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Heat Exchanger Market Size
Heat Exchanger Market was valued at USD 16.1 billion in 2023 and is likely to showcase CAGR of 8.4% between 2024 and 2032, on account of mounting investments across heavy-duty industrial operations coupled with growing energy consumption across heating & cooling systems in building infrastructure. For instance, as per the data by the European Union, heating & cooling constitutes for about half of the total energy consumption within the EU.
Growing setup of new chemical & petrochemical facilities along with the discovery of new conventional & unconventional hydrocarbon reserves across different geographies will unveil new opportunities for heat exchanger industry expansion. In addition, continuous innovations & product advancements by the key industry participants to boost the operational capabilities & flexibility of heat exchanger units will play a pivotal role in shaping the industry dynamics.
Who are the major heat exchanger industry participants?
Some of the top heat exchanger firms are ALFA LAVAL, SPX FLOW, Xylem, Danfoss, API Heat Transfer, FUNKE W
How big is the Asia Pacific head exchanger industry?
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.
Why is the demand for air-cooled heat exchangers increasing?
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.
What is the size of heat exchanger market?
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.