2016 – 2026 GLOBAL HEAT EXCHANGER MARKET FORECAST & OPPORTUNITIES
www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING
Scope of Report Product of Interest (POI): Heat Exchanger
Heat exchanger is a device which transfers heat between two or more fluids. Conduction process is used to transfer heat between exchanger materials which separate the mediums being used for the process. Heat exchangers have diverse end-use ranging from space heating, refrigeration, air conditioning, power stations, petrochemical plants, among others.
Market Segmentation
HEAT EXCHANGER MARKET
PRODUCT TYPE
• • •
MATERIAL
Plate & Frame
•
Carbon Steel
Shell & Tube
•
Stainless Steel
Air Cooled
•
Nickel
•
Others
Year Range Review Period
2016 – 2019 Base Year
END USER INDUSTRY
REGION
•
Chemical
•
North America
•
Petrochemical
•
Europe
•
Oil & Gas
•
Middle East & Africa
•
HVACR
•
Asia Pacific
•
Food & Beverage
•
South America
•
Power Generation
•
Others
2020 Estimated Year
2021 Forecast Period
2022 – 2026
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Table of Contents S. No.
Contents
1.
Product Overview (Definition of product and major terminologies used in the report)
2.
Research Methodology (Detailed description of the methodology used to conduct the research, Raw data backup, list of all secondary sources, List of respondents for primary surveys)
3.
Impact of COVID-19 on Global Heat Exchanger Market
4.
Executive Summary (This chapter covers summary of the complete study.)
5.
Global Heat Exchanger Market Outlook, 2016-2026F (This chapter includes a brief overview of the product of interest market such as total market’s growth rate, expected growth rate, key growth levers, leading region, top grossing product types, etc. It includes more of a qualitative information about the market.) 5.1.
Market Size & Forecast 5.1.1.
5.2.
5.3. 6.
Page No.
By Value & Volume
Market Share & Forecast 5.2.1.
By Product Type (Plate & Frame {Brazed, Gasketed, Welded}, Shell & Tube, Air Cooled)
5.2.2.
By Material (Carbon Steel, Stainless Steel, Nickel, and Others)
5.2.3.
By End-User (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Power Generation, and Others)
5.2.4.
By Company (2020)
5.2.5.
By Region (Asia-Pacific, Europe, North America, South America and Middle East & Africa)
Product Market Map
Asia-Pacific Heat Exchanger Market Outlook, 2016-2026F
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Table of Contents S. No.
Contents
6.1.
Market Size & Forecast 6.1.1.
6.2.
6.3.
Page No.
By Value & Volume
Market Share & Forecast
6.2.1.
By Product Type
6.2.2.
By Material
6.2.3.
By End-User
6.2.4.
By Country (China, India, Japan, South Korea, Australia)
Asia-Pacific: Country Analysis 6.3.1.
China Heat Exchanger Market Outlook, 2016-2026F 6.3.1.1.
Market Size & Forecast 6.3.1.1.1.
6.3.1.2.
6.3.2.
By Value & Volume
Market Share & Forecast 6.3.1.2.1.
By Product Type
6.3.1.2.2.
By Material
6.3.1.2.3.
By End-User
India Heat Exchanger Market Outlook, 2016-2026F
4
Table of Contents S. No.
Contents
7.3.2.1.
Market Size & Forecast 7.3.2.1.1.
7.3.2.2.
7.3.3.
By Value & Volume
Market Share & Forecast 7.3.2.2.1.
By Product Type
7.3.2.2.2.
By Material
7.3.2.2.3.
By End-User
Japan Heat Exchanger Market Outlook, 2016-2026F 7.3.3.1.
Market Size & Forecast 7.3.3.1.1.
7.3.3.2.
7.3.4.
Page No.
By Value & Volume
Market Share & Forecast
7.3.3.2.1.
By Product Type
7.3.3.2.2.
By Material
7.3.3.2.3.
By End-User
South Korea Heat Exchanger Market Outlook, 2016-2026F 7.3.4.1.
Market Size & Forecast
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Table of Contents S. No.
Contents
8.2.
8.3.
Page No.
Market Share & Forecast 8.2.1.
By Product Type
8.2.2.
By Material
8.2.3.
By End-User
8.2.4.
