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The heat exchangers market size is estimated at USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, at a CAGR of 5.0% during the forecast period. The major factors driving the market are rapid industrialization in developing countries such as India and China, owing to increasing investments in manufacturing, commercial, and industrial projects. Moreover, rising demand for commercial refrigeration and air conditioning is fueling the demand for heat exchangers.
Europe is the largest market for heat exchangers, owning to established manufacturing, automotive, and industrial sector. European energy efficiency regulations, and demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. The major end use industries of heat exchangers in the region are chemical, energy, HVACR, and others.
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The major players in the market include ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany), Exchanger Industries Limited (Canada), Mersen (France), and Danfoss (Denmark). These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global heat exchangers market
ALFA LAVAL is the largest manufacturer of heat exchangers in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa, and Asia-Pacific. In recent years, ALFA LAVAL has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its leading position in the heat exchangers market. For instance, in February 2021, ALFA LAVAL launched AXP82 range of heat exchangers for high pressure industrial applications.
Kelvion Holding GmbH is one of the major players operating in heat exchangers market. The company has business presence in 67 countries and has partners in North America, Europe, APAC, South America, and the Middle East & Africa. The company has adopted new product launch and expansion strategies in order to broaden its product portfolio and maintain its position in the market. For instance, in October 2021, Kelvion Holding GmbH expanded its manufacturing facility at Catoosa, Oklahoma, to manufacture heat exchangers for the oil & gas industry, after witnessing growing demand for heat exchangers in North America.
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