Air Cooled Heat Exchanger Market Report 2024 (Global Edition)

Global Air Cooled Heat Exchanger Market Report 2024 Market Size Split by Type (Induced Draft, Forced Draft), by Application (Oil & Gas, Power Generation, Petrochemical, Automotive, HVAC-R Systems, Oth...

Air Cooled Heat Exchanger Market Report Description

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Competitive Landscape of the Air Cooled Heat Exchanger Market

The major players strive to maintain or enhance their market share, major manufacturers often engage in strategic initiatives to stay competitive. The major air cooled heat exchangers market participants emphasize expanding product customization and global expansion offerings to serve a large consumer base to gain a competitive benefit.

Air Cooled Heat Exchanger Industry News

• In March 2022, Delta T Systems, a producer of industrial chillers, introduced optional built-in redundancy for their 1-15 ton air and water-cooled process chillers, offering superior reliability with dual-chiller configuration and full component redundancy.

(Source: www.deltatsys.com/industrial-chiller-redundancy/)

Top Companies Market Share in Air Cooled Heat Exchanger Industry: (In no particular order of Rank)

• Werner Sölken
• SPX Cooling Technologies Inc.
• Baffles Cooling Systems
• JC Equipments Pvt Ltd 
• Thermal Transfer Systems Inc. 
• Boldrocchi
• SPG Dry Cooling 
• ALFA LAVAL 
• Delta T Heat Exchangers 
• GENERAL ELECTRIC 
• Howden Group 
• Paharpur Cooling Towers Ltd
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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In terms of revenue, the North American Air Cooled Heat Exchanger Market share was 40% of the total market

According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, due to its robust industrial infrastructure and diverse applications, and stringent energy efficiency regulations. Key sectors, including power generation, petrochemicals, and automotive, drive the extensive adoption of air cooled heat exchanger systems. The presence of major industry players, technological innovations, and ongoing industrial expansions contribute to North America leadership. 

Europe leads as the fastest-growing region in the market, driven by dynamic industrial developments, sustainability initiatives, and stringent environmental regulations. Market systems experience accelerated adoption across diverse sectors, including manufacturing and power generation, fueled by the region’s commitment to energy-efficient solutions and renewable energy sources. Europe’s emphasis on innovation and collaboration secures its position as an active center in the evolving air cooled heat exchangers market.

The current report Scope analyzes Air Cooled Heat Exchanger Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Air Cooled Heat Exchanger Market

According to Cognitive Market Research, the global Air Cooled Heat Exchangers Market size was estimated at USD 3351.2 Million, out of which North America held the major market of more than 40% of the global revenue with market size of USD 1340.48 million in 2023 and will grow at a compound annual growth rate (CAGR) of 7.7 % from 2023 to 2030 due to the growing demand for air-cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, which propels widespread adoption of the market. Additionally, increased demand for air cooled heat exchangers along with the growing inclination towards automotive applications in the country. According to Cognitive Market Research, the Oil & Gas sector takes precedence due to the region's robust industry. The demand stems from the sector's reliance on efficient heat exchange for crucial processes in oil refining and gas processing plants. As North America continues to prioritize energy independence and production, the significance of Air Cooled Heat Exchangers in the Oil & Gas applications remains prominent.

• According to Cognitive Market Research, the US had a major share in the air cooled heat exchangers market with a market size of USD 1057.64 million in 2023 and is projected to grow at a CAGR of 7.5% during the forecast period. This is majorly due to the growing demand for air cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, which propels widespread adoption of the market. 
• The Canada air cooled heat exchangers market had a market share of USD 160.86 million in 2023 and is projected to grow at a CAGR of 8.5% during the forecast period. This is due to the increased demand for air cooled heat exchangers along with the growing inclination towards automotive application in the country.
• The Mexico air cooled heat exchangers market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 121.98 million in 2023.

