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Heat Exchanger Market Analysis

  • Report ID: GMI3169
  • Published Date: Jan 2024
  • Report Format: PDF

Heat Exchanger Market Analysis

Heat Exchanger Market Size, By Technology, (USD Billion), 2022 - 2032

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The air-cooled heat exchanger industry is expected to witness 8% growth up to 2032. Primarily utilized in refineries, gas processing facilities, power generation plants, and petrochemical installations, these units excel in efficient heat transfer and the harnessing of waste heat. Their cost-effectiveness and superior efficiency make them a preferred choice over other available options. With continued investments in the establishment of new petrochemical complexes, the demand for these heat exchangers is anticipated to further surge.


The market size for plate heat exchangers has witnessed a revenue of over USD 4 billion in 2023. Renowned for their superior heat transfer capabilities, streamlined design, and effortless maintenance, these units are poised for increased adoption across a range of industries. Manufacturers are also increasing their capacity addition and introducing advanced technologies across the market to cater to the industrial requirements.


Heat Exchanger Market Revenue Share, By Application, 2023

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The installation of heat exchangers across the mechanical industry is projected to experience 7% growth rate from 2024 to 2032. The positive trajectory can be attributed to the strong industrial expansion in developing nations and heightened investments aimed at modernizing existing manufacturing facilities. In addition, the escalating emphasis on achieving energy efficiency in critical industrial processes is expected to bolster the heat exchanger market.


The expansion in the demand for various chemical products coupled with increased emphasis on energy efficiency and sustainability has driven the adoption of advanced heat exchanger technologies across chemical verticals. Moreover, the stringent safety standards & regulatory compliance in chemical processing operations along with the integration of digital technologies, sensors, and data analytics in heat exchanger systems to deliver real-time monitoring, predictive maintenance, and overall better control in customized chemical facilities will further add to the industry landscape.


Asia Pacific Heat Exchanger Market Size, 2022 - 2032 (USD Billion)

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  • The Asia Pacific heat exchanger market was estimated at over USD 5.8 billion in 2023 and is set to grow at a considerable pace over the coming years. Significant growth across various industries including petrochemicals, chemicals, energy, and manufacturing with the emerging economies consisting of China, India, Japan, and South Korea, among others, will positively sway the industry landscape. For instance, as per the data updated by the Japanese Ministry of Economy, Trade and Industry (METI) in December 2023, the total crude oil import in the country equaled about 12.4 billion liters in November 2023, experiencing a monthly growth of 8.7% from around 11.4 billion liters in October 2023.


  • Continuous expansion of manufacturing facilities coupled with the rising investments across energy-intensive industrial infrastructure will further add to the regional industry outlook. In addition, fast-paced industrialization & urbanization has significantly attributed to the increasing construction activities generating the indispensable need for energy-efficient heating & cooling systems in building infrastructures positively catering to the business growth.
Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of heat exchanger was worth over USD 16.1 billion in 2023 and is set to expand at 8.4% CAGR from 2024 to 2032, driven by the mounting investments in heavy-duty industrial operations coupled with growing energy consumption across heating & cooling systems in building infrastructure.

Air-cooled heat exchanger industry is projected to attain over 8% growth rate between 2024 and 2032, attributed to their widespread use in refineries, gas processing facilities, power generation plants, and petrochemical installations due to their efficient heat transfer and cost-effectiveness.

Asia Pacific heat exchanger market size surpassed USD 5.8 billion in 2023 and is poised to expand at a notable growth rate through 2032, owing to the significant growth across various industries including petrochemicals, chemicals, energy, and manufacturing.

Some of the top heat exchanger firms are ALFA LAVAL, SPX FLOW, Xylem, Danfoss, API Heat Transfer, FUNKE Wärmeaustauscher Apparatebau GmbH, Thermowave GmbH, Doosan Power Systems, LARSEN & TOUBRO LIMITED, Koch Heat Transfer Company, Thermofin, Mason Manufacturing LLC, and Wessels Company, among others.

Heat Exchanger Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 430
  • Countries covered: 30
  • Pages: 430
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