North America Heat Exchanger Market 2024

North America Heat Exchanger Market 2024

It is anticipated that the North America heat exchanger market will witness a compound annual growth rate (CAGR) of 5.3% (in value terms) during the forecast period, leading to a projected value of USD 5,409 million by the year 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.

North America heat exchanger market is comprised of cooling tower, air-cooled, shell & tube, gasketed plate, and others. According to Tanalyze, in the North America heat exchanger market, the cooling tower segment held the dominant position, accounting for approximately 33.6% of the market share in 2023.

In terms of end users, the electricity generation segment is projected to have a penetration rate of 31.9% by 2029. The market size for the electricity generation segment is expected to reach USD 1,725 million, with a (CAGR of 4.6% during the forecast period.

The United States holds the largest share in the North America heat exchanger market. In 2023, it accounted for approximately 80% of the market share, indicating its significant dominance in the region's heat exchanger industry. Canada follows as the second-largest country in the market.

The prominent players operating in the North America heat exchanger market include Alco Group, Alfa Laval AB, API Heat Transfer Inc., Balcke-Dürr GmbH, Baltimore Aircoil Company, Boyd Corporation, Chart Industries, Inc., Danfoss A/S, Hamon Thermal Europe SA, HRS Heat Exchangers Limited, Johnson Controls International plc, Kelvion Holding GmbH, Paul Mueller Co., Reymsa Cooling Towers, Inc., SPX Flow, Inc., SWEP International AB, Tranter, Inc., WCR, Inc., Xylem, Inc., and others.

In the North America heat exchanger market, the leading four players, namely SPX Flow, Inc., Alfa Laval AB, Kelvion Holding GmbH, and Baltimore Aircoil Company, collectively hold a market share of 35% as of 2023. These companies have established themselves as key players in the industry and have successfully captured a significant portion of the market. Their strong market presence and competitive offerings have enabled them to maintain a substantial share in the North America heat exchanger market.

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: USA, Canada, and Mexico.