North America Heat Exchanger Market Forecast to 2030

North America Heat Exchanger Market Forecast to 2030 – Regional Analysis – by Type (Shell and Tube, Plate and Frame, Air Cooled, and Others), Material (Steel, Copper, and Others), and Application (Energy, Chemical, Food and Beverages, HVACR, Pulp and Paper, and Others)

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Description

The North America heat exchanger market was valued at US$ 6,114.47 million in 2022 and is expected to reach US$ 11,216.10 million by 2030; it is estimated to grow at a CAGR of 7.9% from 2022 to 2030.

Use of Heat Exchangers in Oil & Gas Industry Fuel the North America Heat Exchanger Market

According to the report published by the International Energy Agency (IEA) in June 2023, the global demand for oil is expected to grow by 6% from 2022 to 2028 and will reach up to 105.7 million barrels per day (mb/d) in 2028. The demand is growing due to the rising requirement for petrochemicals and the increasing need for oil in the aviation sector. In addition, the investments for the upstream segment in oil and gas exploration, extraction, and production are anticipated to reach their highest value since 2015 and are projected to grow by 11% year-on-year to US$ 528 billion in 2023. In addition, the investment and expansion in the refineries is increasing due to the rise in oil and gas demand. Therefore, the rise in global oil demand and investment in the oil & gas industry contributes to the production of oil and gas, where heat exchangers are used to eliminate the heat generated during production. It helps maintain the rapid generation or dissipation of heat to enhance productivity in the oil & gas industry. These heat exchangers are used in various applications such as heat/oil transfer systems, fuel gas conditioning systems, cold ammonia flow control, lube oil systems, and selective catalytic reduction (SCR) units. For example, in fuel gas conditioning systems, the heat exchanger helps maintain the heat generated during the steady flow of dry, high-purity fuel and ensures system components are working in stable conditions for a long period. In the lube oil system, heat exchangers help to provide an optimal thermal environment for the smooth operation of critical components such as mixers, kettles, and electrical switchgear. Thus, with the growth in the oil & gas industry, the use of heat exchangers is increasing, which is driving the market.

North America Heat Exchanger Market Overview

The North America heat exchanger market is segmented into the US, Canada, and Mexico. The region is adopting hydropower electricity generation as it is one of the clean sources of energy and is developing power plants to meet the growing energy demand. For instance, according to the US Department of Energy report for January 2021, the hydropower capacity increased by a net of 431 MW in 2019 since 2017. The capacity was increased from existing facilities, new facilities, and powering non-powered dams (NPDs), which resulted in a total net growth of 1,688 MW from 2010 to 2019. In addition, Mexico is planning to build many gas-fired power plants to increase the natural gas supply, including importing natural gas from the US. For instance, in November 2022, US-based New Fortress Energy announced the deal signed with the Mexican government to develop the LNG project Lakach offshore gas field in Mexico, which is expected to be completed by 2024. Thus, these plants generate the need for heat exchangers for gas drying, preheating natural gas, and liquefaction of natural gas in LNG plants. In the hydropower plant, heat exchangers minimize the downtime of turbines, generators, and transformers by reducing the heat generated. Thus, the rising establishment of hydropower plants contributes to the North America heat exchanger market growth.

North America Heat Exchanger Market Revenue and Forecast to 2030 (US$ Million)

North America Heat Exchanger Market Segmentation

The North America heat exchanger market is segmented based on type, material, application, and country. Based on type, the North America heat exchanger market is segmented into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held the largest market share in 2022.

Based on material, the North America heat exchanger market is segmented into steel, copper, and others. The steel segment held the largest market share in 2022.

Based on application, the North America heat exchanger market is segmented into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held the largest market share in 2022.

Based on country, the North America heat exchanger market is segmented into the US, Canada, and Mexico. The US dominated the North America heat exchanger market share in 2022.

Alfa Laval AB, API Heat Transfer Inc, Chart Industries Inc, Danfoss AS, Guntner GmbH & Co KG, Johnson Controls International Plc, Kelvion Holding GmbH, Larsen & Toubro Ltd, and Xylem Inc are some of the leading companies operating in the North America heat exchanger market.

