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Heat Exchanger Market to Hit $28.30 Billion by 2028; Increasing Demand for Sustainable Energy Sources for Power Generation to Stimulate Growth

April 26, 2021 | Energy & Power

The global heat exchanger market size is expected to showcase exponential growth by reaching USD 28.30 billion by 2028. Fortune Business Insights in its latest report, titled, “Heat Exchanger Market Size, Share & COVID-19 Impact Analysis, By Type (Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, Others), By Application (Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverages, Others), and Regional Forecast, 2021-2028.”, observes that the market stood at USD 16.95 billion in 2020 and is likely to exhibit a CAGR of 7.3% between 2021 and 2028. The increasing focus on adoption of renewable sources in the power generation sector is expected to favor the product’s demand during the forecast period.

Saulsbury Secured EPC Contract for CNG Loading Station in West Texas

On 24th February 2021, Saulsbury announced that it received a EPC delivery contract from North America’s leading low carbon energy solutions provider. As per the contract, the company will provide 10 MMCF/D compressed natural gas (CNG) loading stations across West Texas. The company is expected to helm a prominent role in the contract as it will overlook the designing and engineering of the facility consisting of heat exchanger, compressors, truck loading stations, chillers, and electrical power distribution building. The contract is expected to consolidate its position in the global marketplace and ensure a lion’s share in catering to the growing demand for renewable energy sources for generating power in the region.

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Increasing Demand for Sustainable Energy Sources to Propel Market Growth

The immense pressure on fossil fuels by the increasing demand for energy has led the companies to explore sustainable energy generation sources. This has propelled the demand for solar and wind energy across the globe. Heat recovery devices play an important role in the transfer of heat involving these renewable sources. For instance, these devices are vital components of wind turbines that help to store the waste energy on solar thermal power plants while providing optimum level of heat exchange solutions. The fast diminishing fossil fuels and the growing risks of climate change is therefore expected to bode well for the global heat exchanger market growth during the forecast period.

Contract Signings by Prominent Companies to Boost Their Market Standings

The market is fragmented by the presence of diverse companies that are striving to maintain their stronghold. These companies are focusing on securing government and private contracts to expand their advanced heat exchanger products portfolio and gain a competitive edge over their rivals. Moreover, the adoption of organic and inorganic strategies by other players to maintain their presence is expected to contribute to the market growth.

Industrial Development:

  • February 2020 - Serck secured a contract worth Euro 1.7 million from Global Process Systems (GPS), a Dubai-based engineering and construction contractor. Under the contract, the company will supply shell and tube heat exchanger in the Niger Delta region.

List of the Companies Profiled in the Global Market:

  • Alfa Laval (Sweden)
  • Kelvion (Germany)
  • GEA Group (Germany)
  • Danfoss (Denmark)
  • SWEP (Sweden)
  • Thermax Limited (India)
  • API Heat Transfer (United States)
  • Tranter, Inc. (United States)
  • Mersen (France)
  • Linde Engineering (United Kingdom)
  • Air Products (United States)
  • HISAKA WORKS, LTD. (Thailand)
  • HRS Heat Exchangers (United Kingdom)

Further Report Findings:

  • Asia-Pacific stood at USD 5.67 billion in 2020. The region is expected to dominate the market during the forecast period. The dominance is attributable to the increasing population that is expected to drive the demand for energy in the region. According to the data by the Future Demographic, the population of Asia-Pacific is expected to reach 4.5 billion by 2030.
  • The market in Europe is expected to experience considerable growth in the forthcoming years. This is ascribable to factors such as the increasing focus on reducing carbon emissions through stringent environment regulations for industries that will boost the adoption of advanced heat exchanger in the region between 2021 and 2028.
  • The Middle East and Africa is expected to experience exponential growth backed by the number of on-going district cooling projects in countries such as Saudi Arabia, Bahrain, UAE, and Qatar.
  • Based on type, the shell and tube segment held a global heat exchanger market share of about 34.0% in 2020 and is projected to experience significant growth during the forecast period. This is due to the increasing adoption of these types of devices owing to reduced operating costs and lower maintenance.

Table of Segmentation:



Study Period


Base Year


Forecast Period


Historical Period



    Value (USD Billion)

By Type

  • Shell & Tube
  • Plate & Frame
  • Air Coolers
  • Cooling Towers
  • Others

By Application

  • Chemicals
  • Oil & Gas
  • Power Generation
  • HVAC
  • Automobile
  • Pharmaceuticals
  • Food & Beverages
  • Others

By Geography

  • North America
    • By Type
    • By Application
    • By Country
      • U.S.
      • Canada
  • Europe
    • By Type
    • By Application
    • By Country
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
  • Asia Pacific
    • By Type
    • By Application
    • By Country
      • China
      • Japan
      • India
      • Australia
      • Southeast Asia
      • Rest of Asia Pacific
  • Latin America
    • By Type
    • By Application
    • By Country
      • Mexico
      • Brazil
      • Rest of Latin America
  • The Middle East & Africa
    • By Type
    • By Application
    • By Country
      • GCC
      • South Africa
      • Rest of the Middle East & Africa
Heat Exchanger Market
  • PDF
  • 2020
  • 2017-2019
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