North America Heat Exchanger Market 2024

Market Overview

It is anticipated that the North America heat exchanger market will witness a compound annual growth rate (CAGR) of 5.3% (in value terms) during the forecast period, leading to a projected value of USD 5,409 million by the year 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.

North America heat exchanger market is comprised of cooling tower, air-cooled, shell & tube, gasketed plate, and others. According to Tanalyze, in the North America heat exchanger market, the cooling tower segment held the dominant position, accounting for approximately 33.6% of the market share in 2023.

In terms of end users, the electricity generation segment is projected to have a penetration rate of 31.9% by 2029. The market size for the electricity generation segment is expected to reach USD 1,725 million, with a (CAGR of 4.6% during the forecast period.

The United States holds the largest share in the North America heat exchanger market. In 2023, it accounted for approximately 80% of the market share, indicating its significant dominance in the region’s heat exchanger industry. Canada follows as the second-largest country in the market.

The prominent players operating in the North America heat exchanger market include Alco Group, Alfa Laval AB, API Heat Transfer Inc., Balcke-Dürr GmbH, Baltimore Aircoil Company, Boyd Corporation, Chart Industries, Inc., Danfoss A/S, Hamon Thermal Europe SA, HRS Heat Exchangers Limited, Johnson Controls International plc, Kelvion Holding GmbH, Paul Mueller Co., Reymsa Cooling Towers, Inc., SPX Flow, Inc., SWEP International AB, Tranter, Inc., WCR, Inc., Xylem, Inc., and others.

In the North America heat exchanger market, the leading four players, namely SPX Flow, Inc., Alfa Laval AB, Kelvion Holding GmbH, and Baltimore Aircoil Company, collectively hold a market share of 35% as of 2023. These companies have established themselves as key players in the industry and have successfully captured a significant portion of the market. Their strong market presence and competitive offerings have enabled them to maintain a substantial share in the North America heat exchanger market.

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: USA, Canada, and Mexico.

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 9
Part 3. Heat Exchanger Market Overview 11
Summary 11
Introduction 14
Part 4. Market Dynamics 16
Growth Drivers and Future Trends 16
Restraints and Challenges 25
Opportunities 30
Pricing Forecast 35
Part 5. North America Heat Exchanger Market by Product Type 37
Part 6. North America Heat Exchanger Market by End-User 41
Oil & Gas 42
Petrochemical 43
Food & Beverage 44
Electricity Generation 45
HVACR (Heat, Ventilation, Air Conditioning, and Refrigeration) 47
Others 48
Part 7. North America Heat Exchanger Market by Country 56
Part 8. Competitive Analysis 57
Competition Overview 57
SPX Flow, Inc. 59
Business Overview 59
Contact Information 59
Alfa Laval AB 60
Business Overview 60
Heat Transfer 62
Contact Information 63
Kelvion Holding GmbH 64
Business Overview 64
Contact Information 64
Baltimore Aircoil Company 65
Business Overview 65
Contact Information 65
Danfoss A/S 66
Business Overview 66
Contact Information 68
Xylem, Inc. 69
Business Overview 69
Contact Information 73
Danaher Corporation 74
Business Overview 74
Contact Information 76
Johnson Controls International plc 77
Business Overview 77
Contact Information 79
Chart Industries, Inc. 80
Business Overview 80
Heat Transfer Systems 82
Contact Information 84
Koch Industries, Inc. 85
Business Overview 85
Contact Information 85
Boyd Corporation 86
Business Overview 86
Contact Information 86
Other Companies 87
Disclaimer 88
FIGURES AND TABLES
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
North America Heat Exchanger Market Share by Leading Players, 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
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
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