By Country (France, Germany, United Kingdom, Italy, Spain)
Europe: Country Analysis 8.3.1.
France Heat Exchanger Market Outlook, 2016-2026F 8.3.1.1.
Market Size & Forecast 8.3.1.1.1.
8.3.1.2.
8.3.2.
By Value & Volume
Market Share & Forecast 8.3.1.2.1.
By Product Type
8.3.1.2.2.
By Material
8.3.1.2.3.
By End-User
Germany Heat Exchanger Market Outlook, 2016-2026F 8.3.2.1.
Market Size & Forecast 8.3.2.1.1.
By Value & Volume
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Contents
8.3.2.2.
8.3.3.
Market Share & Forecast 8.3.2.2.1.
By Product Type
8.3.2.2.2.
By Material
8.3.2.2.3.
By End-User
United Kingdom Heat Exchanger Market Outlook, 2016-2026F 8.3.3.1.
Market Size & Forecast 8.3.3.1.1.
8.3.3.2.
8.3.4.
Page No.
By Value & Volume
Market Share & Forecast 8.3.3.2.1.
By Product Type
8.3.3.2.2.
By Material
8.3.3.2.3.
By End-User
Italy Heat Exchanger Market Outlook, 2016-2026F 8.3.4.1.
Market Size & Forecast 8.3.4.1.1.
8.3.4.2.
By Value & Volume
Market Share & Forecast 8.3.4.2.1.
By Product Type
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Table of Contents S. No.
Contents
8.3.5.
8.3.4.2.1.
By Product Type
8.3.4.2.2.
By Material
8.3.4.2.3.
By End-User
Spain Heat Exchanger Market Outlook, 2016-2026F 8.3.5.1.
Market Size & Forecast 8.3.5.1.1
8.3.5.2.
9.
Page No.
By Value & Volume
Market Share & Forecast 8.3.5.2.1
By Product Type
8.3.5.2.2
By Material
8.3.5.2.3
By End-User
North America Heat Exchanger Market Outlook, 2016-2026F 9.1.
Market Size & Forecast 9.1.1.
9.2.
By Value & Volume
Market Share & Forecast 9.2.1.
By Product Type
8
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Contents
9.3.
9.2.2.
By Material
9.2.3.
By End-User
9.2.4.
By Country (United States, Canada, Mexico)
Page No.
North America: Country Analysis 9.3.1.
United States Heat Exchanger Market Outlook, 2016-2026F 9.3.1.1.
Market Size & Forecast 9.3.1.1.1.
9.3.1.2.
9.3.2.
Market Share & Forecast 9.3.1.2.1.
By Product Type
9.3.1.2.2.
By Material
9.3.1.2.3.
By End-User
Canada Heat Exchanger Market Outlook, 2016-2026F 9.3.2.1.
Market Size & Forecast 9.3.2.1.1.
9.3.2.2.
9.3.3.
By Value & Volume
By Value & Volume
Market Share & Forecast 9.3.2.2.1.
By Product Type
9.3.2.2.2.
By Material
9.3.2.2.3.
By End-User
Mexico Heat Exchanger Market Outlook, 2016-2026F 9.3.3.1.
Market Size & Forecast
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Table of Contents S. No.
Contents
9.3.3.1.1. 9.3.3.2.
10.
Page No.
By Value & Volume
Market Share & Forecast 9.3.3.2.1.
By Product Type
9.3.3.2.2.
By Material
9.3.3.2.3.
By End-User
South America Heat Exchanger Market Outlook, 2016-2026F 10.1.
Market Size & Forecast 10.1.1.
10.2.
10.3.
By Value & Volume
Market Share & Forecast 10.2.1.
By Product Type
10.2.2.
By Material
10.2.3.
By End-User
10.2.4.
By Country (Brazil, Argentina, Colombia)
South America: Country Analysis 10.3.1.
Brazil Heat Exchanger Market Outlook, 2016-2026F 10.3.1.1.
Market Size & Forecast 10.3.1.1.1
By Value & Volume
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Contents
10.3.1.2.
10.3.2.
Market Share & Forecast 10.3.1.2.1.
By Product Type
10.3.1.2.2.
By Material
10.3.1.2.3.
By End-User
Argentina Heat Exchanger Market Outlook, 2016-2026F 10.3.2.1.
