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:
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350 Market Data Tables, 57 Figures, and 321 Pages of in-depth analysis.
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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.
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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:
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Rising adoption of heat pumps in Europe to meet space heating and cooling needs in buildings.
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EU initiatives to enhance building energy performance are further promoting heat pump usage, thereby increasing demand for heat exchangers.
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Expanding commercial construction and infrastructure development drive demand for HVACR equipment, boosting market growth.
Key Players:
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ALFA LAVAL (Sweden)
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Kelvion Holding GmbH (Germany)
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Danfoss (Denmark)
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Exchanger Industries Limited (Canada)
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Mersen (France)
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API Heat Transfer, Boyd, Johnson Controls, SPX FLOW (US)
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H. Güntner (UK) Limited (Germany)
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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.