Europe Air Cooled Heat Exchanger Market

According to Cognitive Market Research, the global Air Cooled Heat Exchangers Market size was estimated at USD 3351.2 Million, out of which Europe held the major market of more than 30% of the global revenue with market size of USD 1005.36 million in 2023 and will grow at a compound annual growth rate (CAGR) of 8 % from 2023 to 2030 due to the growing demand for air cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, propels the widespread adoption of market. Additionally, the increased demand for air cooled heat exchangers along with the growing inclination towards automotive application in the country. According to Cognitive Market Research, Europe emphasizes the Power Generation segment in its Air Cooled Heat Exchangers market, reflecting the region's commitment to sustainable energy sources. The diverse power generation landscape, incorporating renewables and conventional sources, propels the need for efficient heat exchange systems to optimize energy production processes.

• According to Cognitive Market Research, the Germany air cooled heat exchangers market size was valued at USD 199.06 million in 2023 and is projected to grow at a CAGR of 8.2% during the forecast period. This is majorly due to the growing demand for air-cooled heat exchanger systems in key sectors like energy, petrochemicals, and manufacturing, which propels the widespread adoption of the market.
• The United Kingdom air cooled heat exchangers market had a market share of USD 168.90 million in 2023 and is projected to grow at a CAGR of 8.8% during the forecast period. This is due to the increased demand for air cooled heat exchangers along with the growing inclination towards automotive applications in the country. 
• The France air cooled heat exchangers market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 92.49 million in 2023.
• The Italy air cooled heat exchangers market is projected to witness growth at a CAGR of 7.4% during the forecast period with a market size of USD 86.46 million in 2023.
• The Russia air cooled heat exchangers market is projected to witness growth at a CAGR of 7.0% during the forecast period with a market size of USD 155.83 million in 2023.
• The Spain air cooled heat exchangers market is projected to witness growth at a CAGR of 7.1% during the forecast period with a market size of USD 82.44 million in 2023.
• The Portugal air cooled heat exchangers market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 21.11 million in 2023.
• The Luxembourg air cooled heat exchangers market is projected to witness growth at a CAGR of 8.1% during the forecast period with a market size of USD 31.17 million in 2023.
• The Greece air cooled heat exchangers market is projected to witness growth at a CAGR of 8.3% during the forecast period with a market size of USD 12.06 million in 2023.
• The Rest of Europe air cooled heat exchangers market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 155.83 million in 2023.

Asia Pacific Air Cooled Heat Exchanger Market

According to Cognitive Market Research, the global Air Cooled Heat Exchangers Market size was estimated at USD 3351.2 Million, out of which Asia-Pacific held the major market of more than 23% of the global revenue with a market size of USD 770.78 million in 2023 and will grow at a compound annual growth rate (CAGR) of 11.5 % from 2023 to 2030 due to the growing demand for air cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, propels the widespread adoption of market. Additionally, the increased demand for air cooled heat exchangers along with the growing inclination towards automotive application in the country. According to Cognitive Market Research, Asia-Pacific witnesses significant demand in the Petrochemical sector for Air Cooled Heat Exchangers. The region's thriving petrochemical industry relies on these systems for effective heat dissipation in processes like distillation, cracking, and other chemical operations.

• According to Cognitive Market Research, the China air cooled heat exchangers market size was valued at USD 346.85 million in 2023 and is projected to grow at a CAGR of 11.0% during the forecast period. This is majorly due to the growing demand for air cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, which propels the widespread adoption of market. 
• The India air cooled heat exchangers market had a market share of USD 92.49 million in 2023 and is projected to grow at a CAGR of 13.3% during the forecast period. This is due to the increased demand for air cooled heat exchangers along with the growing inclination towards automotive application in the country.
• The Japan air cooled heat exchangers market is projected to witness growth at a CAGR of 10.0% during the forecast period with a market size of USD 106.37 million in 2023.
• The South Korea air cooled heat exchangers market is projected to witness growth at a CAGR of 10.6% during the forecast period with a market size of USD 77.08 million in 2023.
• The Australia air cooled heat exchangers market is projected to witness growth at a CAGR of 11.2% during the forecast period with a market size of USD 40.08 million in 2023.
• The South East Asia air cooled heat exchangers market is projected to witness growth at a CAGR of 12.5% during the forecast period with a market size of USD 53.18 million in 2023.
• The Rest of Asia Pacific air cooled heat exchangers market is projected to witness growth at a CAGR of 11.3% during the forecast period with a market size of USD 54.73 million in 2023.

