The report “Heat Exchanger Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Metal, Alloys, Brazing Clad Materials), End-Use Industry (Chemical, Energy, HVACR, Food & Beverage, Power, Pulp & Paper), and Region – Global Forecast to 2029″, is projected to reach USD 32.3 billion by 2029, at a CAGR of 7.0% from USD 23.0 billion in 2024. The Heat exchangers market is driven by increasing industrialization in emerging economies, rising energy efficiency regulations and stringent emission standards, growing demand for HVACR equipment for commercial construction and rising demand for sustainable, low energy consuming, cost-effective heat exchangers.
Key Market Players
ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), Boyd (US), H. Güntner (UK) Limited (Germany), Johnson Controls (Ireland), Xylem (US), Wabtec Corporation (US), SPX FLOW (US), LU-VE S.p.A. (Italy), Lennox International Inc. (US), and Modine Manufacturing Company (US) are the leading players in the market.
Asia Pacific accounted for the largest market share in the Heat Exchanger Market
The heat exchanger sector in the Asia-Pacific region is undergoing significant growth and development. This expansion is fueled by various factors, including the region’s booming industrial domains, heightened emphasis on environmental sustainability, and increasing need for clean energy alternatives. Heat exchangers are crucial components in power plants, where they facilitate heat transfer processes in boilers, condensers, steam turbines, and cooling systems. Furthermore, governmental efforts targeting greenhouse gas reduction are driving the uptake of heat exchangers, positioning the Asia-Pacific market as a hub for the advancement and implementation of these innovative technologies.
