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Demand for Global Heat Exchangers Market Size & Share to Surpass USD 20,521.3 Million Mark by 2028, Exhibit a CAGR of 4.8% | Heat Exchangers Industry Trends, Value, Analysis & Forecast Report by Facts & Factors

·9-min read
Facts & Factors
Facts & Factors

[215+ Pages Report] According to a market research study published by Facts and Factors, the demand analysis of Global Heat Exchangers Market size & share revenue was valued at around USD 15,489.5 million in 2021 and is estimated to grow to about USD 20,521.3 Million by 2028, at a CAGR of approximately 4.8% between 2022 and 2028. The key market players are listed in the report with their revenues, sales and strategies are ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany), Exchanger Industries Limited (Canada), Mersen (France), Danfoss (Denmark), among others.

NEW YORK, US, May 18, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Heat Exchangers Market - Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028” in its research database.

“According to the latest research study, the demand of global Heat Exchangers Market size & share was worth around USD 15,489.5 million in 2021 and is estimated to grow to about USD 20,521.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.8% over the forecast period 2022 to 2028.”

What are Heat Exchangers? How big is the Heat Exchangers Industry?

Report Overview:

Heat exchangers are crucial components of multiple industries and are anticipated to see a hike in demand owing to rising industrial activity on a global scale. The heat exchangers market will be majorly driven by economies with high industrial activity.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.

  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package

  • About 215+ Pages Research Report (Including Recent Research)

  • Provide detailed chapter-by-chapter guidance on Request

  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022

  • Includes Tables and figures have been updated

  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis

  • Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Report Scope

Report Attribute


Market Size in 2021

USD 15,489.5 Million

Projected Market Size in 2028

USD 20,521.3 Million

CAGR Growth Rate

4.8% CAGR

Base Year


Forecast Years


Key Market Players

ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Exchanger Industries Limited (Canada), Mersen (France), and Danfoss (Denmark), among others

Key Segment

By Material, Type, End-use Industries, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Global Heat Exchangers Market: Dynamics

Growth Drivers:

  • Rapid Industrialization to Boost Market potential

Heat exchangers are common in industries such as energy, chemical, manufacturing, etc. and the rising expansion of these industries in the global landscape is projected to be the major driver for the heat exchangers market growth over the forecast period. Especially expansion of chemical manufacturing and increasing demand for sustainable energy will be the major industries running the sales of heat exchangers through 2028.


  • Fluctuations in Pricing

The fluctuations in raw materials create uncertainty in the manufacturing process of heat exchangers and this is expected to have a restraining effect on the global market potential and hurt the revenue generation capacity of multiple heat exchangers manufacturers. Heat exchangers companies are trying to combat this by finding more stable raw materials for the production to reduce the volatility of the process but this is not expected to affect market potential anytime soon.

Browse the full “Heat Exchangers Market By Material (Steel, Non-Steel), By Type (Shell & Tube, Plate & Frame, Air Cooled), By End-use Industries (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at

Heat Exchangers Market: COVID-19 Impact Analysis

The pandemic of 2020 led to lockdown restrictions on a global scale that were put in place to curb the spread of coronavirus and subdue the pandemic situation. This led to a catastrophic impact on the world economy and caused multiple industries to ram down their operations amidst strict outdoor activity restrictions.

Lack of skilled workforce, unavailability of raw materials, disrupted supply chain and logistics were some other factors that further hindered the industrial activity and created a negative trend for heat exchangers market growth in 2020.

The heat exchangers market is expected to make a steady recovery in the post-pandemic era and is anticipated to see a hike in sales revenue as more industries return to their normal operating capacities and new ones are established to meet the high demands of the increasing population.

Heat Exchangers Market: Segmentation Analysis

The global heat exchangers market is segregated based on type, material end-use industries, and region.

Based on Material Segment Analysis

  • The market is divided into steel and non-steel. The steel segment is anticipated to be the dominant segment and maintain this stance through 2028.

  • The high use of steel in the manufacturing of heat exchangers is expected to boost the demand for it through the forecast period.

Based on End-use industries Segment Analysis

  • The heat exchangers market is segmented into chemical, energy, HVACR, food & beverage, power generation, pulp & paper.

  • The most prominent segments to watch out for will be the chemical and energy industries as they are projected to be the biggest end-use markets for heat exchangers through 2028.

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Competitive Landscape

Some of the main competitors dominating the global heat exchangers market include -

  • ALFA LAVAL (Sweden)

  • Kelvion Holding GmbH (Germany)

  • Exchanger Industries Limited (Canada)

  • Mersen (France)

  • Danfoss (Denmark)

Key Insights from Primary Research:

  • As per the analysis shared by our research analyst, the Heat Exchangers market is estimated to grow at a CAGR of around 4.8% during the forecast period.

  • In term of revenue, the Heat Exchangers market was valued at around US$ 15,489.5 million in 2021 and is projected to reach approximately US$ 20,521.3 Million by 2028.

  • By material, the Steel is expected to continue to be the leading segment through 2028. Steel's widespread use in the manufacture of heat exchangers is predicted to drive demand for it over the forecast period.

  • By End-use industries, the chemical industry is a major user of heat exchangers and will dominate the market. Globally expanding chemical production and processing industries will help this segment grow during the predicted period.

  • On the basis of region, the European heat exchanger market is likely to remain dominating over the forecast period. India and China's rapid development will fuel the fastest growth in the heat exchangers market in Asia Pacific.

Key questions answered in this report:

  • What are the top five global Heat Exchangers players?

  • How will the market look like in five years?

  • What are the Heat Exchangers market's drivers and restraints?

  • Which region's market will increase the most?

  • What will the Heat Exchangers market's CAGR and size be during the forecast period?

  • Which area offers the greatest benefit to the global market?

  • What are the business risks, and how will the current situation affect growth and market perception?

Have Any Query? Ask Our Experts:

Regional Dominance:

  • Europe region is expected to hold a dominant outlook in the global industry

The Europe region is expected to hold a dominant outlook in the global heat exchangers industry landscape. The rising focus on sustainability in this region is expected to be a prominent driver for the heat exchangers market in this region. Governments in this region are launching supportive initiatives to boost the adoption of renewable and sustainable energy sources in the economies of Germany, the United Kingdom, France, etc. and this is boosting the demand for heat exchangers which are crucial in solar and thermal energy generation plants. Rising industrial activity in this region is also expected to boost heat exchangers’ market potential over the forecast period.

Increasing industrial activity in the Asia Pacific region will provide the fastest growth of the heat exchangers market in this region and will emerge as a significant market by the end of the forecast period. China and India are expected to lead the demand charge in this region through 2028.

Recent Developments

  • In September 2021, Kelvion a leading heat exchanger manufacturer announced the investment of a whopping USD 3.7 million to expand its production capacity in Tennessee, United States. This is aimed at fulfilling the rising demand from the United States to boost its revenue potential.

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The global heat exchangers market is segmented as follows:

By Material

  • Steel

  • Non-Steel

By Type

  • Shell & Tube

  • Plate & Frame

  • Air-Cooled

  • Others

By End-use Industries

  • Chemical

  • Energy


  • Food & Beverages

  • Power Generation

  • Pulp & Paper

  • Others

By Region

  • North America

    • U.S.

    • Canada

    • Rest of North America

  • Europe

    • France

    • UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia Pacific

  • The Middle East & Africa

    • Saudi Arabia

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

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