The global heat exchangers market accounted for $16,624.0 million in 2018, and is anticipated to reach $29,316.0 million by 2026, registering a CAGR of 7.2% from 2019 to 2026. Heat exchangers are devices designed to transfer heat between two or more fluids and between a solid surface and fluids at different temperatures.
Heat exchangers are highly labor-intensive to produce, which is attributed to the long welding hours that are required. The different types of heat exchangers products and dimensions reduce manufacturing efficiency. This is one of the major reasons production is increasingly being shifted to developing countries owing to availability of cheap labor. Only the standard products are manufactured in developing countries as of now; however, in future, custom-made heat exchangers are anticipated to be produced in developing countries such as India, and China. However, high cost of raw materials used for manufacture of shell & tube heat exchangers is expected to inhibit the growth to some extent.
The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region. Depending on type, the market is categorized into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of end-user industry, it is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, others. The materials of construction covered in the study include carbon steel, stainless steel, nickel, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Type
By End-User Industry
By Material of Construction
By Region
North America
Europe
Asia-Pacific
LAMEA
KEY MARKET PLAYERS
The other players in the value chain include of the market includes HRS Heat Exchangers, Thermax Global, Harsco Industrial Air-X-Changers, Radiant Heat Exchanger, Air Products and Chemicals, Doosan Corporation, Sierra, Mersen, Barriquand Technologies, Swep International, and others.
The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region. Depending on type, the market is categorized into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of end-user industry, it is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, others. The materials of construction covered in the study include carbon steel, stainless steel, nickel, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global heat exchangers market from 2019 to 2026 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- The market size is provided in terms of revenue.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the heat exchanger industry for strategy building.
- Profiles of leading players operating in the market are provided to understand the competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
KEY MARKET SEGMENTS
By Type
- Shell & Tube
- Plate & Frame
- Air-Cooled
- Microchannel
- Others
By End-User Industry
- Chemical
- Petrochemical
- Oil & Gas
- HVACR
- Food & Beverage
- Power Generation
- Others
By Material of Construction
- Carbon Steel
- Stainless Steel
- Nickel
- Others
By Region
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Spain
- Italy
- UK
- Russia
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- New Zealand
- Malaysia
- Indonesia
- Philippines
- Thailand
- Vietnam
- Rest of Asia-Pacific
LAMEA
- Saudi Arabia
- UAE
- Kuwait
- Qatar
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- API Heat Transfer
- Brask, Inc.
- Danfoss A/S
- Güntner GmbH & Co. KG
- Kelvion Holding GmbH
- Koch Industries, Inc.
- Lytron Inc.
- Thermofin
- Xylem Inc.
The other players in the value chain include of the market includes HRS Heat Exchangers, Thermax Global, Harsco Industrial Air-X-Changers, Radiant Heat Exchanger, Air Products and Chemicals, Doosan Corporation, Sierra, Mersen, Barriquand Technologies, Swep International, and others.
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Global Heat Exchanger Market, By Type
Chapter 5: Global Heat Exchanger Market, By End-User Industry
Chapter 6: Global Heat Exchanger Market, By Material of Construction
Chapter 7: Global Heat Exchanger Market, By Region
Chapter 8: Company Profiles
Executive Summary
According to the report titled,'Heat Exchangers Market by Type, End-User Industry, and Material of Construction: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global heat exchangers market accounted for revenue of $16,624.0 million in 2018 and is anticipated to generate $29,316.0 million by 2026. The market is projected to grow at a CAGR of 7.2% from 2019 to 2026.Heat exchangers are devices that transfer heat from one fluid (liquid or gas) to another fluid (liquid or gas) without being in direct contact with each other. Moreover, heat exchangers, also known as regenerators, are used in end-user industries such as chemical, petrochemical, oil & gas, to minimize the loss of heat. As the incoming and outgoing fluids move in opposite directions, they are also known as counter-flow heat exchangers. Heat exchangers are designed as per end-user industry’s requirements. For instance, they are manufactured for a wide range of light hydrocarbons in the oil & gas industry. In addition, they are utilized for onshore, offshore, and floating applications such as in gas dew point control, NGL recovery, LNG liquefaction, and in sour gas compression cooling. In addition, heat exchangers are widely used in industrial oil coolers, boilers, chilled water systems, transmission & engine coolers, condensers, and evaporators in refrigeration systems to prevent excessive loss of energy during the transfer of heat. Various industries have adopted high-end energy-saving heat exchangers to mitigate the issue of their loss owing to the rise in the cost of energy.
