Market Size of Heat Exchanger Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.07 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Heat Exchanger Market Analysis
The heat exchanger market is estimated to be at USD 16.73 billion by the end of this year and is projected to reach USD 21.42 billion in the next five years, registering a CAGR of 5.07% during the forecast period.
- Over the medium period, the increasing industrial applications, expansions, and development of new power plants will likely drive the market during the forecast period.
- On the other hand, increasing renewable energy, which rarely requires a heat exchanger, is expected to impact the market negatively.
- Nevertheless, increasing industrialization and urbanization in developing countries, such as China and India, require more power generation, which is expected to create an opportunity for the heat exchanger market.
- Asia-Pacific is expected to dominate the heat exchanger market due to its increasing industrial development in China, Japan, South Korea, and India.