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At 7.9% CAGR, the North America Heat Exchanger Market is Speculated to be worth US$ 11,216.10 million by 2030, says the Research Team

According to the Research Team’ research, the North America heat exchanger market was valued at US$ 6,114.47 million in 2022 and is expected to reach US$ 11,216.10 million by 2030, registering a CAGR of 7.9% from 2022 to 2030. Introduction of heat exchange subscription model is among the critical factors attributed to the North America heat exchanger market expansion.

Companies are constantly seeking solutions that help them save costs, enabling them to use the saved amount for their other business operations. Many companies are taking innovative initiatives to provide solutions that are environment-friendly due to rising concerns about climate change. In January 2023, Kelvion Holding GmbH announced its plan to provide heat exchangers under the “Heat Exchange as a Service” pay-per-use business model as an innovative solution that can help its customers reduce capital expenditure. The company’s main focus was to address the rising concern over CO2 emissions and introduce the subscription model to provide heat exchangers. The introduction of the product-service system helps small and medium-sized enterprises avail themselves of these services, from installation to maintenance, in a cost-effective manner and optimize their cash flow management. Heat exchanger is used in several end user industries such as automotive, chemical, and food & beverages for various applications. Thus, the subscription model will help the SMEs operating in these industries to adopt heat exchangers and encourage emerging players to use this cost-effective solution, which is expected to bolster the heat exchanger market during the forecast period years.

On the contrary, high initial investment, labor cost, and maintenance hampers the growth of North America heat exchanger market.

Based on type, the North America heat exchanger market is categorized into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held 46.3% market share in 2022, amassing US$ 2,831.04 million. It is projected to garner US$ 5,434.96 million by 2030 to expand at 8.5% CAGR during 2022-2030.

Based on material, the North America heat exchanger market is categorized into steel, copper, and others. The steel segment held 46.6% share of North America heat exchanger market in 2022, amassing US$ 2,851.61 million. It is projected to garner US$ 5,465.11 million by 2030 to expand at 8.5% CAGR during 2022-2030.

Based on application, the North America heat exchanger market is categorized into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held 30.7% share of North America heat exchanger market in 2022, amassing US$ 1,879.46 million. It is projected to garner US$ 3,925.25 million by 2030 to expand at 9.6% CAGR during 2022-2030.

Based on country, the North America heat exchanger market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.3% share of North America heat exchanger market in 2022. It was assessed at US$ 4,846.94 million in 2022 and is likely to hit US$ 9,093.40 million by 2030, exhibiting a CAGR of 8.2% during 2022-2030.

Key players operating in the North America heat exchanger market are Alfa Laval AB, API Heat Transfer Inc, Chart Industries Inc, Danfoss AS, Guntner GmbH & Co KG, Johnson Controls International Plc, Kelvion Holding GmbH, Larsen & Toubro Ltd, and Xylem Inc, among others.

– In Feb 2023, Alfa Laval launches heat exchanger for hygienic applications in pharma.

– In Aug 2023, FRAUNHOFER ISE OPTIMIZES PROPANE HEAT PUMP TECHNOLOGY.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America heat exchanger market.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the North America heat exchanger market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America heat exchanger market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

TABLE OF CONTENTS

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Heat Exchanger Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. North America Heat Exchanger Market – Key Industry Dynamics
5.1 Heat exchanger Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Use of Heat Exchangers in Oil & Gas Industry
5.2.2 Rise in Industrialization
5.2.3 Surge in Industry-specific Applications
5.3 Market Restraints
5.3.1 High Initial Investment, Labor Cost, and Maintenance
5.3.2 Safety Concerns Regarding Heat Exchanger
5.4 Market Opportunities
5.4.1 Integration of 3D Printing Technology with Heat Exchangers
5.4.2 Rise in Electric Vehicle Adoption
5.5 Future Trends
5.5.1 Introduction of Heat Exchange Subscription Model
5.6 Impact of Drivers and Restraints:
6. Heat Exchanger Market – North America Market Analysis
6.1 North America Heat Exchanger Market Revenue (US$ Million), 2022 – 2030
6.2 Heat Exchanger Market Forecast and Analysis
7. North America Heat Exchanger Market Analysis – Type
7.1 Shell and Tube
7.1.1 Overview
7.1.2 Shell and Tube Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Plate and Frame
7.2.1 overview
7.2.2 Plate and Frame Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Air Cooled
7.3.1 Overview
7.3.2 Air Cooled Market Revenue and Forecast to 2030 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others Market Revenue and Forecast to 2030 (US$ Million)
8. North America Heat Exchanger Market Analysis – Material
8.1 Steel
8.1.1 Overview
8.1.2 Steel Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Copper
8.2.1 Overview
8.2.2 Copper Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Others
8.3.1 Overview
8.3.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
9. North America Heat Exchanger Market Analysis – Application
9.1 Energy
9.1.1 Overview
9.1.2 Energy Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Chemical
9.2.1 Overview
9.2.2 Chemical Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Food and Beverages
9.3.1 Overview
9.3.2 Food and Beverages Market Revenue, and Forecast to 2030 (US$ Million)
9.4 HVACR
9.4.1 Overview
9.4.2 HVACR Market Revenue, and Forecast to 2030 (US$ Million)
9.5 Pulp and Paper
9.5.1 Overview
9.5.2 Pulp and Paper Market Revenue, and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
10. North America Heat Exchanger Market – by Country Analysis
10.1 North America
10.1.1 North America Heat Exchanger Market Overview
10.1.2 North America Heat Exchanger Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 North America Heat Exchanger Market Revenue and Forecasts and Analysis – By Country
10.1.2.2 US Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 US Heat exchanger Market Breakdown by Type
10.1.2.2.2 US Heat exchanger Market Breakdown by Material
10.1.2.2.3 US Heat exchanger Market Breakdown by Application
10.1.2.3 Canada Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 Canada Heat exchanger Market Breakdown by Type
10.1.2.3.2 Canada Heat exchanger Market Breakdown by Material
10.1.2.3.3 Canada Heat exchanger Market Breakdown by Application
10.1.2.4 Mexico Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 Mexico Heat exchanger Market Breakdown by Type
10.1.2.4.2 Mexico Heat exchanger Market Breakdown by Material
10.1.2.4.3 Mexico Heat exchanger Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Alfa Laval AB
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Kelvion Holding GmbH
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Danfoss AS
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 API Heat Transfer Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Chart Industries Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Guntner GmbH & Co KG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Larsen & Toubro Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Johnson Controls International Plc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Xylem Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About the Research Team
14.2 Word Index

LIST OF TABLES

Table 1. Heat exchanger Market Segmentation
Table 2. Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. North America Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 4. Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Material
Table 5. North America Heat exchanger Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 6. North America Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 7. US Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 8. US Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 9. US Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 10. Canada Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 11. Canada Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 12. Canada Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 13. Mexico Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 14. Mexico Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Material
Table 15. Mexico Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn) – By Application

LIST OF FIGURES

Figure 1. Heat exchanger Market Segmentation, By Country
Figure 2. Ecosystem: Heat exchanger Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Heat Exchanger Market Revenue (US$ Million), 2022 – 2030
Figure 5. North America Heat exchanger Market Share (%) – Type, 2022 and 2030
Figure 6. Shell and Tube market revenue and Forecasts to 2030 (US$ million)
Figure 7. Plate and Frame Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Air Cooled Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. North America Heat exchanger Market Share (%) – Material, 2022 and 2030
Figure 11. Steel Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Copper Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. North America Heat Exchanger Market Share (%) – Application, 2022 and 2030
Figure 15. Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Chemical Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Food and Beverages Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. HVACR Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. Pulp and Paper Market Revenue and Forecasts to 2030 (US$ Million)
Figure 20. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. North America Heat Exchanger Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 22. Heat exchanger Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 23. US Heat Exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 24. Canada Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 25. Mexico Heat exchanger Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 26. Heat Map Analysis By Key Players
Figure 27. List of Abbreviation

The List of Companies – North America Heat Exchanger Market

1. Alfa Laval AB
2. API Heat Transfer Inc
3. Chart Industries Inc
4. Danfoss AS
5. Guntner GmbH & Co KG
6. Johnson Controls International Plc
7. Kelvion Holding GmbH
8. Larsen & Toubro Ltd
9. Xylem Inc

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