North America and Europe Heat Exchanger Market 2024

Market Overview

The revenue generated from the North America and Europe heat exchanger market is expected to continue in the foreseeable future, with the North America and Europe heat exchanger market projected to grow at a compound annual growth rate (CAGR) of 5.0% between 2024 to 2029, resulting in a market size of USD 11,482 million in 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.

Europe heat exchanger market grew at a CAGR of 4.0% from 2020 to 2023, according to Tanalyze, the market size in terms of revenue was USD 4,851 million in 2023. European companies are embracing heat exchangers as a means to mitigate the threat of global warming, creating lucrative opportunities in the market. The growing demand for centralized heating systems in the commercial and residential sectors further contributes to the industry’s significant growth.

In the North America and Europe heat exchanger market, the product types are categorized into cooling tower, air-cooled, shell & tube, gasketed plate, and others. In 2023, the shell & tube segment held a significant share of 24.9% in the market, making it the dominant product type. It is projected that the valuation of the shell & tube segment will reach USD 2,709 million by 2029.

The North America and Europe heat exchanger market can be segmented into various sectors, including oil & gas, petrochemical, food & beverage, electricity generation, HVACR (heat, ventilation, air conditioning, and refrigeration), and others such as mineral, water treatment, data center, shipbuilding, pharmaceuticals, paper, and engineering industries. In 2023, the electricity generation segment generated a revenue of USD 2,116 million. It is projected to reach USD 2,705 million by 2029, indicating a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period from 2024 to 2029.

The prominent players operating in the North America and Europe heat exchanger market include Alco Group, Alfa Laval AB, API Heat Transfer Inc., Astra Refrigeranti S.p.A., Balcke-Dürr GmbH, Baltimore Aircoil Company, Boyd Corporation, Chart Industries, Inc., Danfoss A/S, Graham Corporation, Guentner GmbH & Co KG, Hamon Thermal Europe SA, HRS Heat Exchangers Limited, Johnson Controls International plc, Kelvion Holding GmbH, Paul Mueller Co., Reymsa Cooling Towers, Inc., Spirax-Sarco Engineering plc, SPX Flow, Inc., SWEP International AB, Tranter, Inc., Vahterus Oy, WCR, 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: North America (USA, Canada, and Mexico) and Europe (Germany, France, UK, Italy, and Rest of Europe).

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 24
Opportunities 29
Pricing Forecast 34
Part 5. North America and Europe Heat Exchanger Market by Product Type 36
Part 6. North America and Europe Heat Exchanger Market by End-User 40
Oil & Gas 41
Petrochemical 43
Food & Beverage 44
Electricity Generation 45
HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration) 46
Others 48
Part 7. North America and Europe Heat Exchanger Market by Region 56
Part 8. North America Heat Exchanger Market 59
By Product Type 61
By End-User 62
By Country 64
Part 9. Europe Heat Exchanger Market 65
By Product Type 66
By End-User 68
By Country 70
Part 10. Competitive Analysis 71
Competition Overview 71
Alfa Laval AB 72
Business Overview 72
Heat Transfer 74
Contact Information 75
Kelvion Holding GmbH 76
Business Overview 76
Contact Information 76
SPX Flow, Inc. 77
Business Overview 77
Contact Information 77
Baltimore Aircoil Company 78
Business Overview 78
Contact Information 78
Xylem, Inc. 79
Business Overview 79
Contact Information 83
Danaher Corporation 84
Business Overview 84
Contact Information 86
Johnson Controls International plc 87
Business Overview 87
Contact Information 89
Danfoss A/S 90
Business Overview 90
Contact Information 92
Graham Corporation 93
Business Overview 93
Contact Information 95
Chart Industries, Inc. 96
Business Overview 96
Heat Transfer Systems 98
Contact Information 100
Koch Industries, Inc. 101
Business Overview 101
Contact Information 101
Boyd Corporation 102
Business Overview 102
Contact Information 102
Mersen S.A. 103
Business Overview 103
Contact Information 104
Other Companies 105
Disclaimer 106
FIGURES AND TABLES
North America and Europe Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
North America and Europe Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
North America and Europe Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
North America and Europe Heat Exchanger Market by End-User, 2020-2029 (USD Million)
North America and Europe Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
North America and Europe Heat Exchanger Market by Region, 2020-2029 (USD Million)
North America and Europe Heat Exchanger Market Share by Region, 2023
North America and Europe Heat Exchanger Market by Region, CAGR Historic and Forecast, 2020-2029
North America Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
North America Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
North America Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
North America Heat Exchanger Market by End-User, 2020-2029 (USD Million)
North America Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
North America Heat Exchanger Market Share by Country, 2023
Europe Heat Exchanger Market, Net Growth, 2020-2029 (USD Million)
Europe Heat Exchanger Market by Product Type, 2020-2029 (USD Million)
Europe Heat Exchanger Market by Product Type, CAGR Historic and Forecast, 2020-2029
Europe Heat Exchanger Market by End-User, 2020-2029 (USD Million)
Europe Heat Exchanger Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe Heat Exchanger Market Share by Country, 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)
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
Danaher Corporation Financial Overview (USD Million)
Danaher Corporation Revenue, by Segment, 2022
Danaher Corporation Revenue, by Region, 2022
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
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
Chart Industries, Inc. Financial Overview (USD Million)
Chart Industries, Inc. Revenue, by Segment, 2022
Chart Industries, Inc. Revenue, by Region, 2022
Chart Industries, Inc. Heat Transfer Systems Revenue (USD Million)
Chart Industries, Inc. Heat Transfer Systems Revenue, by Region, 2022
Mersen S.A. Financial Overview (EUR Million)