Best 5 Heat Exchanger Manufacturers in India
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The heat exchanger industry is a critical component of industrial processes, enabling energy efficiency, sustainability, and process optimization. With increasing investments in renewable energy, power generation, chemical processing, and HVAC systems, the demand for heat exchangers is projected to grow significantly.
In India, this sector is witnessing strong growth, driven by rapid industrialization, energy efficiency mandates, and the push towards net-zero emissions. Major players such as Thermax, Alfa Laval India, Isgec Heavy Engineering, BGR Energy, and Kirloskar Brothers Limited (KBL) are investing heavily in technology, innovation, and capacity expansion to capitalize on this demand. This article provides an in-depth analysis of these companies and evaluates them.
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Heat Exchanger Market Size & Growth Projections
The global heat exchanger market was valued at USD 18.1 billion in 2023 and is projected to reach USD 27.5 billion by 2030, growing at a CAGR of 5.6%.
In India, the heat exchanger market is expected to grow at a CAGR of 5-6% from 2025 to reach USD 1.4 billion by 2032, driven by demand from power plants, industrial processing, refineries, and HVAC systems.
Let us analyze the Best 5 Heat Exchanger Manufacturers in India.
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Best 5 Heat Exchanger Manufacturers in India
The heat exchanger manufacturer market comprises various types of heat exchangers, with the shell and tube segment holding the largest share in 2023. However, the plate and frame segment is expected to witness the fastest growth in the coming years.
Below are the Best 5 Heat Exchanger Manufacturer in India you can consider for both investment purposes as well as to buy products.
Thermax: Advanced Industrial Heat Exchangers & Waste Heat Recovery Solutions
Thermax is a leading heat exchanger manufacturer that manufacturers heat transfer and energy recovery systems, focusing on waste heat recovery boilers, shell & tube heat exchangers, and thermic fluid heaters. These products cater to power plants, refineries, chemical industries, and process industries. The company’s waste heat recovery systems are widely used in cement plants, steel industries, and gas turbines, optimizing energy efficiency and reducing emissions.
The company reported a 12% YoY increase in PAT, with revenue reaching ₹8,250 crores in FY24. Witha strong focus on sustainability and energy efficiency, Thermax is investing in carbon capture, hydrogen solutions, and renewable heating technologies.
The company has expanded its manufacturing capacity in Gujarat, enhancing its ability to meet growing demand in industrial automation and green energy sectors. The company has been expanding in Middle Eastern and Southeast Asian markets, leveraging its expertise in high-efficiency heat recovery solutions.
Key Strengths:
- Technology Leadership: Strong presence in waste heat recovery, absorption chillers, and industrial heating solutions.
- Sustainability Focus: Investments in carbon capture, hydrogen solutions, and renewable heating.
- Expansion Strategy: New manufacturing facility for high-performance heat exchangers in Gujarat.
Alfa Laval India: Pioneering Sustainable heat exchanger manufacturer in india
Alfa Laval India specializes in compact plate heat exchangers, welded heat exchangers, and hybrid cooling solutions, catering to industries such as food processing, marine, and renewable energy. Its T21 Concept Zero™ heat exchanger is an energy-efficient, low-carbon steel solution, reducing emissions by 39% per unit.
- Alfa Laval dominates the premium heat exchanger market, holding a 30-35% global market share in plate heat exchangers.
- The company has significant export demand from North America, Europe, and the Middle East, particularly in hydrogen, carbon capture, and marine cooling solutions.
Alfa Laval India recorded a 27% increase in orders in FY24, driven by the rising demand forhigh-efficiency heat exchangers and hybrid cooling solutions. With strong export growth in North America and Europe, Alfa Laval India continues to innovate with low-carbon steel heat exchangers, reducing emissions by 39% per unit.
Key Strengths:
- Broad Product Portfolio: Offers plate heat exchangers, welded exchangers, and hybrid cooling solutions.
