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Report
United States Heat Exchanger Market Report and Forecast 2024-2032
Market Report I 2024-04-16 I 190 Pages I EMR Inc.
United States Heat Exchanger Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the United States heat exchanger market size reached a value of USD 4.01 billion in 2023. Aided by the increasing demand for energy efficiency, the push for renewable energy sources, and the continuous growth in the industrial sector, the market is projected to further grow at a CAGR of 3.80% between 2024 and 2032 to reach a value of USD 5.69 billion by 2032.
Heat exchangers, critical components in the efficient transfer of heat between two or more fluids, are indispensable in a wide array of applications across sectors such as chemical processing, power generation, HVAC, and refrigeration. The heat exchangers demand in the USA is driven by technological advancements that enhance performance and efficiency, as well as stringent environmental regulations that mandate the reduction of greenhouse gas emissions.
As per the United States heat exchanger market analysis, plate and frame heat exchangers are witnessing increased adoption due to their efficiency, compact size, and ease of maintenance. Their versatility makes them suitable for a wide range of applications, from HVAC systems to process sectors. Innovations in materials science, including the development of corrosion-resistant and high-thermal-conductivity materials, are enhancing the performance and lifespan of heat exchangers. These advancements are enabling their use in harsher environments and more demanding applications.
The drive for energy efficiency is leading to the adoption of heat exchangers in energy recovery processes, such as waste heat recovery and district heating and cooling systems, boosting the United States heat exchanger market growth. These applications contribute to reducing energy consumption and operational costs, aligning with environmental sustainability goals. The expansion of the renewable energy sector, particularly geothermal and solar thermal energy, is creating new opportunities for heat exchanger applications. Heat exchangers play a vital role in these systems by facilitating the transfer of heat for power generation and heating purposes.
The digitalisation of heat exchanger systems is becoming more prevalent, with sensors and IoT devices being integrated to monitor performance and predict maintenance needs. This trend in the heat exchanger market in the United States allows for real-time analytics and predictive maintenance, reducing downtime and extending the lifespan of heat exchangers. Manufacturers and operators are increasingly adopting these technologies to optimise operations and minimise unexpected failures.
As applications for heat exchangers become more varied and demanding, the need for customised and modular designs is growing. Customers are seeking solutions tailored to specific process requirements, including unique materials, configurations, and sizes. As per the United States heat exchanger market outlook, this trend towards customisation and modularity allows for more flexibility in application, easier maintenance, and the possibility of future expansions or modifications without significant redesign or investment.
The demand for heat exchangers in the United States is distributed across various regions, with significant growth observed in the industrial heartlands such as the Midwest, Gulf Coast, and Northeast. These regions host a dense concentration of chemical processing plants, refineries, and manufacturing facilities, driving the United States heat exchanger market expansion. The Southwest, particularly Texas, is a hotspot for the petrochemical sector and renewable energy projects, contributing to the region's high demand for heat exchangers. Additionally, the growing focus on upgrading HVAC systems in commercial and residential buildings across urban areas is boosting the market nationwide.
The market is characterised by a competitive landscape with a mix of global and domestic manufacturers. To maintain a competitive edge, these companies are heavily investing in research and development to introduce innovative and efficient heat exchanger designs which contributes to the overall United States heat exchanger market share.
Market Segmentation
The market can be divided based on type, material, end use, and region.
Market Breakup by Type
- Air Cooled
- Shell and Tube
- Plate and Frame
- Others
Market Breakup by Material
- Stainless Steel
- Carbon Steel
- Nickel
- Others
Market Breakup by End Use
- Oil and Gas
- Chemical and Petrochemical
- Power Generation
- HVAC and Refrigeration
- Food and Beverage
- Others
Market Breakup by Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States heat exchanger market. Some of the major players explored in the report by Expert Market Research are as follows:
- Koch Industries, Inc. (Koch Heat Transfer Company)
- Mersen SA
- Chart Industries, Inc.
- SHECO Industries, Inc.
- HEATTRAN
- Alfa Laval AB
- Mason Manufacturing LLC
- Kelvion Holding GmbH
- Xylem Inc.
- Danfoss A/S
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Heat Exchanger Market Overview
8.1 Key Industry Highlights
8.2 North America Heat Exchanger Historical Market (2018-2023)
8.3 North America Heat Exchanger Market Forecast (2024-2032)
8.4 North America Heat Exchanger Market Share by Region
8.4.1 United States
8.4.2 Canada
9 United States Heat Exchanger Market Overview
9.1 Key Industry Highlights
9.2 United States Heat Exchanger Historical Market (2018-2023)
9.3 United States Heat Exchanger Market Forecast (2024-2032)
10 United States Heat Exchanger Market by Type
10.1 Air Cooled
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Shell and Tube
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Plate and Frame
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 United States Heat Exchanger Market by Material
11.1 Stainless Steel
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Carbon Steel
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Nickel
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 United States Heat Exchanger Market by End Use
12.1 Oil and Gas
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Chemical and Petrochemical
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Power Generation
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 HVAC and Refrigeration
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Food and Beverage
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 United States Heat Exchanger Market by Region
13.1 New England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mideast
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Great Lakes
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Plains
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Southeast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Southwest
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Rocky Mountain
13.7.1 Historical Trend (2018-2023)
13.7.2 Forecast Trend (2024-2032)
13.8 Far West
13.8.1 Historical Trend (2018-2023)
13.8.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Koch Industries, Inc. (Koch Heat Transfer Company)
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Mersen SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Chart Industries, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 SHECO Industries, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 HEATTRAN
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Alfa Laval AB
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Mason Manufacturing LLC
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Kelvion Holding GmbH
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Xylem Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Danfoss A/S
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Heat Exchanger Market: Key Industry Highlights, 2018 and 2032
2. United States Heat Exchanger Market: Key Industry Highlights, 2018 and 2032
3. United States Heat Exchanger Historical Market: Breakup by Type (USD Billion), 2018-2023
4. United States Heat Exchanger Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. United States Heat Exchanger Historical Market: Breakup by Material (USD Billion), 2018-2023
6. United States Heat Exchanger Market Forecast: Breakup by Material (USD Billion), 2024-2032
7. United States Heat Exchanger Historical Market: Breakup by End Use (USD Billion), 2018-2023
8. United States Heat Exchanger Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9. United States Heat Exchanger Historical Market: Breakup by Region (USD Billion), 2018-2023
10. United States Heat Exchanger Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. United States Heat Exchanger Market Structure
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