Market Size & Forecast 10.3.2.1.1
10.3.2.2.
10.3.3.
Page No.
By Value & Volume
Market Share & Forecast 10.3.2.2.1.
By Product Type
10.3.2.2.2.
By Material
10.3.2.2.3.
By End-User
Colombia Heat Exchanger Market Outlook, 2016-2026F 10.3.3.1.
Market Size & Forecast 10.3.3.1.1
10.3.3.2.
By Value & Volume
Market Share & Forecast 10.3.3.2.1.
By Product Type
10.3.2.2.2.
By Material
10.3.2.2.3.
By End-User
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Table of Contents S. No.
11.
Contents
Page No.
Middle East & Africa Heat Exchanger Market Outlook, 2016-2026F 11.1.
Market Size & Forecast 11.1.1.
11.2.
11.3.
By Value & Volume
Market Share & Forecast 11.2.1.
By Product Type
11.2.2.
By Material
11.2.3.
By End-User
11.2.4.
By Country (Saudi Arabia, South Africa, UAE, Kuwait)
Middle East & Africa : Country Analysis 11.3.2.1 Saudi Arabia Heat Exchanger Market Outlook, 2016-2026F 11.3.1.1.
Market Size & Forecast 11.3.1.1.1.
11.3.1.2.
11.3.2.
By Value & Volume
Market Share & Forecast 11.3.1.2.1.
By Product Type
11.3.1.2.2.
By Material
11.3.1.2.3.
By End-User
UAE Heat Exchanger Market Outlook, 2016-2026F 11.3.2.1.
Market Size & Forecast 11.3.2.1.1.
11.3.2.2.
By Value & Volume
Market Share & Forecast
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Table of Contents S. No.
Contents
11.3.3.
11.3.2.2.1.
By Offering
11.3.2.2.2.
By Frequency
11.3.2.2.3.
By Vertical
South Africa Heat Exchanger Market Outlook, 2016-2026F 11.3.3.1.
Market Size & Forecast 11.3.3.1.1.
11.3.3.2.
11.3.4.
By Value & Volume
Market Share & Forecast 11.3.3.2.1.
By Product Type
11.3.3.2.2.
By Material
11.3.3.2.3.
By End-User
Kuwait Heat Exchanger Market Outlook, 2016-2026F 11.3.4.1.
Market Size & Forecast 11.3.4.1.1.
11.3.4.2.
12.
Page No.
By Value & Volume
Market Share & Forecast 11.3.4.2.1.
By Product Type
11.3.4.2.2.
By Material
11.3.4.2.3.
By End-User
Market Dynamics
12.1.
Drivers
12.2.
Challenges
13
Table of Contents S. No.
Contents
13.
Market Trends & Developments
14.
Competitive Landscape 14.1.
Competition Outlook
14.2.
Company Profiles (Top 10 Market Players)
Page No.
14.2.1. Company Details 14.2.2. Products & Services 14.2.3. Financials (As Reported) 14.2.4. Key Market Focus & Geographical Presence 14.2.5. Recent Developments 14.2.6. Key Management Personnel 15.
Strategic Recommendations
16.
About Us & Disclaimer
14
RESEARCH METHODOLOGY
Research Methodology
Market Profiling
In-depth secondary research was conducted to determine top players in the global heat exchanger market, overall market size and segmental market size.
Formulating Questionnaire
In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.
Developing List of Respondents
Data Collection
Data Validation
Data obtained as a result of primary and secondary research was validated through rigorous triangulation.
TechSci conducted interviews with industry experts and industry players for data collection and verification.
List of industry players and industry specialists was developed.
Primary Research
Data Collection
Data Filter & Analysis
Research & Intelligence
Actionable Insights
Business Solution
LinkedIn TechSci Internal Database
✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion
✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews
Primary Research ✓ ✓
Desk Research
Secondary Research ✓ ✓ ✓ ✓ ✓ ✓ ✓
Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.
Data Analysis
The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the global heat exchanger market.
Company Analysis ✓ Market Participants ✓ Key Strengths
Paid Sources
✓ ✓
Factiva Hoovers
16
Research Methodology Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the global heat exchanger market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing usage of heat
exchanger in oil and gas industries, among others.The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global heat exchanger market.
