PUBLISHER: Roots Analysis | PRODUCT CODE: 1830055
PUBLISHER: Roots Analysis | PRODUCT CODE: 1830055
As per Roots Analysis, the global air-cooled heat exchanger market size is estimated to grow from USD 4.27 billion in the current year to USD 10.02 billion by 2035, at a CAGR of 8.90% during the forecast period, till 2035.
The opportunity for air-cooled heat exchanger market has been distributed across the following segments:
Type of Product
Type of Material
Areas of Application
End-User
Geographical Regions
Air-Cooled Heat Exchanger Market: Growth and Trends
Water-cooled heat exchangers utilized in both residential and industrial settings are regarded as unsustainable and have very low efficiency levels. Further, these systems are associated with high costs, as industries face substantial water bills for extensive usage. To address these environmental issues and high expenses, companies are increasingly turning to air-cooled heat exchanger solutions. These systems consist of metal tubes with engineered fins, headers, and fans that leverage ambient air instead of water, promising greater efficiency and contributing to environmental preservation.
Air-cooled heat exchangers deliver effective cooling solutions owing to their direct heat exchange capabilities. Moreover, these cooling systems for power generation enable closed-loop cooling, providing reliable and clean protection for sensitive equipment. Additionally, the compact design facilitates easy and rapid installation, which is likely to spur market growth for industrial heat exchangers. Importantly, enhancements in air quality and the ability to dynamically switch between heating and cooling have shaped the future trends in HVAC systems. It is worth highlighting that significant investments in research and advancements related to air-cooled heat exchangers have bolstered the development of these technologies.
The emergence of advanced features, such as microchannel heat exchangers for the automotive and aerospace industries, will position air-cooling systems as pivotal innovations in the technology sector. Additionally, the application of ACHE systems in the oil and gas industry, covering upstream, downstream, and midstream gas processing, will further support market expansion. As a result, owing to the above mentioned factors, the air-cooled heat exchanger market is expected to grow significantly during the forecast period.
Air-Cooled Heat Exchanger Market: Key Segments
Based on type of product, the global air-cooled heat exchanger market is segmented into air coolers, cooling towers, plate and frame, shell and tube and others. According to our estimates, currently, the shell and tube segment captures the majority of the market share, due to larger heat transfer surface area and turbulent flow characteristics. Furthermore, their modular design and ease of inspection and replacement facilitate maintenance.
However, the plate and frame systems segment is expected to grow at a higher CAGR throughout the forecast period. This growth can be attributed to their extensive use in the chemical, food and beverage, and power generation sectors.
Based on type of material, the global air-cooled heat exchanger market is segmented into aluminum, carbon steel, copper and stainless steel. According to our estimates, currently, the carbon steel segment captures the majority of the market share. This is due to its readily available supply and lower cost, which positively impacts the air-cooled heat exchanger industry. Additionally, carbon steel is easy to weld and fabricate, allowing for quicker and more efficient manufacturing.
However, the copper and stainless steel segment is expected to grow at a higher CAGR throughout the forecast period. This can be attributed to the excellent thermal conductivity of copper and the superior strength and durability of stainless steel.
Based on area of application, the global air-cooled heat exchanger market is segmented into chemical, food and beverage, HVAC and refrigeration, oil and gas, petrochemical, power generation and others. According to our estimates, currently, the chemical segment captures the majority of the market share. This is due to the environmental advantages of air-cooled technologies, like water conservation. Additionally, these systems are preferred for their ability to function under a range of pressures and temperatures.
Meanwhile, the petrochemical segment is expected to experience a significant CAGR throughout the forecast period, owing to its extensive use in cooling, condensing vapors, and heat recovery.
Based on end user, the global air-cooled heat exchanger market is segmented into commercial, household and industrial. According to our estimates, currently, the commercial segment captures the majority of the market share, due to their function as a sustainable alternative to water systems and its capability to lower operational expenses.
However, the industrial sector is expected to grow at a higher CAGR throughout the forecast period, driven by their extensive applications in industries such as petrochemicals, power generation, and chemical manufacturing.
Based on geographical regions, the air-cooled heat exchanger market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia captures the majority share of the market, due to the swift industrial growth and urban development in fast-growing economies like China, India, Japan, and South Korea.
Interestingly, Europe is expected to experience a higher compound annual growth rate (CAGR), due to the increased investments in research and development of ACHE technologies by major companies.
Air-Cooled Heat Exchanger Market: Research Coverage
The report on the air-cooled heat exchanger market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
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