., a Japanese company, to establish a new automotive heat exchanger sheet manufacturing facility in North America.

Mergers and Acquisitions

  • In December 2018Alfa Laval announced an agreement of an agreement to acquire certain innovations and activities of Airec, a Malmö, Swedeninnovation company with a patent portfolio for asymmetric honeycomb heat exchangers. The new company is integrated into Alfa Laval’s brazed and fused heat exchangers unit.

Product launches and product extensions

  • In 2019, Alfa Laval established a factory in United States to manufacture brazed plate heat exchangers. This manufacturing facility meets North America increasing demands for heat exchangers. It also offers quick response times and shorter delivery times to its US customers, which enables the company to increase its profits in the North American region.

Global heat exchanger market overview

A heat exchanger is a device that transfers heat from one medium to another. An example of a heat exchanger is a hydraulic oil cooler, which uses cold water or air to remove heat from heated oil. Another example is swimming pool heat exchangers that use hot water from a solar-heated boiler or water circuit to heat pool water. Heat exchangers are widely used in the chemical, petrochemical, oil and gas industries, as well as in food processing and power generation.

During the forecasted period, the heat exchanger market is expected to be driven by growing demand from the chemical industry and increasing focus on increasing efficiency requirements. Additionally, the market is expected to rise in the coming years owing to rising energy prices and industrial expansions taking place in developing economies like those in the Asia Pacific Region. Further, the market is expected to be driven in the forecasted years by both the growing demand for nuclear power generation and technical advancements. Among the regions North America, Europe, Asia Pacificand the Rest of the World, Europe will hold the largest market share owing to the growing demand for chemicals across many end-use industries. The Asia Pacific The region is expected to grow at the fastest rate due to rising energy consumption, increased construction activity, and expanding chemical and power generation industries.

Key players

The main market players are Alfa Laval, Johnson Controls International, Kelvion Holdings, Danfoss, SPX Corporation and Godrej & Boyce Manufacturing, Hindustan Dorr-Oliver, Hisaka worksXylem, API Heat Transfer and Guntner.

Verified Market Research has segmented the global heat exchangers market on the basis of type, application, and geography.

  • Heat Exchangers Market, By Type
  • Heat Exchangers Market, By Application
    • Chemical
    • Petrochemicals and Oil & Gas
    • food and drinks
    • energy production
    • Others
  • Heat Exchangers Market, By Geography
    • North America
    • Europe
      • Germany
      • France
      • UK
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • LINE
      • Middle East & Africa
      • Latin America

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