Heat Exchangers Market Size, Share, Growth Analysis, By Product(Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others), By End-Use(Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas), By Material(Steel, Non-Steel), By Region - Industry Forecast 2024-2031

Heat Exchangers Market size was valued at USD 15.94 billion in 2019 and is poised to grow from USD 16.64 billion in 2023 to USD 27.55 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Heat exchanger is a device that transfers heat between two or more process fluids. Heat exchangers are widely used in both industrial and home settings. Many different types of heat exchangers have been invented for use in steam power plants, chemical processing facilities, building heating and cooling systems, transportation power systems, and refrigeration units. The trend toward reducing heat waste in industrial processes is increasing demand for heat exchangers in a variety of industries, including chemical, food and beverage, power generation, oil and gas, and so on. One major advantage of heat exchangers in these sectors is that they increase the efficiency of the operational processes. The chemical sector had a substantial revenue share in 2019 and is expected to expand at a rate of 7% by 2031. The majority of the demand is projected owing to the rise of the chemical sector in China. Aside from these industries, the automotive sector will witness an increase in demand for heat exchangers.

Since various chemicals used for different applications are manufactured at differing temperatures, the chemical industry has been a forerunner in the deployment of heat exchangers. In recent years, the HVAC business has picked up speed, with increased installations in the commercial and residential sectors driving market expansion. Similarly, the growth of the food and beverage sector as well as the car industry, with increased food output and vehicle demand, would provide opportunities for this market. Furthermore, the market is seeing the development of new technologically sophisticated items in order to improve the product's competency. These elements will increase market rivalry while simultaneously boosting market growth.

US Heat Exchangers Market is poised to grow at a sustainable CAGR for the next forecast year.