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Heat Exchanger Market Share

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

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Heat Exchanger Market Share

The heat exchanger industry is characterized by dynamic competition influenced by various factors including technological innovations, organic & inorganic growth ventures, and product differentiation, among others. The industry players are significantly investing in the research & development initiatives to improve efficiency, reduce energy consumption, and enhance overall performance to gain a competitive edge with diversified portfolio. For instance, in March 2022, Alfa Laval announced to expand its AC540 brazed plate heat exchanger offerings with the launch of four new units optimized to seamlessly integrate with environmentally friendly refrigerants including R32, carbon dioxide, and other low-GWP (Global Warming Potential) alternatives. The new product range is designed to ensure optimal performance, reliability, and efficiency, contributing to the reduction of GHG emissions and transformation of the overall HVAC sectors.

Heat Exchanger Market Companies

The key players operating across the industry include:

ALFA LAVAL
Kelvion Holding GmbH
SPX FLOW
IHI Corporation
Xylem
Danfoss
API Heat Transfer
FUNKE Wärmeaustauscher Apparatebau GmbH
Thermowave GmbH
HISAKA WORKS LTD.
SWEP International AB
Accessen Group Co., Ltd.
Doosan Power Systems
LARSEN & TOUBRO LIMITED
Koch Heat Transfer Company
HRS Heat Exchangers
Thermofin
Enerquip Thermal Solutions
Mason Manufacturing LLC
Wessels Company

Major companies operating across the heat exchanger industry are emphasizing on the integration of digital technologies, including IoT sensors and data analytics, to enhance the performance and monitoring capabilities of heat exchangers and deliver smart and connected solutions. Moreover, the heat exchanger manufactures are also undertaking various mergers and acquisitions to reshape competition dynamics and attain economies of scale, diversified product portfolios, and gain a competitive advantage over other players.

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.