Industry: Retail and Consumer | Publish Date: 22-Mar-2024 | No of Pages: 118 | No. of Tables: 86 | No. of Figures: 51 | Format: PDF | Report Code : N/A
The Thailand Heat Exchangers Market size was valued at USD 139.6 million in 2023, and is predicted to reach USD 268.7 million by 2030, with a CAGR of 9.2% from 2024 to 2030.
Heat exchangers, engineered to transfer heat between fluids without direct contact, find extensive use across industrial, commercial, and residential sectors, including HVAC systems and refrigeration units, for efficient fluid or air heating or cooling. Operating by enabling heat transmission through barriers such as solid walls or arrays of plates or tubes, they serve various functions such as heating water in boilers or cooling air in air conditioning units. Available in diverse designs tailored to specific requirements, they range from simple radiator coils to sophisticated systems deployed in chemical processing plants and power generation facilities.
These devices are indispensable across multiple industries and applications, regulating air temperatures in buildings, facilitating steam production in power plants, managing temperatures during chemical reactions, and aiding in food processing, among others. Additionally, they serve as critical components in automotive cooling systems and boast wide-ranging applications in aerospace, marine, and wastewater treatment sectors, where they play pivotal roles in efficient thermal management and energy transfer.
Stringent government regulations concerning energy efficiency serve as a catalyst for market expansion in Thailand. These regulations compel industries to adopt energy-saving technologies and solutions to comply with standards and reduce environmental impact.
As a result, there is a heightened demand for energy-efficient products such as heat exchangers, driving market growth. Additionally, government incentives and initiatives further promote the adoption of energy-efficient practices, creating opportunities for market expansion in Thailand.
The burgeoning industrialization and urbanization in Thailand are significant drivers of market growth. With rapid urban development and expansion of industrial sectors, there is a corresponding increase in demand for various products and services, including heat exchangers.
As industries expand and urban areas grow, there is a greater need for infrastructure, commercial buildings, and residential spaces, all of which require efficient heating, ventilation, and air conditioning (HVAC) systems. Heat exchangers play a crucial role in these systems, driving market growth as they are essential components for heat transfer and thermal management.
Additionally, the rise in industrial activities further boosts demand for heat exchangers in various industrial processes, such as chemical manufacturing and power generation, contributing to overall market expansion in Thailand.
High installation and maintenance costs serve as significant restraints on market growth. The substantial initial investment required for purchasing and installing heat exchangers, coupled with ongoing maintenance expenses, poses challenges for businesses, particularly those with limited financial resources.
Despite the long-term cost savings offered by heat exchangers through enhanced energy efficiency, the perceived financial burden may deter widespread adoption, thereby impeding market growth. Lowering installation and maintenance costs or offering innovative financing options could alleviate this constraint and spur market growth.
Integration with renewable energy systems creates a significant market opportunity by facilitating the efficient utilization of thermal energy generated from renewable sources. Heat exchangers play a crucial role in renewable energy systems, capturing and transferring heat for various applications such as power generation and thermal management.
As the demand for renewable energy continues to grow globally, there is an increasing need for heat exchangers to optimize energy conversion processes and enhance system efficiency. This integration not only expands the application scope of heat exchangers but also contributes to the transition towards sustainable energy solutions, driving market expansion.
Several market players operating in Thailand’s heat exchangers market include Alfa Laval AB, Johnson Controls International plc, Carrier Global Corporation, Lennox International Inc., Trane Technologies plc, API Heat Transfer Inc., Kelvion Holding GmbH, Xylem Inc., Danfoss Group, and General Electric Company among others. These companies are adopting various strategies such as product launches to remain dominant in the heat exchangers market.
Shell & Tube
Fixed Tube Heat Exchangers
U-Tube Heat Exchangers
Floating Head Heat Exchangers
Other Shell & Tube Heat Exchangers
Plate & Frame Heat Exchangers
Gasketed Plate & Frame Heat Exchangers
Welded Plate & Frame Heat Exchangers
Brazed Plate & Frame Heat Exchangers
Other Plate & Frame Heat Exchangers
Forced Draft Heat Exchangers
Induced Draft Heat Exchangers
Others
Metals
Alloys
Brazing-CLAD
Chemical
Energy & Power
HVACR
Food & Beverage
Pulp & Paper
Others
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 139.6 Million |
Revenue Forecast in 2030 |
USD 268.7 Million |
Growth Rate |
CAGR of 9.2% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
|
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Alfa Laval AB
Johnson Controls International plc
Carrier Global Corporation
Lennox International Inc.
Trane Technologies plc
API Heat Transfer Inc.
Kelvion Holding GmbH
Xylem Inc.
Danfoss Group
General Electric Company