- Focus on Innovation: Developed low-carbon steel heat exchangers, reducing emissions by 39% per unit.
- Global Expansion: Strong export growth in North America and Europe.
Isgec Heavy Engineering: Power & Process Industry Heat Exchanger Specialist
Isgec Heavy Engineering manufactures boilers, pressure vessels, and heat exchangers for oil & gas, petrochemical, and power generation sectors. The company has technology tie-ups with Siemens Heat Transfer Technology (Netherlands) for heat recovery steam generators (HRSGs) and TEi (USA) for screw plug heat exchangers.
The company achieved a 15% YoY revenue growth in FY24, backed by a record ₹5,100 crore order book. Isgec’s strong manufacturing capability and export orders have bolstered its EBITDA margins, positioning it as a key player in India’s infrastructure and industrial engineering sector. With large-scale contracts, steady profitability, and global expansion, Isgec is a stable, high-growth investment for long-term investors.
Key Strengths:
- Strong Order Pipeline: Large-scale contracts in oil & gas, chemical processing, and power generation.
- High Manufacturing Capability: One of India’s largest pressure vessel manufacturers.
- Steady Profitability: EBITDA margins improving, backed by export orders and efficiency improvements.
BGR Energy: Leading in Industrial Cooling & Power heat exchanger manufacturer in india
BGR Energy is a key heat exchanger manufacturer in industrial cooling and heat exchangers, serving thermal power plants, oil refineries, and chemical industries. The company produces shell & tube heat exchangers, finned tube heat exchangers, and cooling towers, widely used in coal-fired and gas power plants.
- The majority of revenue is from Indian power plants through NTPC and ONGC contracts.
- Increasing exports to Middle Eastern infrastructure projects.
- The company reported an 18% YoY revenue growth in FY24, reaching ₹6,450 crores, with strong demand from government-backed infrastructure projects.
- BGR Energy is expanding into waste heat recovery and hybrid cooling solutions, strengthening its position in industrial power and process cooling.
Key Strengths:
- Large Infrastructure Orders: Expanding in power plant EPC and industrial process cooling.
- Strong Domestic Presence: Contracts with NTPC, ONGC, and major refineries.
- New Expansion Plans: Investing in waste heat recovery and hybrid cooling solutions.
Kirloskar Brothers Limited (KBL): HVAC & Fluid Handling heat exchanger manufacturer in India
KBL a major heat exchanger manufacturer specializes in fluid handling, HVAC, and marine cooling heat exchangers, catering to urban infrastructure, smart cities, and defense applications. Its water-cooled heat exchangers are widely used in HVAC systems, data centers, and marine cooling.
- Expanding presence in Africa and Southeast Asia for marine and industrial cooling systems.
- Strong domestic demand from urban infrastructure projects and smart city developments.
- In FY24, KBL posted a 12.5% revenue growth, driven by increased order inflows from defense, smart cities, and industrial processing sectors.
- KBL specializes in pumps, fluid handling, and thermal process solutions, including heat exchangers for HVAC, marine, and industrial applications.
Key Strengths:
- Market Leader in Fluid Management: High demand in urban infrastructure and smart cities.
- Sustainable Cooling Solutions: Focus on water-cooled and hybrid heat exchangers.
- Expanding Overseas Operations: Strong presence in Africa, the Middle East, and Europe.
Outlook on heat exchanger manufacturer in India
India’s heat exchanger industry is expected to witness strong growth with increasing demand from industrial automation, energy efficiency projects, and global exports. Indian heat exchanger manufacturers are expanding into the Middle East, North America, and Europe. Hydrogen-based cooling, low-carbon steel exchangers, and water-saving solutions are gaining traction.
The major players such as Alfa Laval India and Thermax are strong companies due to their technology leadership and global presence. Isgec and BGR Energy offer steady, infrastructure-backed growth, while KBL is an ideal choice for stable earnings in industrial cooling and HVAC.