North America and Europe Heat Exchanger Market 2024

North America and Europe Heat Exchanger Market 2024

The revenue generated from the North America and Europe heat exchanger market is expected to continue in the foreseeable future, with the North America and Europe heat exchanger market projected to grow at a compound annual growth rate (CAGR) of 5.0% between 2024 to 2029, resulting in a market size of USD 11,482 million in 2029.

The North American heat exchanger market is poised for growth, driven by the expansion of refinery capacities and the establishment of new chemical plants in the region. The United States holds the largest share of the global nuclear energy market and boasts the highest number of operational nuclear reactors. Furthermore, ongoing construction activities of additional nuclear plants in the coming years are expected to steer the power generation industry. As a result, the growth of heat exchangers in North America will be propelled by the United States, Canada, and the increasing energy demand across various industrial and commercial sectors.

Europe heat exchanger market grew at a CAGR of 4.0% from 2020 to 2023, according to Tanalyze, the market size in terms of revenue was USD 4,851 million in 2023. European companies are embracing heat exchangers as a means to mitigate the threat of global warming, creating lucrative opportunities in the market. The growing demand for centralized heating systems in the commercial and residential sectors further contributes to the industry's significant growth.

In the North America and Europe heat exchanger market, the product types are categorized into cooling tower, air-cooled, shell & tube, gasketed plate, and others. In 2023, the shell & tube segment held a significant share of 24.9% in the market, making it the dominant product type. It is projected that the valuation of the shell & tube segment will reach USD 2,709 million by 2029.

The North America and Europe heat exchanger market can be segmented into various sectors, including oil & gas, petrochemical, food & beverage, electricity generation, HVACR (heat, ventilation, air conditioning, and refrigeration), and others such as mineral, water treatment, data center, shipbuilding, pharmaceuticals, paper, and engineering industries. In 2023, the electricity generation segment generated a revenue of USD 2,116 million. It is projected to reach USD 2,705 million by 2029, indicating a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period from 2024 to 2029.

The prominent players operating in the North America and Europe heat exchanger market include Alco Group, Alfa Laval AB, API Heat Transfer Inc., Astra Refrigeranti S.p.A., Balcke-Dürr GmbH, Baltimore Aircoil Company, Boyd Corporation, Chart Industries, Inc., Danfoss A/S, Graham Corporation, Guentner GmbH & Co KG, Hamon Thermal Europe SA, HRS Heat Exchangers Limited, Johnson Controls International plc, Kelvion Holding GmbH, Paul Mueller Co., Reymsa Cooling Towers, Inc., Spirax-Sarco Engineering plc, SPX Flow, Inc., SWEP International AB, Tranter, Inc., Vahterus Oy, WCR, 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: North America (USA, Canada, and Mexico) and Europe (Germany, France, UK, Italy, and Rest of Europe).