열교환기 : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the heat exchanger market size is estimated at USD 19.15 billion in 2026, and is expected to reach USD 24.73 billion by 2031, at a CAGR of 5.25% during the forecast period (2026-2031).

This report is Segmented by Type (Shell and Tube, Plate and Frame, Air-Cooled, and More), Material of Construction (Stainless Steel, Carbon Steel, and More), Flow Arrangement (Counter-Current, Parallel, Cross-Flow, and Hybrid/Multi-Pass), End-User Industry (Oil and Gas, Power Generation, Water and Waste-Water Treatment, and More), and Geography (North America, Europe, Asia-Pacific, South America, and More).

Global Heat Exchanger Market Trends and Insights

Surge in LNG Liquefaction Projects Boosting Demand for Cryogenic Exchangers

Global LNG investments, North Field expansion in Qatar, Golden Pass and Plaquemines in the U.S., and Rio Grande in Texas, are driving a backlog worth more than USD 1.5 billion for spiral-wound and plate-fin cryogenic units. Equipment must meet API 660 and ASME Division 2 standards, handle minus-160 °C service, and ship within 16-month construction windows.

District-Cooling Expansion in GCC & Southeast Asia Driving Plate-Frame Sales

Empower's Dubai network exceeded 241,000 refrigeration tons in 2025, while Marina Bay Singapore reached 203,000 refrigeration tons, both relying on gasketed-plate exchangers to trim electrical consumption below 0.6 kW per refrigeration ton. Titanium plates are now specified in geothermal loops with high dissolved solids, extending plate life to 25 years.

Nickel and Titanium Price Volatility Inflating Corrosion-Resistant Units

Nickel traded with 30% intra-year swings in 2024, while titanium sponge experienced 15-20% shifts, lifting stainless-steel 304 plate costs 12-18% and extending exotic-alloy delivery to 36 weeks. EPC contracts lowered escalation pass-through thresholds from 5% to 3%, squeezing vendor margins.

Other drivers and restraints analyzed in the detailed report include:

1. Hydrogen Pilot Plants Adopting Printed-Circuit Exchangers for 200-Bar Service
2. Mandatory EU Industrial Boiler Upgrades Spurring Retrofit Tube Bundles
3. Bio-Process Fouling Issues Limiting Adoption in Biorefineries

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Air-cooled units are projected to rise at a 6.6% CAGR, a full percentage point above the overall heat exchanger market growth, as desert refineries and LNG trains avoid water usage penalties. Shell-and-tube designs retained a 35.4% share in 2025 because ASME certifications remain indispensable for high-pressure petrochemical service. Plate-and-frame variants are climbing in district cooling, while printed-circuit equipment, though under 2% share, dominates hydrogen stations that operate above 200 bar.

Rear-door and micro-channel coils for data centers, together with prefabricated finned-tube modules for Middle East crackers, sustain robust ordering cycles. The heat exchanger market size for air-cooled units is anticipated to reach USD 9.7 billion by 2031, thanks to EPC preference for plug-and-play skids that shorten site work by 30%.

Exotic alloys will expand at a 7.0% CAGR as hydrogen compressors, offshore sour-gas facilities, and desalination plants require titanium Grade 2 or nickel alloys with high pitting resistance. Stainless steel still held a 30.5% share in 2025, sustained by food and beverage hygiene standards and duplex grades that handle moderate chlorides. Carbon-steel assemblies persist in low-corrosion duties but lose ground as decarbonization raises operating temperatures beyond 400 °C.

The heat exchanger market share of exotic alloys could climb to 18% by 2031 because Middle East desalination projects prefer titanium bundles with 30-year lifetimes. Nickel-based Hastelloy and Inconel are specified in European bio-refineries where feedstock acidities exceed pH 2, driving a premium of 3-4X over stainless units.