Methodology Followed for Calculation of Market Size:
•
Market Size by Value & Volume : Market size, in terms of value, for the year 2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as heat exchanger system manufacturers, channel partners, market influencers & end users, industry experts, and other industry participants.
•
The team interviewed more than 15 – 20 heat exchanger system manufacturers, 100 – 120 end users, and 15 – 20 industry experts and other value chain stakeholders in the global heat exchanger market to obtain the overall market size from 2016 to 2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2016-2020.
17
Research Methodology •
Respondents were asked about the current and future market growth rates, market shares by product type, material, end-user, by each region, and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various type were further triangulated from other stakeholders.
Methodology Followed for Calculation of Market Shares: •
Market shares by product type, material, end-user, by each region, and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various types of heat exchanger. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.
Methodology Followed for Forecasting: •
TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.
•
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global heat exchanger market, TechSci Research used various forecast techniques such as: ✓
Moving Average
✓
Time Series Analysis
✓
Regression Analysis
✓
Econometric and Judgmental Analysis
18
Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million. Partial List of Companies Interviewed
Key Secondary Sources
▪ ALFA Laval AB
▪ World Bank
▪ GEA Group Aktiengesellschaft
▪ International Monetary Fund (IMF)
▪ Xylem Incorporated
▪ TechSci Research Proprietary Database & Knowledge Repository
▪ SPX Corporation
▪ Company Annual Reports
▪ Danfoss
▪ Industry Magazines
▪ Hamon & Cie (International) SA ▪ Modine Manufacturing Company
▪ Industry Reports ▪ News Dailies ▪ Credible Paid Databases
▪ FUNKE Wärmeaustauscher Apparatebau GmbH ▪ Sondex Holding
▪ API Heat Transfer Incorporated
19
Industry Brief
According to TechSci Research report, “Global Graphite Heat Exchanger Market By Product, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global graphite heat exchanger market is projected to grow at a CAGR of over 7% during 2019-2024. Anticipated growth in the market can be attributed to graphite heat exchangers’ environment friendly nature and various advantages such as high operating efficiency and reduced energy consumption. Graphite heat exchangers are used across a wide range of applications, including chemical plants, petroleum refineries, petrochemical plants and food processing plants. Graphite is one of the most costeffective materials to be used, thereby positively influencing global graphite heat exchanger market during the forecast period. By end user, global graphite heat exchanger market has been categorized into chemical, petrochemical, metal surface treatment, pharmaceutical, food & beverages and other industries. The chemical industry led the market in 2018 and is expected to account for majority of the global market in coming years, owing to growing demand for chemicals in emerging economies. Asia-Pacific dominated global heat exchanger market over the past few years and is likely to maintain its leading market position during 2019-2024, on account of increasing government spending on activities in the oil & gas sector. Moreover, growing need from chemicals and hydrocarbons sectors would drive the region’s graphite heat exchanger market during the forecast period. “Demand for graphite heat exchangers is growing rapidly, owing to power requirement for commercial and noncommercial purposes, on account of rising population and economic growth in developing nations. Rapid industrialization in developing countries of Asia-Pacific like India, China and Japan is expected to offer lucrative growth opportunities to players operating in graphite heat exchanger market over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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Sample Data - Snapshot Global Heat Exchanger Market Size, By Value (USD Million) & Volume (Million Units), 2016–2026F
5.00 10.00 2016
7.00 30.00
6.00 20.00
8.00 40.00
CAGR By Value & Volume
XX%
9.00 50.00
10.00 60.00
2020
2021E
12.00 80.00
11.00 70.00
14.00 100.00
13.00 90.00
CAGR By Value & Volume
YY%
By Value (USD Million)
15.00 110.00
2026F
By Volume (Million Units)
Europe Heat Exchanger Market Share, By Product Type, By Value, 2016–2026F Plate & Frame
Shell & Tube
34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
2026F 2025F 2024F 2023F 2022F 2021E 2020 2019 2018 2017 2016
Air Cooled
33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
Germany Heat Exchanger Market Share, By Material, By Value, 2016–2026F Carbon Steel 2026F
2025F 2024F 2023F 2022F 2021E 2020 2019 2018 2017 2016
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Stainless Steel
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Nickel
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Others
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
21
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22
About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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•
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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.