Heat Exchanger Industry

The global heat exchangers market size was estimated at USD 18.19 billion in 2023 and is expected to expand at a compounded annual growth rate (CAGR) of 5.4% from 2024 to 2030.

Rising focus on efficient thermal management in various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is expected to drive the demand for heat exchangers over the forecast period. Rising demand from chemical industry coupled with increasing technological advancements and a growing focus on improving efficiency standards is expected to drive heat exchangers market growth. Most processes in petrochemical facilities involve high pressure and temperature, thus, necessitating the optimization of heat transfer and enhancement of energy savings, which, in turn, is likely to boost the demand for energy-efficient heat exchangers.

U.S. dominated the North America heat exchanger market in 2023, owing to high electricity demand, industrialization, and investments in renewable power generation. Rising investments by oil & gas companies in exploration & production activities in the U.S. are expected to boost the demand for these products in oil & gas industry.

Significant power markets such as China, U.S., India, Russia, and Japan are restructuring their operating models to adopt the structure of renewable energy and efficient utilization of energy by installing heat exchangers and shifting from traditional energy use. This is expected to drive the demand for heat exchangers.

Gather more insights about the market drivers, restrains and growth of the Global Heat Exchanger market

Heat Exchanger Market Segments Highlights:

• Market growth stage is medium, and pace of the market growth is accelerating. Heat exchangers market is characterized by a high degree of innovation owing to the rapid technological advancements.
• Rapid industrialization in the developing nations of Asia Pacific coupled with increasing investments in manufacturing, industrial, and commercial projects has contributed to the overall growth of the exchangers market in the region.
• Shell & tube segment led the industry and accounted for 35.6% of the global revenue demand in 2023. Shell & tube products are built from a bundle of tubes placed in a cylindrical shell with the tube axis parallel to that of shell.
• Metals material segment showed lucrative growth from 2024-2030. Metal materials are crucial in heat exchangers due to their inherent properties.
• Chemical & petrochemical led the market and accounted for 22.6% of the global revenue demand in 2023.
• Europe led the market and accounted for 31.7% of the global revenue share in 2023. Rising public and private infrastructure investments are anticipated to drive the demand for these products in HVAC & refrigeration industry.

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• The global laser debonding equipment market size was estimated at USD 2,108.2 million in 2023 and is projected to grow at a CAGR of 6.4% from 2024 to 2030.
• The global renewable power generation market demand was estimated at 6890.7 TWh in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2020 to 2027.

Segments Covered in the Report

• Product Outlook (Revenue, USD Billion, 2018 - 2030)
  • Plate & Frame Heat Exchanger
    • Brazed Plate & Frame Heat Exchanger
    • Gasketed Plate & Frame Heat Exchanger
    • Welded Plate & Frame Heat Exchanger
    • Others
  • Shell & Tube Heat Exchanger
  • Air-Cooled Heat Exchanger
  • Others
• End-use Outlook (Revenue, USD Billion, 2018 - 2030)
  • Chemical & Petrochemical
  • Oil & Gas
  • HVAC & Refrigeration
  • Power GenerationFood & Beverage
  • Pulp & Paper
  • Others
• Material Outlook (Revenue, USD Billion, 2018 - 2030)
  • Metals
  • Alloys
  • Others
• Regional Outlook (Revenue, USD Billion, 2018 - 2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • UK
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

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