At 7.9% CAGR, the North America Heat Exchanger Market is Projected to be worth US$ 11,216.10 million by 2030, says Business Market Insights

According to Business Market Insights research, the North America heat exchanger market was valued at US$ 6,114.47 million in 2022 and is expected to reach US$ 11,216.10 million by 2030, registering a CAGR of 7.9% from 2022 to 2030. Introduction of heat exchange subscription model is among the critical factors attributed to the North America heat exchanger market expansion.

Companies are constantly seeking solutions that help them save costs, enabling them to use the saved amount for their other business operations. Many companies are taking innovative initiatives to provide solutions that are environment-friendly due to rising concerns about climate change. In January 2023, Kelvion Holding GmbH announced its plan to provide heat exchangers under the "Heat Exchange as a Service" pay-per-use business model as an innovative solution that can help its customers reduce capital expenditure. The company's main focus was to address the rising concern over CO2 emissions and introduce the subscription model to provide heat exchangers. The introduction of the product-service system helps small and medium-sized enterprises avail themselves of these services, from installation to maintenance, in a cost-effective manner and optimize their cash flow management. Heat exchanger is used in several end user industries such as automotive, chemical, and food & beverages for various applications. Thus, the subscription model will help the SMEs operating in these industries to adopt heat exchangers and encourage emerging players to use this cost-effective solution, which is expected to bolster the heat exchanger market during the forecast period years.

On the contrary, high initial investment, labor cost, and maintenance hampers the growth of North America heat exchanger market.

Based on type, the North America heat exchanger market is categorized into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held 46.3% market share in 2022, amassing US$ 2,831.04 million. It is projected to garner US$ 5,434.96 million by 2030 to expand at 8.5% CAGR during 2022-2030.

Based on material, the North America heat exchanger market is categorized into steel, copper, and others. The steel segment held 46.6% share of North America heat exchanger market in 2022, amassing US$ 2,851.61 million. It is projected to garner US$ 5,465.11 million by 2030 to expand at 8.5% CAGR during 2022-2030.

Based on application, the North America heat exchanger market is categorized into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held 30.7% share of North America heat exchanger market in 2022, amassing US$ 1,879.46 million. It is projected to garner US$ 3,925.25 million by 2030 to expand at 9.6% CAGR during 2022-2030.

Based on country, the North America heat exchanger market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.3% share of North America heat exchanger market in 2022. It was assessed at US$ 4,846.94 million in 2022 and is likely to hit US$ 9,093.40 million by 2030, exhibiting a CAGR of 8.2% during 2022-2030.

Key players operating in the North America heat exchanger market are Alfa Laval AB, API Heat Transfer Inc, Chart Industries Inc, Danfoss AS, Guntner GmbH & Co KG, Johnson Controls International Plc, Kelvion Holding GmbH, Larsen & Toubro Ltd, and Xylem Inc, among others.

- In Feb 2023, Alfa Laval launches heat exchanger for hygienic applications in pharma.

- In Aug 2023, FRAUNHOFER ISE OPTIMIZES PROPANE HEAT PUMP TECHNOLOGY.

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