Stratview Research forecasts the global heat exchangers market to advance from about US$15.3 billion in 2023 to nearly US$21.8 billion by 2030 (5.1% CAGR), with growth distributed across process industries, utilities, and HVAC-R.

Download the sample report here:

https://www.stratviewresearch.com/Request-Sample/2931/heat-exchangers-market.html#form

Drivers

Three demand pillars dominate: power generation, petrochemicals/chemicals, and HVAC-R. Collectively, they anchor new-build and replacement cycles, from condensers and feedwater heaters in plants to reactor thermal control and solvent condensation in chemical trains, and evaporators/condensers in commercial refrigeration. Their scale and ongoing efficiency mandates keep exchanger upgrades and retrofits on steady cadence.

Trends

Product segmentation is tilting toward compact, serviceable platforms. Plate heat exchangers lead the market and are expected to grow the fastest, supported by advantages such as high heat-transfer coefficients and ease of capacity expansion by adding plates. Shell-and-tube systems, while less compact, retain critical roles where pressure, temperature, and fouling resistance are decisive, with Stratview sizing the shell-and-tube segment at about US$5.0 billion by 2030. In parallel, air-cooled exchangers benefit from water stewardship and simplified balance-of-plant, tracking to roughly US$5.1 billion by 2030.

Beyond conventional duties, new use cases are maturing. Stratview points to plate units serving as gas and electrolyte coolers within electrolysis plants—an indicator that clean-hydrogen projects will incrementally lift specialized heat-transfer demand over the decade.

On regional dynamics, Asia-Pacific holds the largest and fastest-growing share, buoyed by its concentration of petrochemical capacity, rapid HVAC build-out, and sizable power-generation base. The competitive landscape remains fragmented, with the top five suppliers accounting for about 28% of global share; notable names cited by Stratview include Alfa Laval, Johnson Controls, Kelvion, Linde, and SWEP.

Conclusion

Market growth through 2030 will be shaped by the interplay of efficiency upgrades, stricter environmental/energy targets, and capex in process and utility infrastructure—especially in Asia. Expect plate heat exchangers to extend their lead, shell-and-tube to endure in heavy service, and air-cooled systems to expand where water is scarce. Suppliers with broad portfolios, strong service networks, and application engineering depth are best positioned to capture share.