Heat Exchanger Market to Hit $32.3B by 2029 at 7% CAGR
According to a recent market research report titled “Heat Exchanger Market by Type, Material, End-Use Industry, and Region – Global Forecast to 2029”, the global heat exchanger market is projected to reach USD 32.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.0% from USD 23.0 billion in 2024.
The growth is attributed to rapid industrialization in emerging economies, tightening global energy efficiency standards, and a surge in demand for sustainable, low-energy, cost-effective thermal systems, particularly in HVACR, chemical processing, energy, and food & beverage industries.
Key Report Highlights:
- 350 Market Data Tables, 57 Figures, and 321 Pages of in-depth analysis.
- The metals segment is expected to be the fastest-growing material group in terms of value due to high thermal conductivity and durability of metals like aluminum, copper, stainless steel, and titanium.
- Europe leads the global market by value, owing to its strong industrial base, regulatory focus on energy efficiency, and increasing adoption of advanced heat exchanger technologies.
Market Drivers:
- Rising adoption of heat pumps in Europe to meet space heating and cooling needs in buildings.
- EU initiatives to enhance building energy performance are further promoting heat pump usage, thereby increasing demand for heat exchangers.
- Expanding commercial construction and infrastructure development drive demand for HVACR equipment, boosting market growth.
Key Players:
- ALFA LAVAL (Sweden)
- Kelvion Holding GmbH (Germany)
- Danfoss (Denmark)
- Exchanger Industries Limited (Canada)
- Mersen (France)
- API Heat Transfer, Boyd, Johnson Controls, SPX FLOW (US)
- H. Güntner (UK) Limited (Germany)
- Xylem (US), Wabtec Corporation (US)
With increasing emphasis on energy recovery, environmental compliance, and system optimization, the market is primed for strong growth across regions, especially in Europe and Asia-Pacific.