Asia Pacific Heat Exchanger Market 2024

Asia Pacific Heat Exchanger Market 2024

The market size of the heat exchanger market in Asia Pacific is expected to reach USD 6,828 million in 2029, representing a CAGR of 6.2% from 2024 to 2029. The Asia Pacific region is poised for rapid growth in the heat exchanger market, driven by factors such as rapid urbanization, increasing capital expenditure (CAPEX), and consistent population growth. Emerging economies like China, India, and Japan play crucial roles in the global heat exchanger market. In Asia Pacific, continuous investment in various industry verticals, including the chemical and power-generation sectors, is expected to boost the demand for heat exchangers.

From 2024 to 2029, the size of the shell & tube segment is expected to grow at a CAGR of 6.6% to reach USD 1,909 million, at which time the penetration of shell & tube segment is expected to reach 28.0%.

Petrochemical accounted for 27.1% of the heat exchanger market in 2023 in terms of revenue. The following chart shows a breakdown of the market size of Asia Pacific heat exchanger market in terms of revenue by oil & gas, petrochemical, food & beverage, electricity generation, HVACR (heat, ventilation, air conditioning, and refrigeration), and others (mineral, water treatment, data center, shipbuilding, pharmaceuticals, paper, engineering, etc.) for the periods indicated.

The increasing energy demand in Asia is primarily attributed to the surge in construction activities and the expansion of the chemical and power-generation industries. These factors are expected to drive the heat exchanger market in the region during the forecast period. Asia Pacific is set to witness substantial growth in the heat exchanger market, with China and India emerging as two of the top three powerhouses in the power-generation sector. Moreover, Asia Pacific is positioned to become the leading global chemical producer.

Compared to the heat exchanger market in developed countries, Asia Pacific heat exchanger market of developing countries (China, India, Southeast Asia, etc.) is still underpenetrated and has significant growth potential. In 2023, China is the largest country in the Asia Pacific heat exchanger Market, followed by Japan and India.

The prominent players operating in the Asia Pacific heat exchanger market include Alfa Laval AB, API Heat Transfer Inc., Astra Refrigeranti S.p.A., Balcke-Dürr GmbH, Boyd Corporation, Danfoss A/S, Graham Corporation, Hamon Thermal Europe SA, Hisaka Works, Ltd., HLE Glascoat Ltd., HRS Heat Exchangers Limited, Johnson Controls International plc, Kelvion Holding GmbH, Paharpur Cooling Towers, Ltd., SPX Flow, Inc., Tranter, Inc., Xylem, Inc., and others.

This study aims to analyze the global market for various segments of heat exchanger, including:

Product Type: Cooling Tower, Air-Cooled, Shell & Tube, Gasketed Plate, and Others.
End-User: Oil & Gas, Petrochemical, Food & Beverage, Electricity Generation, HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration), and Others (Mineral, Water Treatment, Data Center, Shipbuilding, Pharmaceuticals, Paper, Engineering, etc.).
Region: China, Japan, India, and Rest of Asia Pacific.