Report Code : CVMI24071683 | Published Date : March 12, 2025
The Heat Exchanger Market is experiencing substantial growth, fueled by rising demand for energy-efficient solutions, expanding industrial applications, and advancements in heat transfer technology. The market was valued at USD XX billion in 2019 and reached USD XX billion in 2023. It is projected to grow at a CAGR of XX% from 2024 to 2031, reaching USD XX billion by 2031.
Heat Exchanger Market Key Insights
Heat exchangers are essential components in HVAC systems, power generation, chemical processing, and the food and beverage industries. The growing emphasis on waste heat recovery, compact heat exchangers, and AI-driven thermal optimization is transforming the sector.
Heat Exchanger Market Growth Drivers
- Rising Demand for Energy-Efficient and High-Performance Heat Exchangers – Industries are adopting next-generation heat transfer solutions to reduce operational costs
- Advancements in Heat Transfer Technology and Smart Monitoring Systems: The development of compact, corrosion-resistant, AI-integrated heat exchangers is propelling growth
- Expansion of HVAC, Power Generation, and Renewable Energy Applications – The increase in installations for industrial cooling, district heating, and waste heat recovery is driving market demand for growth
- Government Regulations on Emission Reduction and Energy Optimization – Policies promoting low-carbon technologies and heat efficiency innovations are accelerating investments.
Heat Exchanger Market Regional Trends
- North America leads because of the increasing demand for HVAC systems and energy-efficient industrial heating exchangers.
- Europe is expanding through EU sustainability policies and the increasing adoption of heat recovery solutions.
- Asia-Pacific is experiencing rapid growth, fueled by industrial expansion in China and India Japan.
- Latin America and MEA are emerging markets that gain from infrastructure modernization and industrial development projects
ClearView Market Insights Analysis
The Heat Exchanger Market is poised for continuous expansion, fueled by technological advancements, growing demand for energy efficiency, and government-supported emission reduction initiatives. Companies investing in AI-driven heat optimization, innovative materials, and modular heat exchanger designs will lead this evolving sector.
Reasons To Buy

Scope

Key Players
- Alfa Laval AB
- Danfoss A/S
- Kelvion Holdings GmbH
- SPX Corporation
- Xylem Inc.
- API Heat Transfer
- Hisaka Works Ltd.
- HRS Heat Exchangers
- SWEP International AB
- Tranter Inc.
Global Heat Exchanger Market Report
- 1. Global Heat Exchanger Market Research Report
- 1.1 Study Objectives
- 1.2 Global Heat Exchanger Market - Overview
- 1.3 Reason to Read This Report
- 1.4 Methodology and Forecast Analysis
- 2.1 Global Heat Exchanger Market Research Report – Detailed Scope and Definitions
- 2.1.1 By Type
- 2.1.2 By Material
- 2.1.3 By End User
- 2.1.4 By Region
- 3.1. Drivers - Macro-Economic Based, Supply Side, and Demand Side Drivers
- 3.2. Restraints – By Type, By Material, By End User, By Country
- 3.3. Opportunities – By Type, By Material, By End User, By Country
- 3.4. Trends – By Type, By Material, By End User, By Country
- 3.5. PEST Analysis
- 3.6. Porters Five Rule Analysis
- 3.7. Company’s Share Analysis (CSA) by Region or By Country
- 3.8. Global Heat Exchanger Market Research Report – DROTs Impact Analysis
- 4.1. Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 4.2. Annual Market Trend Assessment – Year-on-Year (YoY) Growth Analysis (%)
- 4.3. Incremental Market Value/Volume Opportunity between 2019 - 2023 and 2024 - 2031
- 4.4. Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 5.1 Shell & Tube
- 5.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 5.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 5.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 5.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 5.2 Plate & Frame
- 5.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 5.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 5.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 5.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 5.3 Air-Cooled
- 5.3.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 5.3.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 5.3.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 5.3.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 5.4 Others
- 5.4.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 5.4.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 5.4.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 5.4.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 6.1 Steel
- 6.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 6.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 6.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 6.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 6.2 Non-Steel
- 6.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 6.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 6.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 6.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.1 Chemical
- 7.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.2 Petrochemical
- 7.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.3 Oil & Gas
- 7.3.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.3.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.3.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.3.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.4 HVACR
