India Heat Exchanger Market (2024-2030) | Size, Growth, Industry, Companies, Trends, Analysis, Value, Forecast, Revenue, Outlook & Share

India Heat Exchanger Market Synopsis

India heat exchanger market witnessed significant growth from 2019 to 2022, driven by the increasing demand in the oil and gas sector, as well as the power and energy sector. This growth was a result of the continuous expansion of electricity generation capacity in the country, with thermal power contributing the largest share, followed by renewables and hydroelectric power. Although the heat exchanger market experienced a decline during the first half of 2020 due to nationwide lockdown measures imposed during the COVID-19 pandemic, it regained momentum after the lifting of the lockdown. The resumption of industrial activities across the country supported the market's growth trajectory. Furthermore, the demand for heat exchangers witnessed notable growth in the chemical and pharmaceutical industries, fueled by the increased sales of COVID-19-related drugs and vaccines.

According to 6Wresearch, India heat exchangers market size is projected to grow at a CAGR of 11.6% during 2023-2029F. India heat exchanger industry is anticipated to witness substantial growth, driven by various government initiatives and ambitious targets. At the COP26 event, the Government of India announced its commitment to achieving 500 GW of non-fossil fuel-based energy by 2030, emphasizing its focus on renewable energy sources. This commitment sets the stage for significant advancements in the energy sector and creates a favorable environment for the heat exchanger market. Additionally, the government has outlined plans to enhance the domestic output of the chemical sector, with a target of reaching $304 billion by 2025, surpassing the $232.8 billion recorded in 2022, and eventually aiming for $1000 billion by 2040. This projected growth presents substantial opportunities for heat exchanger manufacturers, given the critical role of heat exchangers in the chemical industry. Furthermore, the pharmaceutical sector in India is expected to experience significant expansion, targeting a market size of $130 billion by 2030. This ambitious objective signifies substantial growth in pharmaceutical output, which will drive the demand for heat exchangers in the sector.

Market by Materials Types

Steel heat exchangers accounted for the majority of revenue share in 2022 owing to their superior ability to handle high temperatures and resist corrosion compared to alternative materials like Hastelloy, Titanium, and others. It is anticipated that steel heat exchangers will continue to dominate the market in the forthcoming years as they are known for their durability and long lifespan. Additionally, steel heat exchangers are affordable and have low installation costs compared to others.

Market by Product Types

Shell and tube Heat Exchangers accounted for the major chunk of revenue in 2022 on account of their extensive utilization in industries such as chemical, pharmaceutical, and oil and gas. Furthermore, Shell & Tube Heat Exchangers are expected to continue their dominance in upcoming years owing to their versatility in handling a wide range of fluid types, flow rates, and temperature ranges, making them suitable for diverse applications in industries such as oil and gas, chemical, power generation, and HVAC.

Market by End-Use Industries

In 2022, the chemical sector acquired a major portion of revenues in India heat exchanger market owing to the high demand for heat exchangers within the chemical industry as the chemical industry frequently involves processes that necessitate precise temperature control, efficient cooling, and heat transfer. Therefore, heat exchangers play a crucial role in facilitating these operations. In addition, after COVID-19, the chemical and pharmaceutical industry expanded significantly and are expected to follow the same trend in upcoming years. This expansion is likely to continue proliferating India heat exchanger market.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• India Heat Exchanger Market Overview
• India Heat Exchanger Market Outlook
• India Heat Exchanger Market Forecast
• Historical Data and Forecast of India Heat Exchanger Market Revenues, for the Period 2019-2029F
• Historical Data and Forecast of India Heat Exchanger Market Revenues, By Product Types, for the Period 2019-2029F
• Historical Data and Forecast of India Heat Exchanger Market Revenues, By Material Types, for the Period 2019-2029F
• Historical Data and Forecast of India Heat Exchanger Market Revenues, By End Use Industries, for the Period 2019-2029F
• India Heat Exchanger Market Revenue Share, By Companies
• India Heat Exchanger Market Drivers and Restraints
• India Heat Exchanger Market Trends
• India Heat Exchanger Market Porters Five Forces
• India Heat Exchanger Market Opportunity Assessment
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Material Types

• Hastelloy
• Steel
• Titanium
• Others (Graphite, Ceramic, Copper etc.)

By Product Types

• Finned Tube Heat Exchanger/Air Cooler Heat Exchanger
• Shell & Tube Heat Exchanger
• Plate Heat Exchanger
• Spiral Tube Heat Exchanger

By End Use Industries

• Chemical
• Oil and Gas
• HVAC
• Food and Beverages
• Paper and Pulp
• Power and Energy
• Metal
• Others (Cement, Marine etc.)