The India heat exchanger market size reached US$ 809.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,370.4 Million by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 809.1 Million |
Market Forecast in 2032
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US$ 1,370.4 Million |
Market Growth Rate 2024-2032 | 5.8% |
Heat exchangers are devices employed for transferring heat from one fluid to another and controlling the temperature of a system. They consume less energy and produce significantly less pollution as compared to conventional cooling methods. Consequently, they are gaining wide popularity across India.
The growing population, coupled with rapid urbanization, is escalating the demand for power. This represents one of the primary factors strengthening the growth of the heat exchangers market in India. Apart from this, the increasing adoption of heat exchangers in the installation of new power units represents another growth-inducing factor. Furthermore, the burgeoning chemical and petrochemical sectors, along with the upgradation of conventional heat exchangers with efficient and innovative variants, are driving the market. However, the coronavirus disease (COVID-19) outbreak and the imposition of lockdown restrictions have resulted in temporary closures of operations at several manufacturing units. This severely affected the market growth, but it is anticipated to witness recovery once the Government of India uplifts lockdown restrictions.
IMARC Group provides an analysis of the key trends in each segment of the India heat exchanger market report, along with forecasts at the country and regional levels from 2024-2032. Our report has categorized the market based on type, material and end use industry.
Breakup by Type:
Breakup by Material:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Features | Details |
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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) |
The India heat exchanger market was valued at US$ 809.1 Million in 2023.
We expect the India heat exchanger market to exhibit a CAGR of 5.8% during 2024-2032.
The extensive utilization of heat exchangers in boilers, furnaces, refrigerators, automotive radiators, sewage treatment, etc., is primarily driving the India heat exchanger market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary closure of numerous manufacturing units for heat exchangers.
Based on the type, the India heat exchanger market can be segmented into shell & tube, plate & frame, air cooled, and others. Currently, shell & tube holds the majority of the total market share.
Based on the material, the India heat exchanger market has been divided into carbon steel, stainless steel, nickel, and others. Among these, stainless steel currently exhibits a clear dominance in the market.
Based on the end use industry, the India heat exchanger market can be categorized into chemical, petrochemical and oil & gas, HVAC and refrigeration, food & beverage, power generation, paper & pulp, and others. Currently, the chemical industry accounts for the largest market share.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where South India currently dominates the India heat exchanger market.