North America Heat Exchangers Market Size & Outlook
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North America heat exchangers market highlights
- The North America heat exchangers market generated a revenue of USD 3,926.4 million in 2024.
- The market is expected to grow at a CAGR of 5.9% from 2025 to 2033.
- In terms of segment, shell & tube was the largest revenue generating product in 2024.
- Plate & Frame is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2025 to 2033.
North America data book summary
| Market revenue in 2024 | USD 3,926.4 million |
| Market revenue in 2033 | USD 6,449.5 million |
| Growth rate | 5.9% (CAGR from 2025 to 2033) |
| Largest segment | Shell & tube |
| Fastest growing segment | Plate & Frame |
| Historical data covered | 2021 - 2023 |
| Base year for estimation | 2024 |
| Forecast period covered | 2025 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Plate & Frame, Shell & Tube, Air-cooled, Other Product |
| 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, North America region accounted for 16.8% of the global heat exchangers market in 2024.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2033.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 11,623.6 million by 2033.
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Heat Exchangers Market Scope
Heat Exchangers Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| FUNKE | View profile | 251-500 | Gronau, Niedersachsen, Germany, Europe | https://funke.de |
| Güntner | View profile | 1001-5000 | Fürstenfeldbruck, Bayern, Germany, Europe | https://www.guentner.com |
| SPX Technologies Inc | View profile | 4100 | 6325 Ardrey Kell Road, Suite 400, Charlotte, NC, United States, 28277 | https://www.spx.com |
| HRS Heat Exchangers | View profile | 101-250 | Watford, Hertford, United Kingdom, Europe | https://www.hrs-heatexchangers.com/ |
| Koch Industries | View profile | 10001+ | Wichita, Kansas, United States, North America | https://www.kochind.com |
| API Heat Transfer | View profile | 1001-5000 | Buffalo, New York, United States, North America | http://www.apiheattransfer.com |
| Kelvion | View profile | 11-50 | Bochum, Nordrhein-Westfalen, Germany, Europe | https://www.kelvion.com/ |
| Danfoss A/S | View profile | 10001+ | Nordborg, Syddanmark, Denmark, Europe | https://www.danfoss.com |
| Hisaka Works | View profile | 501-1000 | Osaka-shi, Osaka, Japan, Asia | https://www.hisaka.co.jp/ |
| Chart Industries Inc | View profile | 11637 | 2200 Airport Industrial Drive, Suite 100, Ball Ground, GA, United States, 30107 | https://www.chartindustries.com |
| Mersen SA | View profile | 7534 | Tour Trinity, 1 bis place de la Defense, Courbevoie, France, 92400 | https://www.mersen.com |
| Southern Co | View profile | 28100 | 30 Ivan Allen Jr. Boulevard, Northwest, Atlanta, GA, United States, 30308 | https://www.southerncompany.com |
| Xylem Inc | View profile | 23000 | 300 Water Street SE, Washington, DC, United States, 20003 | https://www.xylem.com |
| Alfa Laval AB | View profile | 21441 | Rudeboksvagen 1, P.O. Box 73, Lund, Sweden, SE-221 00 | https://www.alfalaval.com |
| Johnson Controls International PLC | View profile | 102000 | One Albert Quay, Cork, Ireland, T12 X8N6 | https://www.johnsoncontrols.com |
North America 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 36.71% in 2024. Horizon Databook has segmented the North America heat exchangers market based on plate & frame, shell & tube, air-cooled, other product covering the revenue growth of each sub-segment from 2021 to 2033.
North America accounted for the third-largest revenue share of the global heat exchangers market in 2020. The demand for heat exchangers in the region is likely to be driven over the forecast period on account of increased adoption of the product in key application sectors including chemical, petrochemical, oil & gas, and power generation.
The North American economy is the largest and strongest in the world and is witnessing significant growth owing to the industrial dynamics and commodity abundance in its countries. The region includes the U.S., Mexico, and Canada, which are significant and complex economic systems.
Increasing oil & gas exploration activities in the U.S. and Canada are expected to drive the demand for heat exchangers in the region. Surging energy demand in various industrial and commercial sectors is expected to boost power and energy sectors over the forecast period.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America heat exchangers market , including forecasts for subscribers. This continent databook contains high-level insights into North America heat exchangers market from 2021 to 2033, including revenue numbers, major trends, and company profiles.
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North America heat exchangers market size, by country, 2021-2033 (US$M)
North America Heat Exchangers Market Outlook Share, 2024 & 2033 (US$M)
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