Complete Report Scope:

• By Type
  • Shell and Tube
  • Plate and Frame (Gasketed Plate, Brazed Plate, Welded Plate)
  • Air-Cooled (Fin and Tube, Plate-Fin, Micro-Channel)
  • Regenerative (Rotary and Plate)
  • Printed Circuit
  • Others (Double-Pipe, Spiral, Coaxial)
• By Material of Construction
  • Stainless Steel
  • Carbon Steel
  • Non-Ferrous (Copper, Aluminium)
  • Exotic Alloys (Titanium, Nickel, Hastelloy)
  • Polymers and Composites (PTFE, Graphite, Ceramic)
• By Flow Arrangement
  • Counter-Current
  • Parallel
  • Cross-Flow
  • Hybrid/Multi-Pass
• By End-Use Industry
  • Oil and Gas
  • Chemical and Petrochemical
  • Power Generation (incl. Nuclear)
  • Food and Beverage
  • Pulp and Paper
  • Water and Waste-water Treatment
  • Other Industries (Automotive and Transportation, Metallurgy, Mining, HVACR, Pharmaceutical and Biotechnology)
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Nordic Countries
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Australia
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific is set to post a 6.5% CAGR from 2026 to 2031, driven by Chinese 40 million tpa refinery projects, Indian HPCL Barmer upgrades, and ASEAN petrochemical investments. The heat exchanger market size for Asia-Pacific could reach USD 10.2 billion by 2031 as local EPC firms mandate air-cooled modules that avoid cooling-tower water penalties.

Europe maintained a 33.0% share in 2025 because of stringent energy-efficiency directives and district-cooling growth in Scandinavia. Retrofit programs, such as BASF Ludwigshafen, deploy condensing heat-recovery bundles that cut fuel 15%. EU Green Deal targets further bolster demand for stainless and exotic-alloy units.

North America contributes about 22% of revenue, with LNG terminals, SMR pilots, and data-center corridors in Virginia and Arizona pushing order books. The Middle East and Africa rely on air-cooled exchangers for gas processing and desalination, while South America focuses on refinery modernization in Brazil and Argentina to meet low-carbon fuel rules.

1. Alfa Laval AB
2. Kelvion Holding GmbH
3. Danfoss A/S
4. SPX Flow Inc.
5. GEA Group AG
6. Hisaka Works Ltd.
7. Xylem Inc.
8. Thermax Ltd.
9. Mersen SA
10. API Heat Transfer Inc.
11. GE Vernova Inc.
12. Barriquand Technologies Thermiques SAS
13. Koch Heat Transfer Company LP
14. SWEP International AB
15. Heatric
16. Kobelco Steel Ltd.
17. Accessen Group
18. Funke WarmeaustauscherGmbH
19. Tranter Inc.
20. HRS Heat Exchangers Ltd.
21. Hamon Thermal Europe SA
22. Graham Corporation
23. United Heat Transfer Ltd.
24. KRN Heat Exchanger & Refrigeration Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions & Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Surge in LNG liquefaction projects boosting demand for cryogenic exchangers
  • 4.2.2 District-cooling expansion in GCC & SE-Asia driving plate-frame sales
  • 4.2.3 Hydrogen pilot plants adopting printed-circuit exchangers for 200-bar service
  • 4.2.4 Mandatory EU industrial boiler upgrades spurring retrofit tube bundles
  • 4.2.5 SMR (small modular reactor) roll-out needing compact safety-class exchangers
  • 4.2.6 Data-centre liquid cooling uptake accelerating micro-channel adoption
• 4.3 Market Restraints
  • 4.3.1 Nickel & titanium price volatility inflating corrosion-resistant units
  • 4.3.2 Bio-process fouling issues limiting adoption in biorefineries
  • 4.3.3 EPC demand for 12-week lead-times curbing engineered-to-order designs
  • 4.3.4 Direct air-cooling in power plants cannibalising air-cooled exchangers
• 4.4 Supply-Chain Analysis
• 4.5 Regulatory Outlook
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces
  • 4.7.1 Bargaining Power of Suppliers
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Threat of New Entrants
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Intensity of Competitive Rivalry

