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Heat Exchangers - Global Market Trajectory & Analytics

  • ID: 347951
  • Report
  • July 2020
  • Region: Global
  • 682 Pages
  • Global Industry Analysts, Inc
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Global Heat Exchangers Market to Reach $24.6 Billion by 2027

Amid the COVID-19 crisis, the global market for Heat Exchangers estimated at US$19.6 Billion in the year 2020, is projected to reach a revised size of US$24.6 Billion by 2027, growing at a CAGR of 3.3% over the analysis period 2020-2027. Shell & Tube Heat Exchangers, one of the segments analyzed in the report, is projected to record a 3.7% CAGR and reach US$6.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cooling Towers segment is readjusted to a revised 2.8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $5.3 Billion, While China is Forecast to Grow at 6% CAGR

The Heat Exchangers market in the U.S. is estimated at US$5.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.1 Billion by the year 2027 trailing a CAGR of 6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.9% and 2.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR.

Air Coolers Segment to Record 2.9% CAGR

In the global Air Coolers segment, USA, Canada, Japan, China and Europe will drive the 2.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion in the year 2020 will reach a projected size of US$3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.4 Billion by the year 2027, while Latin America will expand at a 3.8% CAGR through the analysis period. We bring years of research experience to this 18th edition of our report. The 682-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Competitors identified in this market include, among others:
  • Air Products and Chemicals, Inc.
  • Alfa Laval AB
  • API Heat Transfer
  • Balcke-Dürr GmbH
  • Barriquand Technologies Thermiques
  • Danfoss
  • Doosan Corporation
  • Enerquip, Inc.
  • FUNKE WÄRMEAUSTAUSCHER APPARATEBAU GMB
  • Guntner U.S. LLC
  • Harsco Industrial Air-X-Changers
  • Hisaka Works, Ltd
  • HRS Heat Exchangers Ltd
  • Johnson Controls
  • Kelvion
  • Koch Heat Transfer Company
  • McDermott
  • Mersen
  • SmartHeat Inc.
  • SPX Cooling Technologies, Inc.
  • SPX FLOW, Inc.
  • SWEP International AB
  • Tranter Inc.
  • Vahterus Oy
  • Xylem Inc.

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Heat Exchangers: The Most Important & Ubiquitous Process Equipment in Industries

Recent Market Activity

With Global GDP Now Plateauing, It is a Mixed Bag of Opportunities & Challenges for the Heat Exchangers Market

Global PMI Weakens Through the 12-Months of 2018, Triggering Concerns Over the Health of the Manufacturing Industry in 2019

Competition

Market Outlook

Global Competitor Market Shares

Heat Exchangers Competitor Market Share Scenario Worldwide (in %): 2020 & 2029

Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

Air Products and Chemicals, Inc. (USA)

Alfa Laval AB (Sweden)

Tranter Inc. (USA)

API Heat Transfer (USA)

Balcke-Dürr GmbH (Germany)

Barriquand Technologies Thermiques (France)

Danfoss (Denmark)

Doosan Corporation (South Korea)

Enerquip, Inc. (USA)

FUNKE WÄRMEAUSTAUSCHER APPARATEBAU GMB (Germany)

Guntner U.S. LLC (USA)

Hamon Group (Belgium)

Harsco Industrial Air-X-Changers (USA)

Hisaka Works, Ltd (Japan)

HRS Heat Exchangers Ltd (UK)

Johnson Controls (Ireland)

Kelvion (Germany)

Koch Heat Transfer Company (USA)

McDermott

Mersen (USA)

SmartHeat Inc. (USA)

SPX Cooling Technologies, Inc. (USA)

SPX FLOW, Inc. (USA)

SWEP International AB (Sweden)

Vahterus Oy (Finland)

Xylem Inc. (USA)

3. MARKET TRENDS & DRIVERS

Key Market Trends, Drivers & Challenges

Artificial Intelligence Makes Its Revolutionary Presence Felt in the Heat Exchangers Market

Although Weakening, China to Remain a Dominant Market for Heat Exchangers in the Short to Medium Term Period

Wild Oil Prices Bring the Pain Back to the O&G Industry But Spurs the Emphasis on Productivity, Capital Efficiency & Ability to Break-Even at the Lowest Price

Rising Global Energy Needs Drives Stable Growth of Heat Exchangers in the Power Generation/ Utilities Sector

Continued Dominance of Coal & Move to Clean Coal Technologies to Drive the Importance of Heat Exchangers in Enabling Plant Efficiency & Emission Reduction

Focus on Renewable Energy: A Double Win for Heat Exchangers in the Energy Sector

Expected Revival of Nuclear Energy to Drive Opportunities in the Heat Exchangers Market

Focus on Energy Efficiency Drives Up the Revenue Margins for Energy Efficient Heat Exchangers

Energy Efficiency & Cost Savings Step up Market Opportunities for Compact Heat Exchangers

Energy Efficiency Benefits Drive Migration from Shell & Tube to Plate Heat Exchangers

Healthy Market for Processed Food to Benefit Demand for Heat Exchangers in the Food Processing Sector

Healthy Outlook for the World Chemical Industry Extends a Fillip to Heat Exchanger Demand

Stringent Wastewater Treatment Laws Provide Fertile Ground for Heat Exchanger Sales

Uncertainities Resurface After Two Years of Recovery in the Mining Industry, Throwing Heat Exchangers in Mining Applications Back Into Stress

Shortage of Freshwater Spurs Land Based Use of Seawater Heat Exchangers

Water Shortages to Drive Demand for Air Coolers

Innovations in Cooling Tower Design and Technology Crucial to Future Market Growth

Next-generation Factory Assembled Cooling Towers to Positively Impact Bottom Line of HVAC and Industrial Processes

Advancements in Plume Abatement Technologies and Drift Eliminators Address Environmental Concerns and Drive Healthy Demand

New Design and Material Innovations Increase Cooling Efficiency

Innovation in Heat Exchanger Flow Patterns, Fins & Grooves Infuse Vigor in the Marke

R&D Focus on Material Science Helps Leverage Benefits of Newer Raw Materials

Focus on Intelligent Maintenance & Continuous Monitoring of Heat Exchangers Drives Opportunities for Replacement Demand

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

Market Facts & Figures

US Heat Exchangers Market Share (in %) by Company: 2020 & 2025

Market Analytics

CANADA

JAPAN

CHINA

EUROPE

Market Facts & Figures

European Heat Exchangers Market: Competitor Market Share Scenario (in %) for 2020 & 2025

Market Analytics

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION

Total Companies Profiled: 424

Note: Product cover images may vary from those shown
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