Air Cooled Heat Exchangers Market Report
Air-Cooled Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Air-Cooled Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
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, Europe, Asia-Pacific, and Rest of the World).
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...
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.
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. Overall, the air-cooled heat exchangers market is likely to rebound at a healthy CAGR of 5.5% during the forecast period to reach a value of US$ 4.3 Billion in 2027.
Based on the 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.
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.
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.
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. The following are the key features of the report:
The air-cooled heat exchangers market is segmented into the following categories.
Air-Cooled Heat Exchangers Market, by End-Use Industry Type
Air-Cooled Heat Exchangers Market, by Region
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The air-cooled heat exchangers market is estimated to grow at a healthy CAGR of 5.5% over the next five years to reach a value of US$ 4.3 billion in 2027. 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.
Asia-Pacific is estimated to remain dominant in the air-cooled heat exchangers market in the foreseen future. Rapid industrialization and rising investments in the 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.
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.