North America Heat Exchanger Market Size - By Technology, By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing) & Forecast, 2024 - 2032

North America Heat Exchanger Market Size - By Technology, By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing) & Forecast, 2024 - 2032

North America Heat Exchanger Market Size

North America Heat Exchanger Market size was estimated at USD 3 billion in 2023 and is set to expand at over 8.1% CAGR from 2024 to 2032. Growing investments in industrial operations for manufacturing, chemical and power generation along with increasing need for heating & cooling units in building infrastructure are augmenting the industry growth.

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For instance, in January 2024, the US government announced over USD 4.9 billion funding from Investing in America agenda which support 37 projects through two key grant programs including the Infrastructure for Rebuilding America and the National Infrastructure Project Assistance grant program. Shifting focus toward energy efficiency and expanding heavy duty industrial operations, has driven the demand for reliable systems, further complementing the industry landscape.
 

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North America Heat Exchanger Market Trends

The North America heat exchanger industry is anticipated to grow owing to rising investments in industrial infrastructures for heat exchange systems along with shifting focus towards energy efficiency. For instance, in February 2024, CertainTeed Canada Inc. installed a heat exchanger system on its drywall board dryer at its gypsum facility in British Columbia. This project for the company is expected to cut Scope 1 CO2 emissions by nearly 15%. It marks a significant investment in boosting efficiency, output, and recycling, that aligns with the company’s objective to deliver sustainable systems.

Furthermore, growing inclination toward utilization of waste heat from several industrial processes and initiatives toward meeting stringent energy efficiency standards will positively influence the business outlook.

North America Heat Exchanger Market Analysis

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Shell & tube heat exchanger segment is poised to surpass USD 2.2 billion by 2032. Increasing demand for energy-efficient HVAC systems and growing industrialization across major regions has elevated the product demand. Flourishing investments and expenditures across various sectors including power generation, manufacturing, and oil & gas coupled with growing inclination toward renewable energy sources required efficient heat transfer systems, further positively influencing the shell & tube heat exchanger business dynamics.

Plate heat exchanger industry has witnessed significant momentum on account of ongoing technological advancements and product innovations for various industrial applications. Stringent regulatory framework together with growing inclination toward energy efficiency and curb carbon emissions from industrial processes will positively influencing the industry outlook. Moreover, growing focus of manufacturers for the development of eco-friendly heat exchangers, minimizing low impact through efficient heat transfer and decrease energy usage, further stimulating the plate heat exchanger demand.

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North America heat exchanger market from chemical application segment is anticipated to observe over 8.5% CAGR through 2032. Rising demand for various chemical and petrochemical products of improved heat exchanger technology along with stringent measures and safety regulations required in several chemical operations is shaping the industry growth. Regulatory mandates by the authorities for heating & cooling across chemical processing operations, coupled with shifting inclination toward integration of digital technologies across heat exchange systems for real time control and monitoring, will complement the business landscape.

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The U.S. heat exchanger market is slated to cross USD 5 billion by 2032. Favorable, government programs including financial aids aimed at promoting the heat exchange technologies and introduction digital technologies across manufacturing processes, will augment the business landscape.

For instance, in February 2024, DexMat and Rice University received USD 1.5 million from the U.S. Department of Energy to upgrade heat exchangers. They plan to replace aluminum or copper fins with DexMat's Galvorn, a carbon nanomaterial. Moreover, accelerating industrialization and growing population have led to the increase in construction of residential, commercial and industrial infrastructure, further positively influencing the industry dynamics.

North America Heat Exchanger Market Share

Key players in the North America heat exchanger industry are aiming to make partnerships, alliances, strategic agreements, pursuing mergers & acquisitions, and introducing innovative products to gain their competitive edge over the others. Major players including ALFA LAVAL, Xylem, Danfoss, SPX FLOW, SWEP International AB and FUNKE Wärmeaustauscher Apparatebau GmbH among other, holds majority of the market share.

North America Heat Exchanger Market Companies

Major manufacturers operating across the industry comprising of

• ALFA LAVAL
• API Heat Transfer
• CALORPLAST USA
• Cataract Steel
• Danfoss
• Enerquip Thermal Solutions
• FUNKE Wärmeaustauscher Apparatebau GmbH
• HRS Heat Exchangers
• Mersen Group
• Nexson
• Pentair
• Spirax Sarco Limited
• SPX FLOW
• SWEP International AB
• T.RAD NORTH AMERICA, INC.
• Thermofin
• Tranter
• Wessels Company
• Wieland
• Xylem

North America Heat Exchanger Industry News

• In March 2024, HRS Heat Exchangers has received its largest ever component order, at USD 3.8 million. The heat exchanger units are scheduled to be delivered in late 2024 to a North American client as part of a significant environmental project. It consists of 384 units of heat exchanger modules ranging in length from 6m to 10m. In a renewable energy project, the system is made to carry out several heating, cooling, and heat recovery functions.
• In October 2023, Spirax Sarco introduced the Turflow heat exchanger to its product range, built for maximum heat transfer efficiency and responding to the requirements of a wide range of industries including food, beverage, and sanitation. The system's capacity to improve efficiency and promote optimal heat transfer makes it an attractive option for consumers looking for dependable thermal management solutions.

The North America heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments

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Market, By Technology

• Shell & tube
• Plate
• Air cooled
• Others

Market, By Application

• Oil & Gas
• Chemical
• Power generation & metallurgy
• Marine
• Mechanical industry
• Central heating & refrigeration
• Food processing
• Others

The above information has been provided for the following countries

• U.S.
• Canada
• Mexico