News & Insights | Textile Industry

Heat Exchangers Market worth $29.9 billion by 2028 – At a CAGR of 7.1%

Published: December 20, 2023

According to a market research report, the Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region – Global Forecast to 2028″, is projected to reach USD 29.0 billion by 2028, at a CAGR of 7.1% from USD 20.5 billion in 2023. The increasing demand for energy-efficient solutions, stringent government regulations on greenhouse gas and CO2 emissions, and rapid increase in industrialization and urbanisation are some of the major factors driving the demand for heat exchangers globally.

Download PDF Brochure:


  • 346 Market data Tables
  • 51 Figures
  • 319 Pages and in-depth TOC on “Heat Exchangers Market – Global Forecast to 2028″

This report also provides a comprehensive analysis of the companies listed below:

The key global players in the heat exchanger market include ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany). These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.

Recent Developments in Heat Exchangers Market

  1. In 2023, ALFA LAVAL launched AlfaNova GL50 heat exchanger specifically for fuel cell systems. It is an asymmetric gas-to-liquid plate heat exchanger, made from 100% stainless steel. It can handle gas flows up to 250 m3/h and inlet gas temperatures up to 750°C.
  2. In 2022, ALFA LAVA has partnered with Spirax Sarco, a world leader in steam and thermal energy solutions for a wide range of industries. Through this partnership, the company has delivered heat exchangers to Spirax Sarco steam and industrial fluid applications. This has also strengthened its market position globally in Europe, Asia, and the Americas.
  3. In 2021, Kelvion invested USD 3.7 million for the second production facility in Tennessee, US. The company aims to expand in the US to meet the growing demand for heat exchangers in the data center and refrigeration industries in North America.
  4. In 2020, Danfoss developed a comprehensive portfolio with its new Z-design technology-based microplate heat exchangers. The new technology will reduce the refrigerant charge along with design changes to minimize weight.
  5. In 2021, Exchanger Industries Limited (EIL) acquired a leading Europe-based heat exchanger manufacturer, HRS Heat Exchangers Ltd. The strategic acquisition by EIL aims towards creating new business opportunities by combining HRS capabilities with EIL expansion into power generation, liquefied natural gas (LNG), renewable energy, power storage, and biofuels applications. The combined operations will create growth prospects by providing environmentally sustainable heat exchange solutions to its customer.

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Alfa Laval (Sweden)
Alfa Laval is a global company that specializes in heat transfer, separation, and fluid handling solutions. It offers a range of products such as separators, heat exchangers, pumps, and valves. Alfa Laval’s heat exchangers are designed to efficiently transfer heat using a variety of technologies such as plate and frame, shell and tube, and brazed plate. The company spent USD 128.5 million on research and development to develop new technologies and improve the efficiency and performance of its existing products. It also focuses on the UN’s sustainable development goals through innovative products and solutions to improve energy efficiency, reduce emissions, purify water, minimize waste, and efficient use of raw materials. The company is increasing its market share by adopting several organic and inorganic strategies, such as product development, expansions, and acquisitions, to expand its customer base in developing countries and enhance its competitiveness.

Exchanger Industries Limited (Canada)
Exchanger Industries Limited is a global manufacturer of shell & tube and air-cooled heat exchangers. The company has a diversified product portfolio for industrial applications in the environmental, food, beverage, pharmaceutical, natural gas, oil, and petrochemical industries. It offers customized and cost-effective heat transfer solutions. The heat exchangers product brands include the HRS series, Embaffle, and HELIXCHANGER shell & tube-type heat exchangers designed for oil & gas, refining, petrochemical, and chemical industries. The company has adopted various business strategies in the last two years, including new product development and acquisitions. In 2021, the company acquired a leading Europe-based heat exchanger manufacturer HRS Heat Exchangers Ltd, which has strengthened the company’s product portfolio for heat exchangers. Moreover, both companies’ combined manufacturing capability and leading-edge product technologies will help expand the geographic markets in the US, the UK, Spain, Mexico, India, Malaysia, Australia, and New Zealand and increase market penetration internationally.

The Middle East & Africa is the third-largest oil-producing economy. Saudi Arabia, Iran, Iraq, the UAE, Kuwait, and Qatar are the major suppliers of fossil fuels. The region has witnessed an increase in demand for heat exchangers due to several factors. The rapid industrialization and infrastructure development in sectors such as oil and gas, petrochemicals, power generation, and mining have created a higher demand for efficient heat transfer solutions. The region’s also has a extreme climate necessitates effective cooling and heat dissipation in various industrial processes.

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