The market for heat exchangers has considerably grown in the recent years in developing nations such as China, India, and Japan, owing to increase in investments in chemicals, petrochemicals, oil & gas, and heat ventilation and air conditioning and refrigeration (HVACR) industries. Moreover, shell & tube heat exchangers have enhanced demand across aforementioned regions, owing to its wide operating pressure, temperature range, and growth of chemical industry. In addition, high purity standards, stringent environmental regulations, surge of energy demand in Asia-Pacific and LAMEA drive the shell & tube heat exchangers market on a very large scale. The heat exchangers market was valued at $12,611 million in 2015, and is expected to reach $20,118 million by 2022. However, the increase in cost of raw materials used for shell & tube heat exchangers manufacturing is expected to inhibit the growth to some extent.
The shell & tube heat exchangers are process equipment’s that facilitate the exchange of heat between two fluids, which are at different temperatures while they restrict the blending of liquids. In addition, emerging trends that have a direct impact on the dynamics of the chemical industry include development of waste heat recovery heat exchangers and introduction of exhaust gas re-circulation coolers. The demand for heat exchangers is also expected to surge, with the growth of chemical, petrochemical, and oil & gas industries. In addition, rise in number of oil-field projects and development in infrastructure augment the market growth. However, the heat exchanger market is expected to decline with the entry of new vendors and startups.
The heat exchanger market is segmented based on type, end-user industry, material of construction, and geography. Based on type segment, the market is classified into shell & tube, plate & frame, air-cooled, micro-channel, and others (gasketed, welded, brazed, and finned tube). The plate & frame type segment registered significant growth during 2014 and is expected to grow throughout the forecasted years. The oil and gas industry segment is estimated to grow at a significant CAGR of 6.7% during the forecast period. By material of construction, the market is segmented into carbon-steel, stainless-steel, nickel and others (nickel alloys, copper, titanium, molybdenum). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for more than one-fourth share of the total revenue in 2015, followed by Latin America and Asia-Pacific.
Key market players have invested in R&D activities to develop advanced products to cater to the demand for end users. The key players in the heat exchangers market include:
API Heat Transfer Inc.
Alfa Laval AB
Hrs Heat Exchangers Ltd.
Hughes Anderson Heat Exchangers Inc.
Kelvion Holdings GmbH
Koch Heat Transfer Co.
Manning and Lewis
Southern Heat Exchanger Corp. (SHECO)
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current and emerging trends, estimations, and opportunities during the forecast period in the heat exchangers market.
Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Comprehensive regional analysis of the market based on primary and secondary sources is provided.
Extensive analysis of the market is conducted by following key product positioning and by monitoring the top competitors.
The report provides extensive qualitative insights on the significant segments or regions.
The report provides key insights on strategic analysis of various companies and value chain analysis of the market.
KEY MARKET SEGMENTS
Shell & Tube
Plate & Frame
Others (Gasketed, welded, Brazed, and Finned Tube)
By End-User Industry
Oil & Gas
Food & Beverage
By Material of Construction
Others (Nickel Alloys, Copper, Titanium, and Molybdenum)
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
Other players in the value chain (profiles not included in the report) include: -
Hisaka Works Ltd.
Mitsubishi Heavy Industries, Ltd.
Smart Heat Incorporated
Swep International AB
*The above list of companies is not profiled in the report, but can be added based on client interest.