South America Air Cooled Heat Exchanger Market

According to Cognitive Market Research, the global Air Cooled Heat Exchangers Market size was estimated at USD 3351.2 Million, out of which Latin America held the major market of more than 5% of the global revenue with a market size of USD 167.56 million in 2023 and will grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030 due to the growing demand for air cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, propels the widespread adoption of market.  Additionally, the increased demand for air cooled heat exchangers along with the growing inclination towards automotive application in the country. According, to Cognitive Market Research, the Automotive sector stands out in the Air Cooled Heat Exchangers market. These systems play a crucial role in cooling processes within the automotive manufacturing industry, ensuring optimal performance and longevity of vehicles produced in the region.

• According to Cognitive Market Research, the Brazil air cooled heat exchangers market size was valued at USD 71.72 million in 2023 and is projected to grow at a CAGR of 9.5% during the forecast period. This is majorly due to the growing demand for air cooled heat exchanger systems in key sectors like energy, petrochemicals, and manufacturing, which propels the widespread adoption of the market. 
• The Argentina air cooled heat exchangers market had a market share of USD 28.15 million in 2023 and is projected to grow at a CAGR of 9.8% during the forecast period. This is due to the increased demand for air cooled heat exchangers along with the growing inclination towards automotive applications in the country.
• The Colombia air cooled heat exchangers market is projected to witness growth at a CAGR of 8.7% during the forecast period with a market size of USD 14.91 million in 2023.
• The Peru air cooled heat exchangers market is projected to witness growth at a CAGR of 9.1% during the forecast period with a market size of USD 13.74 million in 2023.
• The Chile air cooled heat exchangers market is projected to witness growth at a CAGR of 9.2% during the forecast period with a market size of USD 12.06 million in 2023.
• The Rest of Latin America air cooled heat exchangers market is projected to witness growth at a CAGR of 8.0% during the forecast period with a market size of USD 26.98 million in 2023.

Middle East and Africa Air Cooled Heat Exchanger Market

According to Cognitive Market Research, the global Air Cooled Heat Exchangers Market size was estimated at USD 3351.2 Million, out of which Middle East And Africa held the major market of more than 2% of the global revenue with market size of USD 67.02 million in 2023 and will grow at a compound annual growth rate (CAGR) of 9.2 % from 2023 to 2030 due to the growing demand for air cooled heat exchanger systems in the key sectors like energy, petrochemicals, and manufacturing, propels the widespread adoption of market. Additionally, the increased demand for air cooled heat exchangers along with the growing inclination towards automotive application in the country. According, to Cognitive Market Research, The HVAC-R Systems segment gained prominence in the Air Cooled Heat Exchangers market in the Middle East & Africa. The region's diverse applications, including air conditioning, refrigeration, and industrial cooling, drive the demand for efficient and reliable cooling solutions, with Air Cooled Heat Exchangers playing a pivotal role.

• According to Cognitive Market Research, the GCC Countries air cooled heat exchangers market size was valued at USD 28.69 million in 2023 and is projected to grow at a CAGR of 10.0% during the forecast period. This is majorly due to the growing demand for air cooled heat exchanger systems in key sectors like energy, petrochemicals, and manufacturing, which propels the widespread adoption of the market.
• The South Africa air cooled heat exchangers market had a market share of USD 10.59 million in 2023 and is projected to grow at a CAGR of 10.2% during the forecast period. This is due to the increased demand for air cooled heat exchangers along with the growing inclination towards automotive applications in the country.
• The Egypt air cooled heat exchangers market is projected to witness growth at a CAGR of 9.5% during the forecast period with a market size of USD 7.04 million in 2023.
• The Turkey air cooled heat exchangers market is projected to witness growth at a CAGR of 8.7% during the forecast period with a market size of USD 5.76 million in 2023.
• The Nigeria air cooled heat exchangers market is projected to witness growth at a CAGR of 8.3% during the forecast period with a market size of USD 7.04 million in 2023.
• The Rest of MEA air cooled heat exchangers market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 7.91 million in 2023.

