Heat exchanger sales are projected to grow 6% through 2032 amid rising infrastructure development activity around the world


to exceed demand for heat exchangers $34.24 billion by 2031 as applications across the power generation sector

A recent Fact.MR survey of the Global Heat Exchangers Market provides detailed insights into the prevailing trend between 2022 and 2032. The study uncovers key dynamics such as drivers and opportunities across 5 regions. It also provides an outlook on the demand for heat exchangers in terms of product and end-user for the coming decade.

NEW YORK, June 6, 2022 /PRNewswire/ — The global heat exchanger market has been evaluated $18.94 billion in 2021. Heat exchanger sales are expected to be exceeded $34.24 billion by the end of 2031 with growth at a healthy CAGR of 6% over the forecast period 2022-2031.

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As the trend of urbanization and sustainable development intensifies, there has been a significant increase in construction activity, particularly in emerging markets such as the United States China, Indiaand Brazil. Citing this trend, governments in numerous countries are taking initiatives to build smart cities in their respective countries.

According to the India Brand Equity Foundation, the Government of India almost announced sanctions US$868 million to build more than 100 smart cities India as part of the country’s Smart City Mission between 2021 and 2022.

As heat exchangers play a crucial role in modern infrastructure for heating and cooling, increased infrastructure development activities are expected to accelerate sales in the market.

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Due to increasing electrification and process automation, the demand for electricity is increasing significantly worldwide. This leads to a strong demand for devices that support energy production.

For example, according to a report by the International Energy Agency, global electricity demand is estimated to increase by 2.1% per year until 2040, which is almost double the total primary energy demand.

Heat exchangers are used in nuclear power plants to generate electricity as condensers and heat consumers. Therefore, the increasing emphasis on increasing power generation to meet growing energy demand is expected to increase sales of heat exchangers.

The central theses:

  • The US is expected to continue to dominate North America Heat Exchanger Market due to growing power generation activities in the country.

  • Germany It is estimated to be growing at a robust CAGR supporting it Europe market will account for around 35% of total heat exchanger sales by 2022.

  • India is expected to become a highly lucrative heat exchanger market due to increasing infrastructure development activities.

  • China is expected to account for a significant proportion of this Asia Pacific Market driven by increasing adoption of heat exchangers in wastewater treatment applications.

  • Among the product verticals, the shell and tube heat exchanger is expected to remain the most desirable, accounting for almost 40% of sales share by 2022.

Growth Accelerator:

  • Implementing strict regulations related to proper heating, ventilation and air conditioning in the US, UK, Chinaand India increases the demand for heat exchangers.

  • The increasing use of heat exchangers in numerous devices such as heating coils, boilers, ovens, car radiators, ventilator coolers, heat pumps, freezers, air conditioners and waste water treatment systems is driving sales in the market.


  • High initial cost of heat exchangers and extravagant maintenance costs are the main factors hampering its sale in the market.

  • The volatility of raw material costs for heat exchangers such as steel, copper and aluminum is negatively affecting the market growth.

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Competitive landscape:

Major manufacturers of heat exchangers focus on launching novel energy efficient products to strengthen their product portfolio. Some of the other leading players are entering into collaborations and partnerships with other companies to increase their market share.

For example,

  • In December 2021, Alfa Laval, a Swedish provider of heat transfer, separation and liquid treatment equipment, announced the signing of a global partnership agreement with Microsoft to develop digital solutions to support and service its plate heat exchanger range.

Key companies profiled by Fact.MR

More valuable insights on heat exchanger market

In its latest study, Fact.MR uncovers crucial factors influencing the growth of the global Heat Exchanger Market for the forecast period 2022-2031. The study also provides compelling insights on the key drivers expected to create growth opportunities in the Heat Exchangers market through detailed segmentation as follows:


  • Air-cooled heat exchangers

  • Plate and frame heat exchanger

  • shell and tube heat exchanger

  • Other (Condensers, Oil Coolers and Radiators)

End User:

  • HVAC

  • chemicals and petrochemicals

  • power generation

  • Other (Food Processing, Aerospace & Medical)


  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • middle East & Africa

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Important questions to be addressed in the heat exchanger market report

  • What is the estimated revenue of the Heat Exchangers market during the forecast period?

  • What challenges is the heat exchanger market facing?

  • Which region is expected to have the fastest growth rate in the global Heat Exchangers Market during 2022-2031?

  • What is the forecast market valuation of the Heat Exchanger Market in 2022?

  • What factors will drive heat exchangers in 2022-2031?

  • What is the expected growth rate of the heat exchanger market up to 2031?

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