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENT
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tool & Model
CHAPTER 2. EXECUTIVE SUMMARY
2.1. MARKET SNAPSHOT
2.2. CXO PERSPECTIVES
CHAPTER 3. MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top Investment Pockets
3.2.2. Top Winning Strategies
3.3. PORTERS FIVE FORCES ANALYSIS
3.4. MARKET DYNAMICS
22.214.171.124. Environmental regulations driving the demand for the heat exchangers
126.96.36.199. Growth of end-user industries
188.8.131.52. Growing preference for heat exchanger in oil & gas industries
184.108.40.206. Volatile nature of raw material prices
220.127.116.11. Corrosion and fouling problems related with heat exchangers
18.104.22.168. Increasing demand for heat exchangers in nuclear power for power generation
3.5. KEY PLAYER POSITIONING
CHAPTER 4. GLOBAL HEAT EXCHANGERS MARKET, BY TYPE
4.1.1. Market Size and Forecast
4.2. SHELL AND TUBE
4.2.1. Key Market Trends, Growth Factors, and Opportunities
4.2.2. Market Size and Forecast
4.3. PLATE AND FRAME
4.3.1. Key Market Trends, Growth Factors, and Opportunities
4.3.2. Market Size and Forecast
4.4.1. Key Market Trends, Growth Factors, and Opportunities
4.4.2. Market Size and Forecast
4.5.1. Key Market Trends, Growth Factors, and Opportunities
4.5.2. Market Size and Forecast
4.6. OTHERS (GASKETED, BRAZED, WELDED, AND FINNED TUBE)
4.6.1. Key Market Trends, Growth Factors, and Opportunities
4.6.2. Market Size and Forecast
CHAPTER 5. GLOBAL HEAT EXCHANGERS MARKET, BY END-USER INDUSTRY
5.1.1. Market Size and Forecast
5.2.1. Key Market Trends, Growth Factors, and Opportunities
5.2.2. Market Size and Forecast
5.3.1. Key Market Trends, Growth Factors, and Opportunities
5.3.2. Market Size and Forecast
5.4. OIL AND GAS
5.4.1. Key Market Trends, Growth Factors, and Opportunities
5.4.2. Market Size and Forecast
5.5.1. Key Market Trends, Growth Factors, and Opportunities
5.5.2. Market Size and Forecast
5.6. FOOD AND BEVERAGE
5.6.1. Key Market Trends, Growth Factors, and Opportunities
5.6.2. Market Size and Forecast
5.7. POWER GENERATION
5.7.1. Key Market Trends, Growth Factors, and Opportunities
5.7.2. Market Size and Forecast
CHAPTER 6. GLOBAL HEAT EXCHANGERS MARKET, BY MATERIAL OF CONSTRUCTION
6.1.1. Market Size and Forecast
6.2. CARBON STEEL
6.2.1. Key Market Trends, Growth Factors, and Opportunities
6.2.2. Market Size and Forecast
6.3. STAINLESS STEEL
6.3.1. Key Market Trends, Growth Factors, and Opportunities
6.3.2. Market Size and Forecast
6.4.1. Key Market Trends, Growth Factors, and Opportunities
6.4.2. Market Size and Forecast
6.5. OTHERS (NICKEL ALLOYS, TITANIUM, COPPER AND MOLYBDENUM)
6.5.1. Key Market Trends, Growth Factors, and Opportunities
6.5.2. Market Size and Forecast
CHAPTER 7. GLOBAL HEAT EXCHANGERS MARKET, BY GEOGRAPHY
7.1.1. Market Size and Forecast
7.2. NORTH AMERICA
7.2.1. Key Market Trends, Growth Factors, and Opportunities
7.2.2. Market Size and Forecast
22.214.171.124. Market size and forecast, by type
126.96.36.199. Market size and forecast, by type
188.8.131.52. Market size and forecast, by type
7.3.1. Key Market Trends, Growth Factors, and Opportunities
7.3.2. Market Size and Forecast
184.108.40.206. Market size and forecast, by type
220.127.116.11. Market size and forecast, by type
18.104.22.168. Market size and forecast, by type
22.214.171.124. Market size and forecast, by type
126.96.36.199. Market size and forecast, by type
7.3.8. Rest of Europe
188.8.131.52. Market size and forecast, by type
7.4.1. Key Market Trends, Growth Factors, and Opportunities
7.4.2. Market Size and Forecast
184.108.40.206. Market size and forecast, by type
220.127.116.11. Market size and forecast, by type
18.104.22.168. Market size and forecast, by type
22.214.171.124. Market size and forecast, by type
126.96.36.199. Market size and forecast, by type
7.4.8. Rest of Asia-Pacific
188.8.131.52. Market size and forecast, by type
7.5.1. Key Market Trends, Growth Factors, and Opportunities
7.5.2. Market Size and Forecast
184.108.40.206. Market size and forecast, by type
220.127.116.11. Market size and forecast, by type
7.5.5. South Africa
18.104.22.168. Market size and forecast, by type
7.5.6. Rest of LAMEA
22.214.171.124. Market size and forecast, by type
CHAPTER 8. COMPANY PROFILES
8.1. ALFA-LAVAL AB
8.1.1. Company Overview
8.1.2. Company Snapshot
8.1.3. Operating Business Segments
8.1.4. Business Performance
8.1.5. Key Strategic Moves and Developments
8.2. KELVION HOLDINGS GMBH
8.2.1. Company Overview
8.2.2. Company Snapshot
8.2.3. Operating Business Segments
8.2.4. Business Performance
8.2.5. Key Strategic Moves and Developments
8.3. DANFOSS A/S
8.3.1. Company Overview
8.3.2. Company Snapshot
