Air-Cooled Heat Exchanger Market Size, Growth Drivers, Trends, Demand and Future Outlook
Air-Cooled Heat Exchanger Market Growth, Size, Trends Analysis - By Structure, By Material, By Type, By Fin Design, By End-Use Industry - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Feb-2025 | Report ID: POAE2508 | Pages: 1 - 260 | Formats*: |
| Category : Power & Energy | |||
Air-Cooled Heat Exchanger Market Introduction and Overview
According to SPER Market Research, the Global Air-Cooled Heat Exchanger Market is estimated to reach USD 8.54 billion by 2034 with a CAGR of 7.74%.
The report includes an in-depth analysis of the Global Air-Cooled Heat Exchanger Market, including market size and trends, product mix, Applications, and supplier analysis. The global air-cooled heat exchanger market is expected to reach USD 4.05 billion in 2024, growing at a CAGR of 7.74% over the forecast period. The air-cooled heat exchanger market is expected to increase rapidly in the coming years. Air-cooled heat exchangers transmit heat from a process fluid to the surrounding air as a cooling medium, therefore eliminating surplus heat. Energy efficiency and sustainability concerns, as well as stringent regulatory requirements, are driving the integration of ACHEs. This is owing to government encouragement of green technologies and an increase in industrialization, which both drive market growth.
By Structure Insights: Ducted air-cooled heat exchangers are the fastest growing sector in the air-cooled heat exchanger market in 2024. They improve airflow and increase heat transfer rates in challenging environments like oil and gas, petrochemicals, and power plants. These systems help reduce maintenance and operational costs by limiting exposure to contaminants. Their high efficiency, independence from water resources, and small size make them ideal for water-scarce regions and align with energy goals, addressing environmental compliance needs in various industries.
By Material Insights: Stainless steel is becoming the fastest growing material in the air-cooled heat exchanger market in 2024. Its properties, like corrosion resistance, durability, and good thermal conductivity, make it ideal for tough environments like the oil and gas industry. This leads to longer-lasting systems and lower maintenance costs. Stainless steel can also handle high temperatures and pressures, promoting energy savings. Additionally, new advancements in stainless steel improve structure and compactness, making it suitable for high-performance applications.
By Fin Design Insights: By fin design, G fin is the largest segment in the air-cooled heat exchanger market in 2024. G fin design leads the market due to its excellent thermal performance and heat transfer rate. G fins improve the heat transfer coefficient by increasing surface area and are ideal for high temperature and high pressure services in industries like oil & gas, petrochemical, and power generation. Their low airflow design saves energy, and their durability and resistance to corrosive environments boost demand and reliability, contributing to their large market share and growth.
By End-Use Industry Insights: The data center segment is the fastest growing end-use industry for air-cooled heat exchangers in 2024. Data centers require better cooling solutions due to increased power and heat demands from AI, Big Data, and high-performance computing. Traditional air-cooled systems are reaching their limits, and there is a need to address growing sustainability concerns and stricter regulations, especially in Singapore and the Netherlands. Air-cooled heat exchangers help lower emissions and decrease the use of water and refrigerants. Manufacturers are creating universal air-cooled solutions that are specific to data centers, flexible, and easy to install, making these systems vital for the future of data centers.
Regional Insights: Europe is expected to lead the global air-cooled heat exchangers market due to rising industrial demand, stricter environmental rules, and ongoing innovation. The region has many industries that need heat exchangers, especially power generation and petrochemical sectors, which focus on heat management to improve efficiency and reduce energy consumption. Recent laws promote energy-saving products and new technologies that help air-cooled heat exchangers use less water and lower greenhouse gas emissions, aligning with European environmental goals.
Market Competitive Landscape:
The air-cooled heat exchangers market is competitive, with key players like Alfa Laval Corporate, Kelvion, Xylem, Danfoss, SPX Corporation, Hamon & Cie, API Heat Transfer, Modine Manufacturing Company, Gunther, and Sondex driving growth. These companies emphasize innovation, efficiency, and sustainability across various industries such as oil and gas, HVAC, and power generation. Alfa Laval Corporate leads in energy efficiency and sustainability, holding a significant market share with tailored solutions. Kelvion is notable for its focus on customized solutions and after-sales services, emphasizing product innovation and geographic expansion for future growth.
