Manufacturing Components

Heat Exchangers: Market Size, Growth & Forecast to 2030

The Heat Exchangers market is valued at about $62.4 billion (2026) and is projected to grow at a 5.2% CAGR through 2030. The largest cost driver is Stainless steel and metals raw materials (45% of spend). Asia Pacific leads demand at 40%.

Market size
$62.4 bn (2026)
CAGR to 2030
+5.2%
Buyer power
Favours buyers
Tracked suppliers
45
Projected market growth (index, 2026 = 100)
Base year 2026
Official data · Claight projectionForecast
Market size index, 2026 = 100, at the 5.2% CAGR.
Forecast
2026
2027
2028
2029
2030
2031
2026 base: 1002031 est: 129

Cost structure

Stainless steel and metals raw materials
45%
Direct manufacturing labor and assembly
20%
Energy and overhead utilities
15%
Inbound and outbound logistics
10%
Engineering design and quality testing
10%

Regional demand split

Asia Pacific demand
40%
Europe demand
25%
North America demand
20%
Latin America demand
8%
Rest of world demand
7%

Key suppliers

Alfa Laval ABDanfoss A/SKelvion Holding GmbHSPX FLOW (SPX Corporation)Xylem Inc.Modine Manufacturing CompanySWEP International AB
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Claight market analysis of proprietary and public data. Full report: /category-intelligence/heat-exchangers