8.3.3. Operating Business Segments
8.3.4. Business Performance
8.3.5. Key Strategic Moves and Developments
8.4. SPX CORPORATION
8.4.1. Company Overview
8.4.2. Company Snapshot
8.4.3. Operating Business Segments
8.4.4. Business Performance
8.4.5. Key Strategic Moves and Developments
8.5. XYLEM INCORPORATION
8.5.1. Company Overview
8.5.2. Company Snapshot
8.5.3. Operating Business Segments
8.5.4. Business Performance
8.5.5. Key Strategic Moves and Developments
8.6. BRASK INCORPORATION
8.6.1. Company Overview
8.6.2. Company Snapshot
8.6.3. Operating Business Segments
8.6.4. Business Performance
8.6.5. Key Strategic Moves and Developments
8.7. KOCH HEAT TRANSFER COMPANY
8.7.1. Company Overview
8.7.2. Company Snapshot
8.7.3. Operating Business Segments
8.7.4. Business Performance
8.7.5. Key Strategic Moves and Developments
8.8. MANNING AND LEWIS
8.8.1. Company Overview
8.8.2. Company Snapshot
8.8.3. Operating Business Segments
8.8.4. Business Performance
8.8.5. Key Strategic Moves and Developments
8.9. API HEAT TRANSFER INCORPORATION
8.9.1. Company Overview
8.9.2. Company Snapshot
8.9.3. Operating Business Segments
8.9.4. Business Performance
8.9.5. Key Strategic Moves and Developments
8.10. HUGHES ANDERSON HEAT EXCHANGERS
8.10.1. Company Overview
8.10.2. Company Snapshot
8.10.3. Operating Business Segments
8.10.4. Business Performance
8.10.5. Key Strategic Moves and Developments
Heat exchangers are devices designed to transfer heat between two or more fluids and between a solid surface and fluids at different temperatures. In several heat exchangers, such as gasketed and brazed type, heat transfer between fluids takes place through a separating wall or heat transfer takes place in and out of a wall in a transient manner (transfer of heat from one medium to another medium. In heat exchangers, such as gasketed plate heat exchanger, the fluids are separated by a compact and lightweight heat transfer surface, thereby avoiding sizing problems of heat exchanger and acting as efficient method for heat exchange between two liquid streams. These are used in power plants, chemical plants, tural gas processing, sewage treatment, and petroleum refineries. They are also used in air conditioning and ventilation applications as they remove heat from engine. Moreover, enormous applications of plate & frame exchangers in food & beverage, petroleum, chemical-, and hydrocarbon processing is expected to propel the market growth in coming years.
Currently, the global heat exchangers market witnesses numerous opportunities, owing to rapid increase in development of end-user industry in Asia-Pacific and LAMEA. Governments of emerging tions are facing persistent power shortages issues, thereby taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants powered by steam & gas turbines are commissioned, thereby acting as an emerging factor for the growth of the market. Tremendous rise in the renewable energy sector over the past few years is at surge for heat exchanger industry owing to various ongoing projects for improving power generation capacity.
Shell & tube heat exchanger accounted for nearly one-fourth share, in terms of value, in 2015. In response to the rise of shell & tube heat exchanger in engine coolers, condensers, and in refrigeration systems witness high demand globally. Furthermore, increase in demand for shell & tube in oil & gas exploration processes act as a key factor responsible for market growth.
Key findings of the Heat Exchangers Market
In terms of value, the shell & tube type is anticipated to show the highest growth rate of 7.3% during the alysis period.
LAMEA is projected to maintain its lead throughout 2022, and is projected to grow at a CAGR of 7.2%, in terms of value.
Chemical industry segment occupied approximately one-fourth of the total market in 2015.
France occupied around one-eigth of the total Europe heat exchangers market in 2015.
In terms of value, Japan is expected to grow at a CAGR of 7.7% from 2016 to 2022.
In 2015, Asia-Pacific and Europe collectively accounted for more than half of the total heat exchangers market, and are expected to continue this trend, due to increase in demand for heat exchangers in petrochemical and oil & gas industries, specifically in Chi, India, Japan, Brazil, and other developing countries.
The major companies profiled in the report include API Heat Transfer Inc., Alfa Laval AB, Brask Inc., Hrs Heat Exchangers Ltd., Hughes Anderson Heat Exchangers Inc., Kelvion Holdings GmbH, Koch Heat Transfer Co., Manning and Lewis, SPX Corporation, Southern Heat Exchanger Corporation., (SHECO) and Xylem Inc.
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.