Recent Developments:
- In January 2024, Aggreko launched two heat exchanger fleets for rent to support petrochemical and refinery operations. These include a large heat exchanger and a specialized unit made from Hastelloy-c, designed to boost efficiency while keeping production rates steady in complex industrial settings. The large heat exchanger has the largest surface area on the market, helping to reduce eco pollution.
- In April 2023, Altex Industries started a new subsidiary called Mars Heat Exchanger. This new division aims to create specialized heat exchange systems for the Mars terraforming project. These systems are designed to handle the extreme temperatures on Mars, helping to control temperature and manage energy to establish potential human habitats. Mars Exchangers will operate from the companys Edmonton, Alberta facility, collaborating with foreign space agencies and research institutions.
- SPX Cooling Tech, LLC will open a brand-new production facility in Springfield, Missouri, in October 2023. This also allowed the company to expand its production capacity, particularly for evaporative cooling towers and fluid coolers.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Structure, By Material, By Type, By Fin Design, By End-Use Industry. |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | ALFA LAVAL, Kelvion Holding GmbH, Kawasaki Heavy Industries, Ltd, Xylem, Exchanger Industries Limited, SPX Cooling Tech, LLC, SNT Energy Co., Ltd, Thermax Limited, Baker Hughes Company. and others. |
Key Topics Covered in the Report:
- Global Air-Cooled Heat Exchanger Market Size (FY’2021-FY’2034)
- Overview of Global Air-Cooled Heat Exchanger Market
- Segmentation of Global Air-Cooled Heat Exchanger Market By Structure (Ducted, Non-Ducted, Other Structures)
- Segmentation of Global Air-Cooled Heat Exchanger Market By Material (Carbon Steel, Stainless Steel, Other Materials)
- Segmentation of Global Air-Cooled Heat Exchanger Market By Type (Forced Draft, Induced Draft, Other Types)
- Segmentation of Global Air-Cooled Heat Exchanger Market By Fin Design (L Fin, G Fin, Extruded Fin, Other Fin Designs)
- Segmentation of Global Air-Cooled Heat Exchanger Market By End-Use Industry (Oil & Gas, Power Generation, Data Centers, Others End-Use Industry)
- Statistical Snap of Global Air-Cooled Heat Exchanger Market
- Expansion Analysis of Global Air-Cooled Heat Exchanger Market
- Problems and Obstacles in Global Air-Cooled Heat Exchanger Market
- Competitive Landscape in the Global Air-Cooled Heat Exchanger Market
- Details on Current Investment in Global Air-Cooled Heat Exchanger Market
- Competitive Analysis of Global Air-Cooled Heat Exchanger Market
- Prominent Players in the Global Air-Cooled Heat Exchanger Market
- SWOT Analysis of Global Air-Cooled Heat Exchanger Market
- Global Air-Cooled Heat Exchanger Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPERs internal database2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Air-Cooled Heat Exchanger Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Air-Cooled Heat Exchanger Market
7. Global Air-Cooled Heat Exchanger Market, By Structure (USD Million) 2021-2034
7.1. Ducted7.2. Non-Ducted7.3. Other Structures
8. Global Air-Cooled Heat Exchanger Market, By Material (USD Million) 2021-2034
8.1. Carbon Steel8.2. Stainless Steel8.3. Other Materials
9. Global Air-Cooled Heat Exchanger Market, By Type (USD Million) 2021-2034
9.1. Forced Draft9.2. Induced Draft9.3. Other Types
10. Global Air-Cooled Heat Exchanger Market, By Fin Design (USD Million) 2021-2034
