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Asia Pacific Heat Exchanger Market Size
Asia Pacific Heat Exchanger Market was evaluated at USD 5.8 billion in 2023 and is anticipated to grow at a CAGR of 9% through 2032 on account of increased investments in heavy-duty industrial operations coupled with rising energy consumption in building heating & cooling systems.
Increasing crude imports, establishment of new chemical and petrochemical facilities, discoveries of conventional and unconventional hydrocarbon reserves, influenced the industry growth. For instance, according to the Japanese Ministry of Economy, Trade and Industry (METI) crude oil imports in the country reached approximately 12.4 billion liters in November 2023 marking a monthly increase of 8.7% from the previous month.
Who are the major participants in the Asia Pacific heat exchanger industry?
Some of the key heat exchanger firms in the Asia Pacific are ACCESSEN GROUP, ALFA LAVAL, Danfoss, Funke Heat Exchanger Systems(Changzhou)Co.,Ltd., HISAKAWORKS S.E.A SDN BHD, Holtec International, HRS Process Systems Ltd., IHI Corporation, KAMUI CO.,LTD., Kelvion Holding GmbH, KNM Group Berhad, LARSEN & TOUBRO LIMITED, SPX FLOW, SWEP International AB, United Heat Transfer Pvt. Ltd, and Xylem.
How big is the China heat exchanger industry?
China heat exchangers market size is expected to reach USD 5 billion by 2032 attributed to the significant growth across chemicals, petrochemicals, energy, and manufacturing sectors coupled with government policies promoting energy efficiency.
Why is the demand for plate heat exchangers increasing in Asia Pacific?
Asia Pacific plate heat exchanger market is projected to generate over USD 3 billion in revenue by the end of 2032, owing to excellent heat transfer capabilities, efficient design, and ease of maintenance, along with a growing emphasis on sustainability and energy efficiency.
What is the size of the Asia Pacific heat exchanger market?
Asia Pacific heat exchanger market reached a revenue of USD 5.8 billion in 2023 and is anticipated to grow at 9% CAGR from 2024 to 2032 on account of increased investments in heavy-duty industrial operations coupled with rising energy consumption in building heating & cooling systems.