India Heat Exchangers Market Size & Outlook, 2023-2030
India heat exchangers market, 2018-2030 (US$M)
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India heat exchangers market highlights
- The India heat exchangers market generated a revenue of USD 1,286.9 million in 2023 and is expected to reach USD 2,164.6 million by 2030.
- The India market is expected to grow at a CAGR of 7.7% from 2024 to 2030.
- In terms of segment, shell & tube was the largest revenue generating product in 2023.
- Plate & Frame is the most lucrative product segment registering the fastest growth during the forecast period.
Heat exchangers market data book summary
| Market revenue in 2023 | USD 1,286.9 million |
| Market revenue in 2030 | USD 2,164.6 million |
| Growth rate | 7.7% (CAGR from 2023 to 2030) |
| Largest segment | Shell & tube |
| Fastest growing segment | Plate & Frame |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Plate & Frame, Shell & Tube, Air-cooled |
| Key market players worldwide | Alfa Laval AB, Danfoss A/S, Kelvion, Xylem Inc, API Heat Transfer, Mersen SA, Hisaka Works, Chart Industries Inc, Johnson Controls International PLC, HRS Heat Exchangers, SPX Technologies Inc, Koch Industries, Southern Co, Güntner, FUNKE |
Other key industry trends
- In terms of revenue, India accounted for 7.1% of the global heat exchangers market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China heat exchangers market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,164.6 million by 2030.
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Heat Exchangers Market Scope
Heat Exchangers Market Companies
| Name | Profile | # Employees | HQ | Website |
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India heat exchangers market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat exchangers market will help companies and investors design strategic landscapes.
Shell & tube was the largest segment with a revenue share of 35.56% in 2023. Horizon Databook has segmented the India heat exchangers market based on plate & frame, shell & tube, air-cooled covering the revenue growth of each sub-segment from 2018 to 2030.
In accordance with the aforementioned statistics, petrochemical industry in India is anticipated to witness significant growth, thus, increasing the number of manufacturing facilities. This is expected to augment the demand for heat exchangers in petrochemical industry in the country over the forecast period.
For instance, in February 2020, Nissan Chemical Corporation and Bharat Rasayan Limited announced their joint venture, namely Nissan Bharat Rasayan Private Limited, to construct a new manufacturing facility in India focusing on the production of agrochemical active ingredients.
Furthermore, the growth of chemical and petrochemical sectors is expected to be driven by the upcoming Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs) projects. PCPIR is a development model for setting up chemical, petrochemical, and petroleum manufacturing facilities, thereby, driving investments in the aforementioned sectors.
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Horizon Databook provides a detailed overview of country-level data and insights on the India heat exchangers market , including forecasts for subscribers. This country databook contains high-level insights into India heat exchangers market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India heat exchangers market size, by product, 2018-2030 (US$M)
India Heat Exchangers Market Outlook Share, 2023 & 2030 (US$M)
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