The global Heat Exchangers market estimated at US$43.70 billion in the year 2022, is now projected to grow at a CAGR of 9.96% and reach US$77.27 billion by 2028.
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
The North American market is driven by strong contribution from the US and Mexico. While the former remains the leading market in the region, the latter is gaining from rapid urbanization and expansion of mechanical activities, creating strong demand for heat exchangers. Also, the increasing oil and gas exploration and production activities in U.S and Canada are expected to propel the demand for heat exchangers in the region. United States contributed around 70% of the total North American market. It is estimated to have a market value of US$9.85 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 9.17% and 7.84% respectively over the 2022-2028 period.
The heat exchangers market in the Asia-Pacific region is expected to grow at fastest CAGR over the forecast period owing to the increasing demand for heat exchangers across several industry verticals in countries like China, India and Japan. Supportive government policies and initiatives in Japan and India as an effort to develop solar and thermal energy are estimated to drive the demand for heat exchangers in power generation sector. China is forecast to reach a projected market size of US$10.61 billion by the year 2028 trailing a CAGR of 11.57% over the forecast period.
Within Europe, Germany, France and the U.K. are the key countries responsible for the significant growth of the market. The rising automotive and construction industry is supporting market growth. The growing adoption of welded plated type heat exchangers in chemical & refineries due to strict government policies is further driving the regional market growth. Germany is projected to grow at a CAGR of 9.59% over the forecast period.
The prominent presence of oil & gas, petrochemicals and mining industries in the Middle East & Africa, and Latin America is a key demand driver for industrial heat exchangers market in these regions.
Major players in the market include Air Products and Chemicals, Inc.; Alfa Laval AB; API Heat Transfer; Balcke-Dürr GmbH; Barriquand Technologies Thermiques; Danfoss A/S; Doosan Corporation; Enerquip, LLC; FUNKE Wärmeaustauscher Apparatebau GmbH; Güntner U.S. LLC; Hamon Group; HISAKA WORKS, LTD.; HRS Heat Exchangers Ltd.; Johnson Controls International; Kelvion Holding GmbH; Koch Heat Transfer Company, LP; McDermott International, Ltd.; Mersen SA; SmartHeat Inc.; SPX Cooling Technologies, Inc.; SPX FLOW, Inc.; SWEP International AB; Tranter, Inc.; Vahterus Oy; Xylem Inc., among others.
Research Methodology