- 7.4.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.4.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.4.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.4.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.5 Food & Beverage
- 7.5.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.5.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.5.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.5.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.6 Power Generation
- 7.6.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.6.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.6.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.6.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.7 Others
- 7.7.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.7.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.7.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.7.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.1 North America
- 8.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.2 Europe
- 8.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.3 Asia-Pacific
- 8.3.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.3.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.3.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.3.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.4 Latin America
- 8.4.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.4.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.4.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.4.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.5 Middle East & Africa
- 8.5.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.5.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.5.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.5.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.6 Global Heat Exchanger Market - Opportunity Analysis Index, By Type, By Material, By End User, and Region, 2024 - 2031
- 9.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 9.1.1 Shell & Tube
- 9.1.2 Plate & Frame
- 9.1.3 Air-Cooled
- 9.1.4 Others
- 9.2.1 Steel
- 9.2.2 Non-Steel
- 9.3.1 Chemical
- 9.3.2 Petrochemical
- 9.3.3 Oil & Gas
- 9.3.4 HVACR
- 9.3.5 Food & Beverage
- 9.3.6 Power Generation
- 9.3.7 Others
- 9.4.1 United States
- 9.4.2 Canada
9.6 Regional Trends Analysis
9.7 North America Global Heat Exchanger Market Research Report - Company Profiles- 9.7.1 Company 1 (United States)
- 9.7.2 Company 2 (Canada)
- 9.7.3 Company 3 (Canada)
- 10.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 10.1.1 Shell & Tube
- 10.1.2 Plate & Frame
- 10.1.3 Air-Cooled
- 10.1.4 Others
- 10.2.1 Steel
- 10.2.2 Non-Steel
- 10.3.1 Chemical
- 10.3.2 Petrochemical
- 10.3.3 Oil & Gas
- 10.3.4 HVACR
- 10.3.5 Food & Beverage
- 10.3.6 Power Generation
- 10.3.7 Others
- 10.4.1 Germany
- 10.4.2 United Kingdom
- 10.4.3 France
- 10.4.4 Spain
- 10.4.5 Italy
- 10.4.6 Russia
- 10.4.7 Netherlands
- 10.4.8 Poland
- 10.4.9 Rest of Europe
10.6 Regional Trends Analysis
10.7 Europe Global Heat Exchanger Market Research Report - Company Profiles- 10.7.1 Company 1 (Germany)
- 10.7.2 Company 2 (United Kingdom)
- 10.7.3 Company 3 (United Kingdom)
- 11.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 11.1.1 Shell & Tube
- 11.1.2 Plate & Frame
- 11.1.3 Air-Cooled
- 11.1.4 Others
- 11.2.1 Steel
- 11.2.2 Non-Steel
- 11.3.1 Chemical
- 11.3.2 Petrochemical
- 11.3.3 Oil & Gas
- 11.3.4 HVACR
- 11.3.5 Food & Beverage
- 11.3.6 Power Generation
- 11.3.7 Others
- 11.4.1 China
- 11.4.2 Japan
- 11.4.3 India
- 11.4.4 South Korea
- 11.4.5 Australia & NZ
- 11.4.6 ASEAN
- 11.4.7 Rest of Asia-Pacific
11.6 Regional Trends Analysis
11.7 Asia-Pacific Global Heat Exchanger Market Research Report - Company Profiles- 11.7.1 Company 1 (China)
- 11.7.2 Company 2 (Japan)
- 11.7.3 Company 3 (Japan)
- 12.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 12.1.1 Shell & Tube
- 12.1.2 Plate & Frame
- 12.1.3 Air-Cooled
- 12.1.4 Others
- 12.2.1 Steel
- 12.2.2 Non-Steel
- 12.3.1 Chemical
- 12.3.2 Petrochemical
- 12.3.3 Oil & Gas
- 12.3.4 HVACR
- 12.3.5 Food & Beverage
- 12.3.6 Power Generation
- 12.3.7 Others
- 12.4.1 Brazil
- 12.4.2 Mexico
- 12.4.3 Argentina
- 12.4.4 Peru
- 12.4.5 Colombia
- 12.4.6 Rest of Latin America
12.6 Regional Trends Analysis
12.7 Latin America Global Heat Exchanger Market Research Report - Company Profiles- 12.7.1 Company 1 (Brazil)
- 12.7.2 Company 2 (Mexico)
- 12.7.3 Company 3 (Mexico)
- 13.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 13.1.1 Shell & Tube
- 13.1.2 Plate & Frame
- 13.1.3 Air-Cooled
- 13.1.4 Others
- 13.2.1 Steel
- 13.2.2 Non-Steel
- 13.3.1 Chemical
- 13.3.2 Petrochemical
- 13.3.3 Oil & Gas
- 13.3.4 HVACR
- 13.3.5 Food & Beverage
- 13.3.6 Power Generation
- 13.3.7 Others
- 13.4.1 Saudi Arabia
- 13.4.2 UAE
- 13.4.3 South Africa
- 13.4.4 Egypt
- 13.4.5 Israel
- 13.4.6 Rest of Middle East and Africa
13.6 Regional Trends Analysis
13.7 Middle East & Africa Global Heat Exchanger Market Research Report - Company Profiles- 13.7.1 Company 1 (Saudi Arabia)
- 13.7.2 Company 2 (UAE)
- 13.7.3 Company 3 (UAE)
- 14.1 Strategic Dashboard of Top Market Players
14.2 Company Profiles (Introduction, Financial Assessments, Portfolio of Offerings, Milestones and Achievements, Strategic Initiative, and SWOT Analysis)- 14.2.1 Alfa Laval AB
- 14.2.2 Danfoss A/S
- 14.2.3 Kelvion Holdings GmbH
- 14.2.4 SPX Corporation
- 14.2.5 Xylem Inc.
- 14.2.6 API Heat Transfer
- 14.2.7 Hisaka Works Ltd.
- 14.2.8 HRS Heat Exchangers
- 14.2.9 SWEP International AB
- 14.2.10 Tranter Inc.
16. Principal Presumptions and Acronyms