The heat exchanger market is a vital component of various industries, including HAVC, chemical processing, power generation, and more. It plays a crucial role in transferring heat between fluids, improving energy efficiency, and reducing operating costs. The market’s growth is driven by rising industrialization, stringent energy efficiency regulations, and the demand for sustainable solutions. Plate, shell and tube, and finned-tube heat exchangers are among the popular types. Advancements in material technology and heat transfer design continue to shape the market, with innovation focused on enhancing performance and reducing environmental impact.
According to Coherent Market Insights, The market for Heat Exchanger was estimated at US$ 17,927.70 million in 2022 and is anticipated to grow at a CAGR of 5.12% from 2023 to 2030 to reach US$ 26,769.89 million.
Major Players in the Heat Exchanger Industry:
1. Danfoss
Danfoss, established in 1933, is headquartered in Nordberg, Denmark, and has branches in numerous countries, including the United States, China, and Germany. The company specializes in heat exchanger solutions. Notably, Danfoss acquired Sondex Holding Ltd. in 2004, expanding its heat exchanger portfolio. They’re recognized for plate and brazed heat exchangers, focusing on energy efficiency, innovation, and global market expansion. In December 2020, Danfoss introduced micro plate heat exchangers with Z-design technology for improved efficiency in heat pump and chiller applications.
2. Kelvion
Kelvion, established in 2015 after being acquired by Triton, specializes in heat exchanger solutions. Headquartered in Europe, the America, and Asia. Notably, in September 2021, Kelvion invested $3.7 million in a US production facility to cater to the increasing demand for heat exchangers in North America’s data centre and refrigeration sectors. The company focuses on innovation, sustainability, customized solutions, and excellent customer service.
3. Alfa Laval
Alfa Laval, established in 1883, specializes in heat exchanger solutions. Headquartered in Lund, Sweden, it operates globally, with branches in over 100 countries, including the US, China, and Germany. Alfa Laval’s innovations span various industries such as HVAC, food, and pharmaceuticals. They emphasize sustainability, digitalization, and customer-centricity while expanding through acquisitions and partnerships.
4. Xylem
Xylem, established in 2011, specializes in water technology solutions, including heat exchangers. Headquartered in Rye Brook, New York, USA, Xylem operates in more than 150 countries. To learn about their developments, visit their official website, explore press releases, and consider industry news sources and reports for insights into their activities in the heat exchanger market.
5. API Heat Transfer
API Heat Transfer, established in 1949, specializes in heat exchanger solutions. With headquarters in Buffalo, New York, USA, the company has expanded globally, operating in multiple countries. They’ve engaged in strategic acquisitions, showcased innovations in heat transfer technology, and diversified their product range for industries like power generation and oil and gas. API Heat Transfer emphasizes energy efficiency, customization, and partnerships within the heat exchanger market.
6. Hisaka Works
Established in 1914, Hisaka Works specializes in heat exchanger design and production. Its headquarters are located in Kawasaki, Japan, and it has a global presence with branches in innovative heat exchanger designs, customization, global expansion, technological advancements, sustainability, collaborations, compliance, digitalization, and customer support to enhance its offering in the heat exchange market.
*Definition- A heat exchanger is a device that transfers heat between two fluids while keeping them physically separated, enhancing energy efficiency.
