India Heat Exchanger Market size is projected to grow at a CAGR of 11.9% during 2024E-2030F

Steel heat exchangers, by material types, attained the highest revenue share in India Heat Exchanger Market – 6Wresearch

In 2023, the heat exchanger market was predominantly driven by steel heat exchangers, which contributed a substantial share of the revenue. This dominance is due to steel's superior performance in withstanding high temperatures and resisting corrosion, outperforming other materials like Hastelloy and Titanium.

According to 6Wresearch, India Heat Exchanger Market size is projected to grow at a CAGR of 11.9% during 2024E-2030F. In recent years, India's heat exchanger market has seen rapid growth, driven by demand from the chemical, pharmaceutical, oil and gas, power, and HVAC sectors. The Indian chemical industry, valued at US$ 220 billion in 2022, is expected to reach US$ 300 billion by 2025, making India the 6th largest global producer and 3rd largest in Asia. This sector contributes 7% to India's GDP, with projected investments of Rs. 8 lakh crore (US$ 107.38 billion) by 2025.

In the same manner, the pharmaceutical market is projected to grow from US$ 65 billion in 2024 to US$ 130 billion by 2030. This industry includes 3,000 drug companies and 10,500 manufacturing units, contributing 1.72% to GDP. These expansions highlight the vital role of heat exchangers in industrial growth and technological advancements in India. In the forthcoming years, India heat exchanger market is set for substantial growth due to industrialization, energy efficiency, and infrastructure investments. Refinery expansions will boost crude oil processing, and increased petroleum production will meet rising demand. Natural gas production and consumption will grow as the government increases its energy share.

Further, The National Electricity Plan targets 820 GW of power capacity by 2030, with renewable energy capacity reaching 150 GW in 2023 and aiming for 500 GW by 2030. The need for efficient thermal management in key sectors, supported by favorable policies and technological advancements, ensures strong growth for the heat exchanger market.

According to Sumit, Research Associate, 6Wresearch, in 2023, the chemical sector commanded a substantial share of the revenue in the Indian heat exchanger market, driven by the industry's need for precise temperature control, efficient cooling, and effective heat transfer. The chemical industry frequently engages in processes that rely heavily on heat exchangers to manage these requirements efficiently.

India Heat Exchanger Market (2024-2030) report provides an in-depth analysis with 27 figures and 7 tables, covered in 84 pages. The report comprehensively covers the market by cables, installation, voltage and application The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.