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North America Heat Exchanger Market Size
North America Heat Exchanger Market size was estimated at USD 3 billion in 2023 and is set to expand at over 8.1% CAGR from 2024 to 2032. Growing investments in industrial operations for manufacturing, chemical and power generation along with increasing need for heating & cooling units in building infrastructure are augmenting the industry growth.
For instance, in January 2024, the US government announced over USD 4.9 billion funding from Investing in America agenda which support 37 projects through two key grant programs including the Infrastructure for Rebuilding America and the National Infrastructure Project Assistance grant program. Shifting focus toward energy efficiency and expanding heavy duty industrial operations, has driven the demand for reliable systems, further complementing the industry landscape.
Which factors are driving the U.S. heat exchanger industry growth?
U.S. market is poised to cross more than USD 5 billion by 2032, led by the presence of favorable, government programs including financial aids aimed at promoting the heat exchange technologies.
How big is the North America heat exchanger market?
The market size for heat exchanger in North America recorded USD 3 billion in 2023 and is expected to depict 8.1% CAGR from 2024 to 2032, led by the growing investments in industrial operations for manufacturing, chemical and power generation.
Why is the demand for shell & tube heat exchangers rising in North America?
The shell & tube technology segment in the North America heat exchanger industry is projected to record over USD 2.2 billion by 2032, led by the growing demand for energy-efficient HVAC systems and growing industrialization.
Why is the demand for heat exchangers rising in chemical applications?
The chemical application segment in the North America heat exchanger market is estimated to observe over 8.5% CAGR between 2024 and 2032, due to the rising demand for various chemical and petrochemical products of improved heat exchanger technology.