North America Heat Exchanger Market Outlook 2031
The North America Heat Exchanger Market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 5 % during 2023 – 2031. A heat exchanger refers to a device that is used for transferring heat from one fluid to another. It is used for controlling the temperature of a system or substance.
It contains streams of hot and cold fluids, which are utilized to transfer thermal energy among the streams. They can be isolated by a thermally conductive cylinder or plate or stayed in touch assuming that the liquids are immiscible.
These gadgets help with warming or cooling structures as well as enable efficient functioning of engines and machines. As a result, they are widely utilized in boilers, furnaces, refrigerators, automotive radiators, sewage treatment, and air conditioning systems. They find applications across various industries such as oil & gas, power generation, automobile, and chemical to effectively manage the transfer of energy from one medium to another.
North America Heat Exchanger Market Trends, Drivers, Restraints, and Opportunities
- Increasing construction activities across residential and commercial sectors is expected to boost the heat exchanger market growth.
- Rising demand among the non-commercial and commercial sectors is one of the driving factors of the market growth.
- Increasing industrial operations and urbanization is spurring the development of the market.
- Rising investments in manufacturing and commercial projects is anticipated to fuel the growth of the market.
- Rising demand among the non-commercial sectors is projected to spur market growth in the coming years.
- Unfavorable economic conditions and raw material cost can hinder the growth of the market.
- Increasing use of natural gas for energy generation expected to create lucrative opportunities heat exchanger during the forecast period.
Scope of North America Heat Exchanger Market Report
The report on the North America heat exchanger market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Heat Exchanger Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Construction Types (Shell and Tubes, Plate Frames and Others), End-users (Oil & Gas Industry, Power Generation, Chemical, Food and Beverages, and Others)
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Geographical Scope
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The US and Canada
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Kelvion Holding GmbH; Alfa Laval AB; SPX Flow Inc; Danfoss AS and General Electric Company.
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Heat Exchanger Market Segment Insights
Shell and tubes segment is expected to grow at a rapid pace
Based on construction types, the market is divided into shell and tubes, plate frames, and others. The shell and tubes segment is estimated to account for a significant share of the market owing to ability to sustain high pressure and operating temperatures. They are also easy to detect any fault and put less pressure around the tube cooler.
Power generation segment is projected to expand at a considerable CAGR
On the basis of end-users, the market is classified as oil & gas industry, power generation, chemical, food and beverages, and others. The power generation segment is projected to expand at a considerable CAGR during the forecast period. On the other hand, the food & beverages segment is estimated to exhibit a steady CAGR during the forecast period.
Segments
The North America heat exchanger market has been segmented on the basis of
Construction Types
- Shell and Tubes
- Plate Frames
- Others
End-Users
- Oil & Gas Industry
- Power Generation
- Chemical
- Food and Beverages
- Others
Geography
Key Players
Competitive Landscape
Key players competing in the North America heat exchanger market are Kelvion Holding GmbH; Alfa Laval AB; SPX Flow Inc; Danfoss AS; and General Electric Company.
In 2021, Alfa Laval declared its association with Carrier Global Corporation which is one prominent organization that provides sustainable living structures. It also provides cold chain solutions for an efficient supply of heat exchanging. This partnership is expected to boost the business arrangement of Carrier Corporation's business across the world.
In February 2020, Saulsbury announced its collaboration with one of the leading organizations of North America, which provides solutions for low carbon energy usages for the industrial, utility, and energy.
In 2019, Charles City began its combined cycle power project, which is a 1060 megawatts (MW) gas-fired power plant, developed by independent power producer C4GT in Charles City County, Virginia, the US. Business activities of the project are expected to start by the third quarter of 2022. The venture is expected to require two huge capacity of heat exchanger given by General Electric Company.
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