Air Cooled Heat Exchanger Market Analysis

Air Cooled Heat Exchanger Type Segment Analysis

According to Cognitive Market Research, induced draft dominates the air cooled heat exchangers market, renowned for its efficiency in power generation, petrochemicals, and oil & gas sectors. Induced draft type enhances heat exchange effectiveness, compliance to various needs, and unified integration into existing systems contribute to its importance. As industries prioritize energy efficiency, the Induced Draft segment remains the largest and indispensable component within the air cooled heat exchangers market.

Induced Draft emerges as the fastest-growing segment in the air cooled heat exchangers market, driven by its superior heat exchange efficiency and versatile applications in power generation, petrochemicals, and HVAC systems. The higher demand for energy-efficient solutions cements its position as a preferred choice, making induced draft configurations a leading force in technological advancements within the air cooled heat exchangers market.

• Induced Draft
• Forced Draft

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Air Cooled Heat Exchanger Industry. Request a Free Sample PDF!

Air Cooled Heat Exchanger Application Segment Analysis

According to Cognitive Market Research, the oil & gas and petrochemical segment holds the largest application within the air cooled heat exchangers market, driven by essential roles in refining, petrochemical production, and gas processing. With the insatiable demand for efficient heat exchange, air cooled heat exchanger systems play a key role in maintaining ideal operational temperatures, ensuring segment dominance among global energy demands. 

The oil & gas and petrochemical segment is the fastest-growing in the air cooled heat exchangers market, driven by its essential role in refining, petrochemical production, and gas processing. The surge in global energy demand, technological advancements, and the need for efficient temperature control contribute to the rapid adoption of air cooled heat exchanger systems, making this segment crucial for the industry’s evolving heat exchange requirements.

• Oil & Gas
• Power Generation
• Petrochemical
• Automotive
• HVAC-R Systems
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Air Cooled Heat Exchanger Construction Segment Analysis

According to Cognitive Market Research, horizontal construction dominates the market as the largest segment over the forecast period, favored for its versatility and efficient space utilization, horizontal configurations find extensive applications across industries such as oil & gas and power generation. This dominance is attributed to the segment’s flexibility in design and maintenance, making it the preferred choice for installations where horizontal space constraints are a critical consideration.

Horizontal construction emerges as the fastest-growing segment in the Air Cooled Heat Exchangers market, driven by the segment’s versatility, efficient use of space, and widespread adoption in critical industries like oil & gas and power generation. The horizontal configuration’s adaptability to diverse applications and swift installation contribute to its accelerated growth, positioning it as the foremost choice in the evolving landscape of ACHE solutions. 

• Vertical
• Horizontal

Air Cooled Heat Exchanger Fin Design Segment Analysis

According to Cognitive Market Research, G Fin emerges as the largest segment in the air cooled heat exchangers market, commended for its widespread adoption and superior heat transfer capabilities. Its proven efficiency in industries like power generation and petrochemicals solidifies G Fin’s position as a predominant choice, reflecting a market preference for reliable and effective heat exchange solutions within the air cooled heat exchangers industry. 

Extruded Fin dominates as the fastest-growing segment in the air cooled heat exchangers market, propelled by its superior heat transfer properties and longevity. Generally favoured for customized solutions in industries like oil & gas and power generation, Extruded Fin is advanced for corrosion protection which highlights its essential role in meeting the evolving demands for progressive and efficient heat exchange systems within the market.

• L Fin
• G Fin
• Extruded Fin
• Others

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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