Heat exchangers are foundational to thermal management across industries—from process plants and power generation to HVAC and refrigeration. According to Stratview Research, the global heat exchangers market was about US$15.3 billion in 2023 and is projected to reach roughly US$21.8 billion by 2030, a 5.1% CAGR during 2024–2030.

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Drivers

Industrial decarbonization and energy-efficiency objectives are pushing operators to recover, reuse, and optimize heat. This is most visible in power generation and in petrochemical and chemical complexes, which together account for nearly half of sector revenue and remain the core demand engines for modern exchanger fleets. Use cases span condensers, feedwater preheaters, reactor heating/cooling, and CO₂ capture integration—applications that keep heat transfer hardware central to plant performance and emissions goals.

Trends

Product mix continues to shift toward plate heat exchangers (PHEs), which Stratview notes are both the largest and fastest-growing category thanks to compact form factors, high heat-transfer coefficients, turbulent flow on both sides, and straightforward maintenance. Segment commentary in Stratview’s coverage also highlights where PHEs are being deployed next, including as gas and electrolyte coolers in electrolysis plants—an early signal of hydrogen’s emerging pull on the market.

Shell-and-tube units remain indispensable for high-pressure/high-temperature duties and are on track to reach about US$5.0 billion by 2030 (≈4.3% CAGR, 2024–2030), underscoring their staying power in heavy industry and utilities. Air-cooled heat exchangers are another bright spot, aided by water-stress considerations and simpler utilities, with Stratview sizing this niche around US$5.1 billion by 2030 at about 5.3% CAGR.

Regionally, Asia-Pacific holds the largest and fastest-growing share, underpinned by its outsized footprints in petrochemicals, HVAC, and power generation—each a heavy user of heat transfer equipment.

Conclusion

With efficiency, electrification, and sustainability shaping capital plans, heat exchangers are positioned for steady, resilient growth through 2030. Expect continued adoption of high-performance PHEs, enduring roles for shell-and-tube in harsh service, and rising preference for air-cooled designs where water is constrained—all anchored by robust Asian demand and process-industry reinvestment cycles.