The global heat exchanger market size is expected to reach around US$ 28 Bn by 2027, growing at a CAGR of around 5.8% in terms of revenue during the forecast period 2020 – 2027.

A heat exchanger is a heat exchange device or instrument that transfers heat between the airs. The heat transfer is carried out through exchange materials that distinguish the mediums used to transfer the heat. Plate, tubular and air-cooled systems are among the world's leading innovations used by manufacturers.

The report provides analysis of global Heat Exchanger market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.

Market Dynamics

The global heat exchangers market is driving due to increasing demand for heat exchangers as a result of rising electricity demand in commercial and noncommercial markets, also growing population and economic development contribute to the market growth. HVAC (Heating Ventilations Air Conditioning) process equipment is improving the market's technical advances and production of heat exchangers. The development of the heat exchanger industry has seen significant increase in industrialization and augmented investment in production, commercial and urban projects. According to BP World Energy Statistical Analysis 2018, the energy demand rose 2.8% from 2017 and the share of developing economies was up 1%, which indicates the fast rise of energy production, contributing to the global development of heat exchanger. Rapid evolution and emerging developments in heat exchangers for waste heat recovery and the advent of gas refueling coolers have had an impact on demand growth for heat exchangers. The fluctuations in raw material prices are a major obstacle to the development of the heat exchanger industry.

Regional Stance

Asia Pacific led the global heat exchanger market in 2019 and is expected to expand owing to government spending over infrastructure growth and expanded petroleum and gas exploration activity is increasing. The rising demand for the hydrocarbons and chemicals industry would also contribute to the target market growth amid the forecast period.

Europe is anticipated to grow at a significant CAGR during the projected time span due to production capacity increased. Besides, usage in light cars and motor sports also play an important role in the market growth. The growth of the automotive sector is expected to have a positive effect on the heat exchanger industry.

Report coverage

The market research study on “Heat Exchanger Market (Heat Exchanger Market By Type: Plate & Frame, Shell & Tube, Microchannel, Air-Cooled, Others; Heat Exchanger Market By Application: Power Generation, Petrochemical, Food & Beverage, Chemical, Oil & Gas, HVACR, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Heat Exchanger market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Heat Exchanger market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Heat Exchanger market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.  

The global Heat Exchanger market is segmented as below:

Market Segmentation

Heat Exchanger Market By Type

• Plate & Frame
• Shell & Tube
• Microchannel
• Air-Cooled
• Others

Heat Exchanger Market By Application

• Power Generation
• Petrochemical
• Food & Beverage
• Chemical 
• Oil & Gas
• HVACR
• Others

Heat Exchanger Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

Key Players and Market Situation

The leading industry leaders carried innovative technology and technical developments, corporate alliances, mergers & acquisitions and overseas market growth. In fact, companies invest in large R&D programs to achieve comparative advantage over other players in the market.

Participants include major global players such Thermax Limited, Alfa Laval AB, Danfoss AS, Kelvion Holding GmbH, General Electric Company, and Others.

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