The global heat exchanger market reached a value of US$ 16.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 23.4 Billion by 2027, exhibiting a CAGR of 6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A heat exchanger refers to a device that is used for transferring heat from one fluid to another. It is used for controlling the temperature of a system or substance. It contains streams of hot and cold fluids, which are utilized to transfer thermal energy among the streams. They may be separated by a thermally conductive tube or plate or kept in direct contact if the fluids are immiscible. These devices assist in heating or cooling buildings as well as enable efficient functioning of engines and machines. As a result, they are widely utilized in boilers, furnaces, refrigerators, automotive radiators, sewage treatment and air conditioning systems.

The significantly rising demand for heat, ventilation and air-conditioning (HVAC) from industrial, commercial and residential sectors is primarily driving the growth of the market. This can be accredited to the inflating disposable income levels, changing living standards and extreme average climatic conditions across the globe. Moreover, rising environmental concerns amongst individuals regarding the use of energy-efficient and environment-friendly devices are also influencing the market growth. Governments of several countries have implemented stringent regulations to reduce carbon emissions across various industries, which are creating a positive outlook for the heat exchanger market. Furthermore, manufacturers are constantly engaging in research and development (R&D) activities in the heat exchange technology to launch cost-effective and efficient product variants, which is expected to drive the market growth further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global heat exchanger market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, material and end-use industry.

Breakup by Type:

Shell & Tube
Plate & Frame
Air Cooled
Others

Breakup by Material:

Carbon Steel
Stainless Steel
Nickel
Others

Breakup by End-Use Industry:

Chemical
Petrochemical and Oil & Gas
HVAC and Refrigeration
Food & Beverage
Power Generation
Paper & Pulp
Others

Breakup by Region

North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Peru
Others
Middle East and Africa
Turkey
Saudi Arabia
Iran
United Arab Emirates
Others

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the top heat exchanger manufacturers being Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Lytron Inc., Mersen, Modine Manufacturing, Royal Hydraulics, Sondex A/S, Xylem Inc., etc. Key Question Answered in this Report
1. What was the global heat exchanger market size in 2021?
2. What is the impact of COVID-19 on the global heat exchanger market?
3. What will be the heat exchanger market outlook during the forecast period (2022-2027)?
4. What are the global heat exchanger market drivers?
5. What are the major trends in the global heat exchanger market?
6. What is the global heat exchanger market breakup by type?
7. What is the global heat exchanger market breakup by material?
8. What is the global heat exchanger market breakup by end use industry?
9. What are the major regions in the global heat exchanger market?