India Heat Exchanger Market to Reach US$ 1,370.4 Million by 2032, Stimulated by Rapid Technological Advancements

July 27, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “India Heat Exchanger Market Report by Type (Shell & Tube, Plate & Frame, Air Cooled, and Others), Material (Carbon Steel, Stainless Steel, Nickel, Others), End Use Industry (Chemical, Petrochemical and Oil & Gas, HVAC and Refrigeration, Food & Beverage, Power Generation, Paper & Pulp, and Others), and Region 2024-2032,” the India heat exchanger market size reached US$ 809.1 Million in 2023. A heat exchanger is a device used to transfer heat between two or more fluids without allowing them to mix. It is critical in numerous industrial processes and applications where efficient heat transfer is essential. It is employed in various industries, including HVAC systems, power generation, chemical processing, oil and gas, refrigeration, and automotive. The operation of a heat exchanger involves the exchange of thermal energy between fluids of different temperatures. It consists of tubes or plates designed to maximize surface area and facilitate heat transfer. The fluids can flow parallel or counterflow, transferring heat through conduction and convection. Heat exchangers offer several advantages, including energy efficiency, reduced operating costs, compact design, and environmental sustainability. They enable the recovery and reuse of waste heat, enhance system performance, and contribute to overall energy conservation. It is a vital component in a wide range of industries, allowing for efficient heat transfer, energy conservation, and improved process performance.

India Heat Exchanger Market Trends:

The market in India is primarily driven by the expansion of the heating, ventilation, and air conditioning (HVAC) industry. In line with this, the rising adoption of renewable energy sources, such as solar and geothermal, which require heat exchangers for efficient energy conversion, is significantly contributing to the market. Furthermore, the escalating construction activities and infrastructure development across the country are positively influencing the market. Apart from this, the stringent regulations and standards promoting energy conservation and emission reduction are creating a positive outlook for the market. Moreover, rapid industrialization and the need for efficient heat management in manufacturing processes are catalyzing the market. Besides, the increasing demand for heat recovery systems in various industries to reduce energy consumption and operational costs is propelling the market. The expansion of the chemical processing industry, which heavily relies on heat exchangers for temperature control and heat transfer, is bolstering the market. Additionally, the rising focus on waste heat recovery and utilization in various industrial processes is fostering the market. Some of the other factors driving the market include the growing product demand in the oil and gas industry for refining, processing, and liquefaction applications, the rapid product adoption in the food and beverage industry for pasteurization, sterilization, and cooling applications, and the escalating product uptake in the automotive sector for engine cooling and exhaust gas recirculation (EGR) systems. Looking forward, the market value is projected to reach US$ 1,370.4 Million by 2032, expanding at a CAGR of 5.8% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented as shell and tube, plate and frame, air cooled, and others.
  • On the basis of the material, the market has been classified into carbon steel, stainless steel, nickel and others.
  • Based on the end user industry, the market has been divided into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others.
  • Region-wise, the market has been segmented into North India, West and Central India, South India, and East India.
  • The competitive landscape of the market has also been examined along with the profiles of the key players.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Type, Material, End Use Industry, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
India Heat Exchanger Market to Reach US$ 1,370.4 Million by 2032, Stimulated by Rapid Technological Advancements
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More