Developing Economy Heat Exchanger Market 2024

Developing Economy Heat Exchanger Market 2024

It is anticipated that the developing economy heat exchanger market will witness a compound annual growth rate (CAGR) of 5.7% (in sales value terms) during the forecast period, leading to a projected value of USD 8,723 million by the year 2029.

The heat exchanger market in the developing economy is classified by product type, namely cooling tower, air-cooled, shell & tube, gasketed plate, and others, for their respective periods. In terms of product type, the cooling tower segment emerged as the dominant market player in 2023, holding a significant share of 26.8%. It is estimated that the cooling tower segment will attain a valuation of USD 2,177 million by 2029. Moreover, the shell & tube segment is expected to register the highest Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period ranging from 2024 to 2029.

The developing economy heat exchanger market can be categorized into several sectors, namely oil & gas, petrochemical, food & beverage, electricity generation, HVACR (heat, ventilation, air conditioning, and refrigeration), and others (including mineral, water treatment, data center, shipbuilding, pharmaceuticals, paper, engineering, etc.). In 2023, the petrochemical segment recorded a revenue of USD 1,692 million. It is anticipated to reach USD 2,237 million by 2029, reflecting a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2024 to 2029.

The heat exchanger market in the developing economy is analyzed based on its revenue across three regions, namely Asia Pacific, Latin America, and Middle East and Africa (MEA), for the period between 2020 to 2023, and the forecast period ranging from 2024 to 2029. In terms of revenue, the market size of the Asia Pacific region witnessed an increase from USD 4,481 million in 2020 to USD 5,139 million in 2023, registering a Compound Annual Growth Rate (CAGR) of 4.7%. It is projected that by 2029, the market size of the heat exchanger market in Asia Pacific will reach USD 6,828 million, at 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.

The prominent players operating in the Developing Economy heat exchanger market include Alfa Laval AB, API Heat Transfer Inc., Argenfrio S.A.I.C., Astra Refrigeranti S.p.A., Balcke-Dürr GmbH, Baltimore Aircoil Company, 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., Reymsa Cooling Towers, Inc., 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: Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa.