The Air-Cooled Heat Exchangers Market is segmented by End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others) and by Region (North America, [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
The Air-Cooled Heat Exchangers Market is segmented by End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others) and by Region...
The Air-Cooled Heat Exchangers Market is likely to grow at a significant CAGR of 5.5% during the forecast period to reach a value of US$ 4.3 Billion in 2027.
Air-cooled heat exchangers use ambient air as the cooling medium rather than water to directly cool various process mediums. They are made of finned tubes, and various fluids are cooled or condensed within them. Air cooling eliminates corrosion and fouling issues that come with water cooling. Choosing the right tube material can effectively cool or condense process fluids such as water, chemicals, or other heat transfer fluids.
Market Dynamics
The air-cooled heat exchangers market depends on the organic growth of various end-use industries, such as petrochemical & chemical, power generation, HVAC & refrigeration, oil & gas, and food & beverages. The pandemic impacted the demand for air-cooled heat exchangers, with the market declining by more than 11.5% in 2020. However, the demand reached a plateau in 2021, owing to the resumption of major industries such as petrochemical & chemical, power generation, oil & gas, and HVAC, as well as increasing investment by major economies in manufacturing, commercial, and industrial projects.
Air-Cooled Heat Exchangers Market Features
Market Size in 2027
US$ 4.3 Billion
Market Growth (2022-2028)
5.5% CAGR
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2027
Segments Analysis
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories-
By End-Use Industry Type
Oil & Gas
Petrochemical & Chemical
Food & Beverages
Power Generation
HVAC & Refrigeration
Water & Wastewater
Pharmaceuticals
Marine & Shipbuilding
Others
By Region
North America
Europe
Asia-Pacific
Rest of the World
By End-Use Industry Type
The market is segmented as oil & gas, petrochemical & chemical, food & beverages, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. Petrochemical & chemical, and power generation are estimated to be the dominant end-use industries during the forecast period. HVAC & refrigeration, as well as the oil & gas industries, are expected to create significant opportunities over the next five years. Air-cooled heat exchangers have several advantages, such as no water requirement, high heat transfer coefficient, smaller footprint, lower maintenance costs than water-cooled systems, and suitability for high temperature and high-pressure applications, which drive their demand in the petrochemical & chemical and power generation segments.
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Regional Analysis
In terms of regions, Asia-Pacific is expected to remain the largest air-cooled heat exchangers market during the forecast period. The region is also expected to be the fastest-growing market in the post-pandemic market developments. Rapid industrialization and rising investments in manufacturing, commercial, and industrial projects have all contributed to the overall growth of the heat exchangers market and, eventually, the region's air-cooled heat exchangers market. Europe and North America are also expected to generate significant opportunities over the next five years.
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Key Players
The supply chain of this market comprises several nodes including raw material suppliers, component manufacturers, air-cooled heat exchanger manufacturers, distributors, and OEMs/end-users. The following are the key players in the air-cooled heat exchangers market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s air-cooled heat exchangers market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Air-Cooled Heat Exchangers Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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The demand for air-cooled heat exchangers is driven by various advantages such as low maintenance operating costs, high heat transfer coefficient, large temperature difference correction coefficient, and no water requirement.
Alfa Laval AB, Kelvion Holdings GmbH, SPX Flow, Inc., SPX Flow, Inc., API Heat Transfer, Paharpur Cooling Towers Ltd., and Thermax Ltd. are some of the key players in the market.
The petrochemical & chemical segment is expected to maintain its dominance in the market over the next five years. The suitability of air-cooled heat exchangers in high-temperature, high-pressure, corrosive-fluid environments drives their demand in the petrochemical & chemical industry.
Asia-Pacific is estimated to remain dominant in the air-cooled heat exchangers market in the foreseeable future. Rapid industrialization and rising investments in manufacturing, commercial, and industrial projects have contributed to the overall growth of the heat exchangers market and eventually, the region's air-cooled heat exchangers market.