The heat exchangers market is driven by numerous factors such as high demand from emerging economies, increase in energy prices, technological advancements in heat exchangers, and others. There is a significant rise in demand from developing economies such as India, China, and Indonesia, owing to the rapid industrialization. However, scaling is one of the reasons that increases the maintenance cost of heat exchangers. On the contrary, rise in demand for heat exchangers from the nuclear power plant for power generation is anticipated to offer lucrative growth opportunity to the market.
The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of end-user industry, it is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and others. By material of construction, the heat exchangers market is categorized into carbon steel, stainless steel, nickel, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America countries analyzed in the report are the U.S., Canada, and Mexico. Europe is analyzed across Germany, France, Spain, Italy, the UK, Russia, and rest of Europe. Countries analyzed under Asia-Pacific are China, Japan, India, South Korea, Australia, New Zealand, Malaysia, Indonesia, Philippines, Thailand, Vietnam, and rest of Asia-Pacific. LAMEA is studied across Saudi Arabia, UAE, Kuwait, Qatar, South Africa, and rest of LAMEA. Heat exchangers market share has been analyzed across all regions.
Based on type, the shell & tube segment occupied the highest share of 30% in 2018, and is anticipated to continue its dominance throughout the analysis period. It is highly adopted in numerous end–user industries owing to its characteristics such as easy maintenance, high efficiency, compatible in high-pressure applications, compact design, and others
Based on end-user industry, the oil & gas industry is anticipated to grow at the fastest rate. This is due to significant surge in demand for heat exchangers from countries such as India, China, and U.S., owing to the rise in number of oil and gas industries; specifically in India, and China, where increase in oil usage has resulted in high investment for improving the refining capacity.
On the basis of material of construction, stainless steel accounted for the highest market share of 33.7% in 2018. As compared to other types of materials, stainless steel is highly adopted for manufacturing heat exchangers owing to its characteristics such as resistance to different types of deposited residues such as limestone, high durability, and excellent resistance to corrosion.
Based on Region, Europe is expected to garner the highest market share. This is owing to factors such as huge presence of end-user industries such as chemical industries, food & beverage industries, petrochemical, and others.
The market analysis covers in-depth information of major industry participants. The key players operating and profiled in the market include API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc.
Other players in the value chain of the market include HRS Heat Exchangers, Thermax Global, Harsco Industrial Air-X-Changers, Radiant Heat Exchanger, Air Products and Chemicals, Doosan Corporation, Sierra, Mersen, Barriquand Technologies, Swep International, and others.
Key Findings of The Heat Exchangers Market:
Based on type, the shell and tube segment is expected to grow at the fastest growth rate of 7.6%
Based on end-user industry, oil & gas is expected to experience rapid growth with a rate of 7.9%
The Asia-Pacific heat exchangers market is projected to grow at the highest CAGR of nearly 7.6%, in terms of revenue, during the forecast period
A comprehensive analysis of the factors that drive and restrain the heat exchangers market growth is provided
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves
The qualitative data in this report aims at the market dynamics, heat exchangers market trends, and developments in the heat exchanger industry
The quantitative data provides the heat exchangers market size in terms of revenue
Companies Mentioned
- API Heat Transfer
- BraskInc.
- Danfoss A/S
- Güntner GmbH & Co. KG
- Kelvion Holding GmbH
- Koch IndustriesInc.
- Lytron Inc.
- Thermofin
- Xylem Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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