10.1. L Fin10.2. G Fin10.3. Extruded Fin10.4. Other Fin Designs
11. Global Air-Cooled Heat Exchanger Market, By End-Use Industry (USD Million) 2021-2034
11.1. Oil & Gas11.2. Power Generation11.3. Data Centers11.4. Others End-Use Industry
12. Global Air-Cooled Heat Exchanger Market, (USD Million) 2021-2034
12.1. Global Air-Cooled Heat Exchanger Market Size and Market Share
13. Global Air-Cooled Heat Exchanger Market, By Region, (USD Million) 2021-2034
13.1. Asia-Pacific
13.1.1. Australia13.1.2. China13.1.3. India13.1.4. Japan13.1.5. South Korea13.1.6. Rest of Asia-Pacific
13.2. Europe
13.2.1. France13.2.2. Germany13.2.3. Italy13.2.4. Spain13.2.5. United Kingdom13.2.6. Rest of Europe
13.3. Middle East and Africa
13.3.1. Kingdom of Saudi Arabia13.3.2. United Arab Emirates13.3.3. Qatar13.3.4. South Africa13.3.5. Egypt13.3.6. Morocco13.3.7. Nigeria13.3.8. Rest of Middle-East and Africa
13.4. North America
13.4.1. Canada13.4.2. Mexico13.4.3. United States
13.5. Latin America
13.5.1. Argentina13.5.2. Brazil13.5.3. Rest of Latin America
14. Company Profile
14.1. ALFA LAVAL
14.1.1. Company details14.1.2. Financial outlook14.1.3. Product summary14.1.4. Recent developments
14.2. Kelvion Holding GmbH
14.2.1. Company details14.2.2. Financial outlook14.2.3. Product summary14.2.4. Recent developments
14.3. Kawasaki Heavy Industries, Ltd
14.3.1. Company details14.3.2. Financial outlook14.3.3. Product summary14.3.4. Recent developments
14.4. Xylem
14.4.1. Company details14.4.2. Financial outlook14.4.3. Product summary14.4.4. Recent developments
14.5. Exchanger Industries Limited
14.5.1. Company details14.5.2. Financial outlook14.5.3. Product summary14.5.4. Recent developments
14.6. SPX Cooling Tech, LLC
14.6.1. Company details14.6.2. Financial outlook14.6.3. Product summary14.6.4. Recent developments
14.7. SNT Energy Co., Ltd
14.7.1. Company details14.7.2. Financial outlook14.7.3. Product summary14.7.4. Recent developments
14.8. Thermax Limited
14.8.1. Company details14.8.2. Financial outlook14.8.3. Product summary14.8.4. Recent developments
14.9. Baker Hughes Company
14.9.1. Company details14.9.2. Financial outlook14.9.3. Product summary
14.9.4. Recent developments
14.10. Others
15. Conclusion
16. List of Abbreviations
17. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The key players in the Market include Companies Covered ALFA LAVAL, Kelvion Holding GmbH, Kawasaki Heavy Industries, Ltd, Xylem, Exchanger Industries Limited, SPX Cooling Tech, LLC, SNT Energy Co., Ltd, Thermax Limited, Baker Hughes Company. and others.
The air-cooled heat exchanger market is expected to increase rapidly in the coming years. Air-cooled heat exchangers transmit heat from a process fluid to the surrounding air as a cooling medium, therefore eliminating surplus heat.
Air-Cooled Heat Exchanger Market is projected to reach USD 8.54 billion by 2034, growing at a CAGR of 7.74% during the forecast period.
Air-Cooled Heat Exchanger Market grew in Market size from 2025. The Market is expected to reach USD 8.54 billion by 2034, at a CAGR of 7.74% during the forecast period.
Air-Cooled Heat Exchanger Market CAGR of 7.74% during the forecast period.
You can get the sample pages by clicking the link - Click Here
Air-Cooled Heat Exchanger Market size is USD 8.54 billion from 2025 to 2034.
Air-Cooled Heat Exchanger Market is covered By Structure, By Material, By Type, By Fin Design, By End-Use Industry.
The North America is anticipated to have the highest Market share in the Air-Cooled Heat Exchanger Market.
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