Air-Cooled Heat Exchangers Market Share Driven by Expanding Demand Across Petrochemical and Power Industries | Valuates Reports

Air-Cooled Heat Exchangers Market Size
The global market for Air-Cooled Heat Exchangers was valued at US$ 593 million in the year 2024 and is projected to reach a revised size of US$ 899 million by 2031, growing at a CAGR of 6.2% during the forecast period.

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The air-cooled heat exchangers market is experiencing steady market growth, fueled by increasing industrialization, stricter environmental regulations, and the rising demand for energy-efficient cooling solutions. Market trends show a shift toward air-cooled systems as industries look to reduce water consumption and operational costs. With applications ranging from oil & gas to food processing, the overall market size is expanding as manufacturers adopt advanced designs for improved thermal efficiency and durability.

By type, the stainless steel heat exchanger segment holds the largest market share, owing to its corrosion resistance, strength, and suitability for demanding applications in chemical and petrochemical industries. The cast iron segment continues to see usage in cost-sensitive applications, while brass heat exchangers are gaining traction in specialized industries requiring high thermal conductivity. The "others" category, including hybrid and alloy-based designs, contributes to additional market growth by serving niche applications.

By application, the petrochemical and oil & gas segment dominates the market share, supported by the sector's high demand for robust cooling solutions in refineries and processing plants. The power generation industry is also witnessing significant market growth as air-cooled heat exchangers are increasingly used in turbine cooling and renewable energy plants. Additionally, sectors such as chemical processing, HVAC, food & beverage, and pulp & paper are expanding adoption, further strengthening the market outlook.

Looking ahead, the air-cooled heat exchangers market forecast suggests strong long-term growth opportunities. Rising energy demand, global expansion of petrochemical projects, and growing investment in power infrastructure will continue to drive market trends. Technological advancements in materials, modular designs, and eco-friendly cooling systems are expected to enhance performance and efficiency, further increasing market share and solidifying the role of air-cooled heat exchangers in diverse industrial applications.

by Type

• Stainless Steel Heat Exchanger
• Cast Iron Heat Exchanger
• Brass Heat Exchanger
• Other

by Application

• Chemical
• Petrochemical and Oil & Gas
• HVAC
• Food & Beverage
• Power Generation
• Paper & Pulp
• Others

By Company

Alfa Laval Corporate, Kelvion, Xylem, Danfoss, SPX Corporation, Hamon & Cie, API Heat Transfer, Modine Manufacturing Company, Gunther, Sondex

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