Air Cooled Heat Exchanger Market to Advance at CAGR of 9.19% during 2022-2031, TMR Study

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May 30, 2022, 10:30 ET

Rising adoption of ACHEs in power generation, HVAC, and automotive industries to spur revenue generation; facilities harnessing system for optimizing heat transfer and driving energy savings
Leading companies offering vertical air-cooled heat exchangers to tap into new revenue streams; Europe and North America anticipated to generate enormous revenues to global air cooled heat exchanger market

ALBANY, N.Y., May 30, 2022 /PRNewswire/ -- Lucrative avenues in the air cooled heat exchanger market are expanding from the growing use of both forced draft and induced draft air cooled heat exchangers in multiple heat transfer applications in the automotive, HVAC, and power generation industries. Extensive use of air cooled heat exchangers (ACHEs) in facilities in the oil & gas industry has been steering steady revenue growth. A study by TMR has projected the global air cooled heat exchanger market valuation to exceed US$ 7.6 Bn by 2031.

Manufacturers are broadening their revenue streams by offering a range of air cooled exchangers. Of note, companies in the air cooled heat exchanger market are expected to gain shares from the growth trend of environmentally-friendly equipment especially for oil & gas industry which meets the desired objectives in variety of temperature and pressure requirements. The TMR study found that induced draft type is the fastest growing market for air cooled heat exchanger in terms of CAGR amounting to 9.31% during 2022–2031.

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Strides in the HVAC-R industry have expanded the avenue for air cooled heat exchanger market players. Of note, the end-use application has been propelling product advancements on the back of need for cost-effective and energy-efficient cooling tower designs.

Key Findings of Air-Cooled Heat Exchanger Market Study

Advancements in Horizontal and Vertical Air Cooled Heat Exchangers to Catalyze Lucrative Opportunities: Advancements in horizontal and vertical air cooled heat exchangers have catalyzed revenue streams for companies in the air cooled heat exchanger market. Of the two, horizontal ACHEs held a market share of 66.69% in 2021. The ease in construction and deployment has boosted the popularity of these equipment. On the other hand, the analysts at TMR in an in-depth study, found that manufacturers are leaning toward gaining market shares by meeting the demand for multi-service, vertical air cooled heat exchangers.
Massive Application of Air-Cooled Heat Exchangers (ACHES) in Oil & Gas Industry to Steer Steady Market Growth: The adoption of air cooled heat exchangers in heat transfer systems is rising in the oil & gas industry across upstream production, refineries, and petrochemical plants. Abundant profitable opportunities in the air cooled heat exchanger market have emanated from the sales of equipment that can effectively transfer heat in corrosive fluids and environments.
Energy-efficient Air Cooled Heat Exchangers to Witness Widespread Adoption in Automotive and HVAC-R Systems: Companies in the air cooled heat exchanger market are growing their R&D spending on design advancements for heating, ventilation, air conditioning and refrigeration (HVAC-R). Specifically, a number of equipment manufacturers have unveiled new products in air cooled heat exchanger market with cutting-edge designs in plate cooler heat exchanger & gas cooling.

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Air-Cooled Heat Exchanger Market: Key Drivers

Increasing trend of environmentally-friendly ways of process cooling in refineries and chemical plants has invigorated several technological advancements in heating, ventilation, air conditioning and refrigeration. The developments have been crucial in shaping the evolution of the air cooled heat exchanger market.
There has been a growing preference of air-cooled heat exchangers over water-cooled ones. Regulatory push toward the use of energy-efficient air cooled heat exchangers in multiple industries in several countries has extended the canvas for product advancements and innovations in the air cooled heat exchanger market.

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Air-Cooled Heat Exchanger Market: Regional Growth Dynamics

North America and Europe are lucrative regions in the global air cooled heat exchanger market. The regional markets have witnessed enormous commercialization, mainly from the substantive uptake of products in the power generation and automotive industries.
Asia Pacific held a sizable share of the global market in 2021. Massive application of air cooled heat exchanger systems in oil & gas and petrochemical industries has generated vast profitable avenues which market players capitalized on. China has contributed a large revenue share to the Asia Pacific air cooled heat exchanger market, mainly on the back of demand for the systems in the automotive industry.

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Air-Cooled Heat Exchanger Market: Key Players

Some of the key players in the air cooled heat exchanger market are General Electric, Paharpur Cooling Towers Ltd., Howden Group, Delta T Heat Exchangers, ALFA LAVAL, SPG Dry Cooling, Boldrocchi, Baffles Cooling Systems, and PX Cooling Technologies, Inc.

Air-Cooled Heat Exchanger Market: Segmentation

Global Air Cooled Heat Exchanger Market, by Construction

Horizontal
Vertical

Global Air Cooled Heat Exchanger Market, by Type

Forced Draft
Induced Draft

Global Air Cooled Heat Exchanger Market, by Fin Design

L Fin
G Fin
Extruded Fin
Others

Global Air Cooled Heat Exchanger Market, by Application

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

Global Air Cooled Heat Exchanger Market, by Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Spain
Italy
Russia & CIS
Rest of Europe

Asia Pacific

Japan
China
India
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

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