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Heat Exchanger Market Trends

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

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Heat Exchanger Market Trends

The growing need for heating and cooling solutions in both residential and commercial structures, combined with an emphasis on harnessing waste heat from industrial operations, is expected to propel market expansion. In addition, the severe winter climates across several countries and regions, along with the increasing adherence to energy efficiency regulations and standards, are anticipated to further boost the demand for these products. The escalating energy requirements within the petrochemical, oil & gas, and power sectors, coupled with increased investments in the enhancement of current energy infrastructure, are poised to accelerate the demand for heat transfer equipment.

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.