Shell And Tube Heat Exchanger Market Summary

The global shell and tube heat exchanger market size was estimated at USD 6,724.4 million in 2024 and is projected to reach USD 9,203.2 million by 2030, growing at a CAGR of 5.6% from 2025 to 2030. The rising adoption of shell and tube heat exchangers is closely tied to rapid industrialization in emerging economies across Asia Pacific and the increasing flow of investments into commercial, manufacturing, and large-scale industrial projects. Their ability to support efficient thermal management and long-term reliability makes them a preferred choice across critical sectors.

The growing use of shell and tube heat exchangers across various industries, including petrochemicals, power generation, HVAC and refrigeration, chemicals, and food and beverage, continues to propel market expansion. These systems play a crucial role in ensuring process efficiency and product quality. For instance, they are widely applied in pharmaceutical production, oil refining, food safety in dairy processing, and brewing operations where precision temperature control is required. Manufactured in compliance with industry standards, shell and tube heat exchangers are available in three main types: fixed tube sheet exchangers, U-tube exchangers, and floating header exchangers, each designed for specific operating conditions and applications.

Key Market Trends & Insights

• The North America shell and tube heat exchanger market accounted for a revenue share of 20.6% in 2024, supported by advancements in power generation and chemical processing industries.
• Asia Pacific dominated the global shell and tube heat exchanger market with the largest revenue share of 31.8% in 2024, driven by rapid industrialization, energy sector investments, and growing demand in manufacturing hubs.
• The Europe shell and tube heat exchanger market held a revenue share of 31.6% in 2024, supported by strong growth in industrial automation, renewable energy, and chemical processing sectors.
• Based on material, the steel segment led the market with the largest revenue share of 31.2% in 2024, owing to its durability, resistance to corrosion, and wide suitability across industrial operations.
• Based on end use, the chemical segment dominated the market with a revenue share of 22.2% in 2024, reflecting the heavy reliance on heat exchangers in chemical processing and production applications.

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Market Size & Forecast

• 2024 Market Size: USD 6,724.4 Million
• 2030 Projected Market Size: USD 9,203.2 Million
• CAGR (2025-2030): 5.6%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the key players operating in the global market include Alfa Laval, API Heat Transfer, and Xylem.

• Alfa Laval was incorporated in 1883 and is headquartered in Lund, Sweden. The company’s business line is segmented based on three major technologies, namely heat transfer, separation, and fluid handling. Products offered under the heat transfer technology segment include numerous types of shell and tube heat exchangers that are designed for different temperatures and pressure levels. The segment accounted for around 44% of the total group sales in 2018. The separation technology segment offers products such as separators, decanter centrifuges, strainers, filters, and membranes. The fluid handling technology segment provides various products, including valves, pumps, tank cleaning equipment, and installation material
• API Heat Transfer was incorporated in 1947 and is headquartered in Buffalo, New York, U.S. The company’s business line is focused on manufacturing and supplying heat transfer equipment. It markets its products under five brands, namely AirTech, Basco, Covrad, Schmidt, and TTP. Furthermore, the company operates through four heat transfer groups, namely air-cooled, Shell & Tube, Plate & Thermal Systems, and Fluid Power & Distributed Products, which provide optimal heat transfer solutions for required applications. Major products offered by the company include gasketed plate, brazed plate, welded plate, plate & shell, shell & tube heat exchangers, air coolers, radiators, evaporation systems, dealcoholization systems, and pasteurization systems

Kelvion Holding GmbH and HRS Heat Exchangers are some of the emerging players in the global market.

• Kelvion Holding GmbH was established in 1920 as Gesellschaft für Entstaubungs-Anlagen (GEA). GEA Heat Exchangers was acquired by the Triton fund in 2014 and was renamed as Kelvion, post-acquisition in November 2015. Kelvion Holding GmBH had around 4,700 employees as of December 2019 and the company operates as a standalone company and is managed under Galapagos Holding S.A. The company’s business line is focused on manufacturing and supply of heat exchangers to HVAC, chemical, oil & gas, power generation, and food & beverage industries. Heat exchangers offered by the company are broadly categorized as compact fin heat exchangers, shell & tube heat exchangers, plate heat exchangers, and single tube heat exchangers. Other products in the company’s product portfolio include transformer cooling systems and cooling towers
• HRS Heat Exchangers was established in 1981 and is headquartered in Watford, England. The company is engaged in designing and manufacturing effective and innovative heat transfer products such as heat exchangers. HRS Group markets its products to clients in the food, bioenergy, HVAC, chemical, pharmaceutical, and waste-to-energy

Key Players

• Alfa Laval
• HRS Heat Exchangers
• Kelvion Holding GmbH
• API Heat Transfer
• Brask, Inc.
• Koch Heat Transfer Company
• Xylem Inc.
• WCR, Inc.
• Southern Heat Exchanger Corporation
• Manning and Lewis
• Elanco, Inc.
• Mersen
• Thermex
• Tinita Engineering Pvt. Ltd
• Barriquand Technologies Thermiques

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Conclusion

The global shell and tube heat exchanger market is on a steady growth trajectory, supported by industrial expansion, rising energy demand, and the need for efficient thermal systems across multiple sectors. With strong adoption in petrochemicals, chemicals, HVAC, food, and power generation, these exchangers continue to serve as critical infrastructure in industrial processes. Regional growth in Asia Pacific and Europe further emphasizes their widespread demand, while materials such as steel ensure durability and performance. As industries increasingly prioritize energy efficiency, operational reliability, and compliance with standards, shell and tube heat exchangers will remain vital to sustaining industrial productivity and innovation.