Developing Economy Heat Exchanger Market 2024

Market Overview

It is anticipated that the developing economy heat exchanger market will witness a compound annual growth rate (CAGR) of 5.7% (in sales value terms) during the forecast period, leading to a projected value of USD 8,723 million by the year 2029.

The heat exchanger market in the developing economy is classified by product type, namely cooling tower, air-cooled, shell & tube, gasketed plate, and others, for their respective periods. In terms of product type, the cooling tower segment emerged as the dominant market player in 2023, holding a significant share of 26.8%. It is estimated that the cooling tower segment will attain a valuation of USD 2,177 million by 2029. Moreover, the shell & tube segment is expected to register the highest Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period ranging from 2024 to 2029.

The developing economy heat exchanger market can be categorized into several sectors, namely oil & gas, petrochemical, food & beverage, electricity generation, HVACR (heat, ventilation, air conditioning, and refrigeration), and others (including mineral, water treatment, data center, shipbuilding, pharmaceuticals, paper, engineering, etc.). In 2023, the petrochemical segment recorded a revenue of USD 1,692 million. It is anticipated to reach USD 2,237 million by 2029, reflecting a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2024 to 2029.

The heat exchanger market in the developing economy is analyzed based on its revenue across three regions, namely Asia Pacific, Latin America, and Middle East and Africa (MEA), for the period between 2020 to 2023, and the forecast period ranging from 2024 to 2029. In terms of revenue, the market size of the Asia Pacific region witnessed an increase from USD 4,481 million in 2020 to USD 5,139 million in 2023, registering a Compound Annual Growth Rate (CAGR) of 4.7%. It is projected that by 2029, the market size of the heat exchanger market in Asia Pacific will reach USD 6,828 million, at a CAGR of 6.2% from 2024 to 2029.

The Asia Pacific region is poised for rapid growth in the heat exchanger market, driven by factors such as rapid urbanization, increasing capital expenditure (CAPEX), and consistent population growth. Emerging economies like China, India, and Japan play crucial roles in the global heat exchanger market. In Asia Pacific, continuous investment in various industry verticals, including the chemical and power-generation sectors, is expected to boost the demand for heat exchangers.

The prominent players operating in the Developing Economy heat exchanger market include Alfa Laval AB, API Heat Transfer Inc., Argenfrio S.A.I.C., Astra Refrigeranti S.p.A., Balcke-Dürr GmbH, Baltimore Aircoil Company, Boyd Corporation, Danfoss A/S, Graham Corporation, Hamon Thermal Europe SA, Hisaka Works, Ltd., HLE Glascoat Ltd., HRS Heat Exchangers Limited, Johnson Controls International plc, Kelvion Holding GmbH, Paharpur Cooling Towers, Ltd., Reymsa Cooling Towers, Inc., SPX Flow, Inc., Tranter, 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: Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa.

Table of Contents

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 4
Part 1. Key Findings 6
Part 2. Scope and Methodology 7
Report Scope 8
Product Type 8
End-User 8
Region 8
Research Methodology 10
Part 3. Heat Exchanger Market Overview 12
Summary 12
Introduction 13
Part 4. Market Dynamics 15
Growth Drivers and Future Trends 15
Restraints and Challenges 26
Opportunities 31
Pricing Forecast 36
Part 5. Developing Economy Heat Exchanger Market by Product Type 38
Part 6. Developing Economy Heat Exchanger Market by End-User 42
Oil & Gas 43
Petrochemical 44
Food & Beverage 46
Electricity Generation 47
HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration) 48
Others 50
Part 7. Developing Economy Heat Exchanger Market by Region 58
Part 8. Asia Pacific Heat Exchanger Market 61
By Product Type 63
By End-User 64
By Country 66
Part 9. Latin America Heat Exchanger Market 67
By Product Type 68
By End-User 70
By Country 71
Part 10. Middle East and Africa (MEA) Heat Exchanger Market 73
By Product Type 74
By End-User 76
By Region 78
Part 11. Competitive Analysis 80
Competition Overview 80
Alfa Laval AB 81
Business Overview 81
Heat Transfer 83
Contact Information 84
Baltimore Aircoil Company 85
Business Overview 85
Contact Information 85
Boyd Corporation 86
Business Overview 86
Contact Information 86
Danfoss A/S 87
Business Overview 87
Contact Information 89
Graham Corporation 90
Business Overview 90
Contact Information 92
Hisaka Works, Ltd. 93
Business Overview 93
Contact Information 95
Johnson Controls International plc 96
Business Overview 96
Contact Information 98
Kelvion Holding GmbH 99
Business Overview 99
Contact Information 99
SPX Flow, Inc. 100
Business Overview 100
Contact Information 100
Xylem, Inc. 101
Business Overview 101
Contact Information 105
Other Companies 106
Disclaimer 107
FIGURES AND TABLES
Developing Economy Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Developing Economy Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Developing Economy Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Developing Economy Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Developing Economy Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Developing Economy Heat Exchanger Market by Region, 2020-2029 (USD Million)
Developing Economy Heat Exchanger Market Share by Region, 2023
Developing Economy Heat Exchanger Market by Region, CAGR Historic and Forecast, 2020-2029
Asia Pacific Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Asia Pacific Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Asia Pacific Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Asia Pacific Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Asia Pacific Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia Pacific Heat Exchanger Market Share by Country, 2023
Latin America Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Latin America Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Latin America Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Latin America Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Latin America Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Latin America Heat Exchanger Market Share by Country, 2023
Middle East and Africa Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Middle East and Africa Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Middle East and Africa Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Middle East and Africa Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Middle East and Africa Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Middle East and Africa Heat Exchanger Market Share by Region, 2023
Alfa Laval AB Financial Overview (SEK Million)
Alfa Laval AB Revenue, by Segment, 2022
Alfa Laval AB Revenue, by Product/Service, 2022
Alfa Laval AB Revenue, by Region, 2022
Alfa Laval AB Heat Transfer Revenue (SEK Million)
Danfoss A/S Financial Overview (EUR Million)
Danfoss A/S Revenue, by Segment, 2022
Danfoss A/S Revenue, by Region, 2022
Graham Corporation Financial Overview (USD Million)
Graham Corporation Revenue, by Segment, 2023
Graham Corporation Revenue, by Region, 2023
Hisaka Works, Ltd. Financial Overview (JPY Million)
Hisaka Works, Ltd. Revenue, by Segment, 2023
Johnson Controls International plc Financial Overview (USD Million)
Johnson Controls International plc Revenue, by Type, 2021
Johnson Controls International plc Revenue, by Segment, 2021
Johnson Controls International plc Revenue, by Region, 2021
Xylem, Inc. Pumps, Accessories, Parts and Service Revenue (USD Million)
Xylem, Inc. Financial Overview (USD Million)
Xylem, Inc. Revenue, by Segment, 2022
Xylem, Inc. Revenue, by Type, 2022
Xylem, Inc. Revenue, by Region, 2022