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Heat Exchanger Market to Touch USD 27.55 Billion by 2029; Increasing Focus on Decarbonization in the Cooling & Heating Industry to Foster Industry Progress

September 23, 2022 | Energy & Power

The global heat exchanger market size is expected to gain remunerative growth by reaching USD 27.55 billion by 2029. Fortune Business Insights™ in its 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, 2022-2029” observes that the market size in 2021 stood at USD 15.94 billion and touched USD 16.64 billion in 2022. The market is expected to exhibit a CAGR of 7.5% during 2022-2029. Rising HVAC installations, increasing decarbonization efforts in the cooling & heating industry, and other activities are expected to fuel market progress.

SWEP Launched Novel Products to Elevate its Brand Image

In January 2021, SWEP introduced its novel BX4T Brazed Plate Heat Exchanger (BPHE). The novel product is more compact and perfect for condensing units’ Variable Refrigerant Flow (VRF) and heat pump applications. This strategy may allow the company to boost its sales and enhance its brand image.

Disruptions in Supply Chain and Manufacturing Delays Hampered the Industry’s Progress

This industry was negatively affected during the COVID-19 pandemic due to supply chain disruptions and manufacturing delays. The alarming spike in COVID-19 infections affected manufacturing activities, thereby disrupting the supply chain. Further, travel and transport restrictions resulted in lack of raw materials. However, industrial automation and the rising adoption of reduced capacities may allow companies to enhance sales and bolster their market position globally. This factor bolstered market growth during the pandemic.

Rapid Advancements and Technologies Enhanced Market Progress

A heat exchanger is used to manage operating temperatures and recover wastewater heat. Technological advancements in the product may enhance its demand. Technological breakthroughs help in monitoring and diagnosis of problems in real-time. Moreover, rising investments in leading technologies, such as the Industrial Internet of Things (IIoT) and research and development, by companies may elevate the equipment’s demand. Also, the equipment reduces wear & tear, predictive maintenance, energy consumption, and machine optimization of systems, thereby driving the heat exchanger market growth.

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Prominent Companies Introduce New Products to Enhance Brand Image

The prominent companies operating in the market launch novel products to boost their brand image. For example, Vacuum Process Engineering (VPE) entered into a contract with General Electric in March 2022. The company shall provide a 14 MW fuel gas performance Printed Circuit Heat Exchanger (PCHE) under this contract. It shall be a part of the company’s advanced 7HA.02 gas turbine technology and offer steam district heating to nearly 100,000 South Korean citizens. This strategy may enable manufacturers to elevate their brand image and bolster sales.

Notable Industry Development

  • March 2022: Alfa Laval launched the world’s most technologically advanced gasket plate exchanger for various applications. It offers excellent performance and flexibility to users and enhances productivity.

List of Key Players Profiled in the Report

  • Alfa Laval (Sweden)

  • Kelvion Holding Gmbh (Germany)

  • GEA Group (Germany)

  • Danfoss (Denmark)

  • SWEP International AB (Sweden)

  • Thermax Limited (India)

  • API Heat Transfer (U.S.)

  • Tranter, Inc. (U.S.)

  • Mersen (France)

  • Linde Engineering (U.K.)

  • Air Products (U.S.)

  • HISAKA WORKS, LTD. (Thailand)

Further Report Findings

  • The market in Asia Pacific stood at USD 5.30 billion in 2021 and is expected to gain a huge portion of the global heat exchanger market share in the coming years. Furthermore, growing living standards are expected to foster the equipment’s adoption.

  • The rapid expansion of chemical industries in the region is expected to enhance the industry’s progress.

  • In Europe, the presence of established manufacturing, industrial, and automotive industries is likely to surge the product demand.

Table of Segmentation



Study Period


Base Year


Estimated 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. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application, By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, By Application, By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Type, By Application, By Country)

    • Mexico (By Application)

    • Brazil (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, By Application, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)

Heat Exchanger Market
  • PDF
  • 2021
  • 2018-2020
  • 235


  • 4850

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