Air Cooled Heat Exchanger Market Size –By Application, Analysis, Share, Growth Forecast, 2024 – 2032

Air Cooled Heat Exchanger Market Size

The global air cooled heat exchanger market was estimated at USD 3.9 billion in 2023 and is projected to experience a CAGR of 8.4% from 2024 to 2032.
 

The ongoing expansion in end-use industries with the influx of new investment ventures across heavy duty operations coupled with continuous technological advancements to introduce more efficient designs and materials will positively sway the industry growth.
 

Air Cooled Heat Exchanger Market Trends

Air cooled heat exchanger industry is projected to observe significant expansion on account of the increasing demand for efficient heating and cooling solutions across building stocks coupled with a growing focus on utilizing waste heat from industrial processes. Additionally, the harsh winter conditions in various countries, combined with the growing enforcement of energy efficiency regulations and standards will further drive the product demand. Moreover, the products are predominantly used in refineries, gas processing plants, power generation facilities, and petrochemical operations to efficiently transfer and harness the waste heat.
 

Air Cooled Heat Exchanger Market Analysis

The chemical segment is projected to surpass USD 2.2 billion by 2032, on account of the wide integration of air-cooled heat exchanger units across the chemical plants to cool various process fluids and recover waste heat during the chemical production. Moreover, these units can be tailored to handle specific process conditions including high pressures, temperatures, and varying flow rates, attributing towards easier scalability and adaptability, and thereby augmenting the industry landscape.
 

The oil and gas application vertical are set to observe significant growth owing to the growing use of heat exchanger products across the refineries & gas processing plants aiming to reduce the energy consumption & operational costs. Moreover, the growing demand for compact systems designed to provide flexibility and easier installation across remote & compact locations will further add to the product deployment.
 

The U.S. air cooled heat exchanger industry is likely to cross USD 1.2 billion by 2032, owing to the increasing emphasis on energy efficiency and sustainability coupled with significant growth across heavy-duty sectors including oil & gas, power generation, and chemical processing, among others. Moreover, growing foreign direct investments (FDI) will further unveil new opportunities in exploring new industrial avenues, thereby adding to the industry growth.
 

Air Cooled Heat Exchanger Market Share

Leading manufacturers in the air cooled heat exchanger industry are actively strengthening their market presence through strategic partnerships, alliances, and mergers and acquisitions. These initiatives enable companies to expand their product offerings, broaden their geographical presence, and access new customer segments. The increasing number of partnerships and acquisitions allows firms to combine their strengths and resources, drive innovation, and provide comprehensive solutions to a wider customer base across the industry.
 

Air Cooled Heat Exchanger Market Companies

Some of the key players actively participating across the air cooled heat exchanger industry includes:

• ALFA LAVAL
• Altex Industries
• AXH air-coolers
• Boldrocchi
• Chart Industries
• Dry Coolers
• EMMEGI Heat Exchangers
• Exchanger Industries
• Graham Hart (Process Technology)
• Industrial Heat Transfer
• Kawasaki Heavy Industries
• Marmon Industrial Water
• Perry Hayden
• Positron
• SPG Dry Cooling
• SPX Cooling Tech
• Spiro-Gills Thermal Products
• Thermax
• Thermofin
   

Air Cooled Heat Exchangers Industry News

• In January 2024, Aggreko has introduced two innovative rental heat exchanger fleets to address the needs of petrochemical and refinery operations. These new offerings include a large-scale heat exchanger and a specialized Hastelloy-C unit, both designed to enhance operational efficiency and maintain production rates in complex industrial settings. The large-scale heat exchanger, boasting an industry-leading surface area, allows facilities to consolidate multiple units into one, potentially reducing their environmental impact. This solution is particularly beneficial for space-constrained operations and can be rapidly deployed to minimize disruptions.
   
• In April 2023, Altex Industries has announced the launch of a new division focused on developing heat exchange technologies for Mars terraforming. The division, named Mars Heat Exchanger, aims to create systems capable of heat exchanger products withstanding Mars' extreme conditions. These systems are intended to regulate temperature, transfer energy, and contribute to creating habitable environments for potential future colonization efforts. The Mars Exchangers division will be based at Altex Industries' facility in Edmonton, Alberta, and plans to collaborate with space agencies and research institutes globally.
   

This air cooled heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032 for the following segments:

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Market, By Application

• Oil & Gas
• Chemical
• Power Generation & Metallurgy
• Marine
• Mechanical Industry
• Central Heating & Refrigeration
• Food Processing
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Spain
  • Poland
  • Turkey
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Philippines
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Colombia
  • Chile