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 size was estimated at USD 3.9 billion in 2023 and is projected to experience a CAGR of 8.4% from 2024 to 2032, due to the escalating heavy-duty industrial plants through domestic & foreign investments along with development of advanced technology.
 

For instance, the total amount of investment amassed by the Chinese manufacturing sector was recorded at USD 4.5 trillion in 2021 while in the previous year it was about USD 3.8 trillion. This statistic represents an 18.8 percent increase according to the Chinese National Bureau of Statistics agency.

Air Cooled Heat Exchanger Market Trends

Skyrocketing requirement for advanced heating and cooling procedures throughout building stocks and the stringent energy regulations in combination with the emphasis on harnessing waste heat is projected to boost the market growth within the heating and cooling applications. For instance, in April 2023 a new EU climate law was enacted which involves an emissions cut by 55% in member countries by the year of 2030. Furthermore, the products are used in refineries and gas plants, power plants and petrochemical processes with the aim of efficiently capturing waste heat from various processes.
 

Air Cooled Heat Exchanger Market Analysis

The chemical segment of air cooled heat exchanger market 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. Additionally, these modules can be constructed to fulfil certain process requirements for example high pressure and temperature conditions as well as different flow rates which contribute towards better scalability and adaptability thus enhancing the industry landscape.
 

On account of the increasing use of heat exchanger products in refineries and gas processing plants for energy and operational cost savings, the vertical of oil and gas application industries is expected to experience considerable expansion. In addition, growing popularity of small devices made to be versatile and easy to set up in difficult and limited spaces will enhance the product deployment.
 

The U.S. air cooled heat exchanger market is predicted to hit USD 1.2 billion by 2032, fueled by increasing focus on energy efficiency and sustainability alongside a booming oil & gas, power generation and chemical processing heavy industries. Also, increased foreign direct investments will introduce new market prospects and therefore will be a driver of the growth of the industry. For example, in July 2024, Bureau of Economic Analysis, BEA highlighted that the foreign direct investments expanded by up to USD 227 billion in the country, achieving the total estimate of USD 5.39 trillion for the year of 2023. Moreover, the overseeing agency further noted that in the widest manufacturing category, foreign direct investment made up around 41.2% of the overall.
 

Air Cooled Heat Exchanger Market Share

Different companies in the air cooled heat exchanger business are trying to build their strong position in the market by joining forces, developing alliances, and performing mergers and acquisitions. These companies can utilize the industry partnerships to build an extensive product portfolio , targeting new geographies, and meeting diverse customer needs. With collective strength and abilities, businesses innovate more and develop rounded solutions for an extended customer base.
 

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 Exchanger Industry News

• In January 2024, Aggreko has launched two heat exchanger fleets for rent that facilitate petrochemical and refinery operations. It consists of a large heat exchanger and a specialized unit which make use of Hastelloy-c, these products are aimed at increasing efficiency and at the same time maintaining production rates during complex industrial operations. The particular large heat exchanger having the largest surface area in the market allows an industrial operation to bring together a number of units possibly reducing eco pollution for a limited exchange area working in which can easily and quickly be accessed.
   
• In April 2023, Altex Industries introduced a new subsidiary named Mars Heat Exchanger aiming to design specialized heat exchange systems for the Mars terraforming project. The new division targets to develop strong systems with the ability to work in the harsh temperature conditions that are prevalent on Mars. These systems would be useful in controlling temperature and moving energy around in order to help create places where humans could potentially live on the planet. The new division, called Mars Exchangers, will operate out of the company’s Edmonton, Alberta facility and will work in conjunction with foreign space agencies and research institutions.
   

The 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
  • Türkiye
• 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