5 Market Size & Growth Forecasts

• 5.1 By Type
  • 5.1.1 Shell and Tube
  • 5.1.2 Plate and Frame (Gasketed Plate, Brazed Plate, Welded Plate)
  • 5.1.3 Air-Cooled (Fin and Tube, Plate-Fin, Micro-Channel)
  • 5.1.4 Regenerative (Rotary and Plate)
  • 5.1.5 Printed Circuit
  • 5.1.6 Others (Double-Pipe, Spiral, Coaxial)
• 5.2 By Material of Construction
  • 5.2.1 Stainless Steel
  • 5.2.2 Carbon Steel
  • 5.2.3 Non-Ferrous (Copper, Aluminium)
  • 5.2.4 Exotic Alloys (Titanium, Nickel, Hastelloy)
  • 5.2.5 Polymers and Composites (PTFE, Graphite, Ceramic)
• 5.3 By Flow Arrangement
  • 5.3.1 Counter-Current
  • 5.3.2 Parallel
  • 5.3.3 Cross-Flow
  • 5.3.4 Hybrid/Multi-Pass
• 5.4 By End-Use Industry
  • 5.4.1 Oil and Gas
  • 5.4.2 Chemical and Petrochemical
  • 5.4.3 Power Generation (incl. Nuclear)
  • 5.4.4 Food and Beverage
  • 5.4.5 Pulp and Paper
  • 5.4.6 Water and Waste-water Treatment
  • 5.4.7 Other Industries (Automotive and Transportation, Metallurgy, Mining, HVACR, Pharmaceutical and Biotechnology)
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 Europe
    • 5.5.2.1 United Kingdom
    • 5.5.2.2 Germany
    • 5.5.2.3 France
    • 5.5.2.4 Italy
    • 5.5.2.5 Spain
    • 5.5.2.6 Nordic Countries
    • 5.5.2.7 Russia
    • 5.5.2.8 Rest of Europe
  • 5.5.3 Asia-Pacific
    • 5.5.3.1 China
    • 5.5.3.2 India
    • 5.5.3.3 Japan
    • 5.5.3.4 South Korea
    • 5.5.3.5 ASEAN Countries
    • 5.5.3.6 Australia
    • 5.5.3.7 Rest of Asia-Pacific
  • 5.5.4 South America
    • 5.5.4.1 Brazil
    • 5.5.4.2 Argentina
    • 5.5.4.3 Chile
    • 5.5.4.4 Colombia
    • 5.5.4.5 Rest of South America
  • 5.5.5 Middle East and Africa
    • 5.5.5.1 Saudi Arabia
    • 5.5.5.2 United Arab Emirates
    • 5.5.5.3 South Africa
    • 5.5.5.4 Egypt
    • 5.5.5.5 Rest of Middle East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves (M&A, Partnerships, PPAs)
• 6.3 Market Share Analysis (Market Rank/Share for key companies)
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, Recent Developments)
  • 6.4.1 Alfa Laval AB
  • 6.4.2 Kelvion Holding GmbH
  • 6.4.3 Danfoss A/S
  • 6.4.4 SPX Flow Inc.
  • 6.4.5 GEA Group AG
  • 6.4.6 Hisaka Works Ltd.
  • 6.4.7 Xylem Inc.
  • 6.4.8 Thermax Ltd.
  • 6.4.9 Mersen SA
  • 6.4.10 API Heat Transfer Inc.
  • 6.4.11 GE Vernova Inc.
  • 6.4.12 Barriquand Technologies Thermiques SAS
  • 6.4.13 Koch Heat Transfer Company LP
  • 6.4.14 SWEP International AB
  • 6.4.15 Heatric
  • 6.4.16 Kobelco Steel Ltd.
  • 6.4.17 Accessen Group
  • 6.4.18 Funke WarmeaustauscherGmbH
  • 6.4.19 Tranter Inc.
  • 6.4.20 HRS Heat Exchangers Ltd.
  • 6.4.21 Hamon Thermal Europe SA
  • 6.4.22 Graham Corporation
  • 6.4.23 United Heat Transfer Ltd.
  • 6.4.24 KRN Heat Exchanger & Refrigeration Ltd.

7 Market Opportunities & Future Outlook

• 7.1 White-space & Unmet-Need Assessment