Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2023

Table of Contents

1 INTRODUCTION 16

1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.3.1 YEARS CONSIDERED FOR THE STUDY 17
1.4 CURRENCY 18
1.5 LIMITATIONS 18
1.6 STAKEHOLDERS 18

2 RESEARCH METHODOLOGY 19

2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.1.1 Key data from secondary sources 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Key data from primary sources 21
2.1.2.2 Key industry insights 21
2.1.2.3 Breakdown of primary interviews 22
2.2 MARKET SIZE ESTIMATION 22
2.2.1 BOTTOM-UP APPROACH 22
2.2.2 TOP-DOWN APPROACH 23
2.3 DATA TRIANGULATION 24
2.4 RESEARCH ASSUMPTIONS 25

3 EXECUTIVE SUMMARY 26
4 PREMIUM INSIGHTS 30

4.1 SIGNIFICANT OPPORTUNITIES IN THE HEAT EXCHANGERS MARKET 30
4.2 HEAT EXCHANGERS MARKET, BY TYPE 30
4.3 HEAT EXCHANGERS MARKET, BY APPLICATION 31
4.4 HEAT EXCHANGERS MARKET IN THE APAC REGION 31
4.5 HEAT EXCHANGERS MARKET, BY REGION 32

5 MARKET OVERVIEW 33

5.1 INTRODUCTION 33
5.1.1 DRIVERS 34
5.1.1.1 Surging energy prices 34
5.1.1.2 Rapid industrial expansions in the developing markets of APAC 34
5.1.1.3 Stringent environmental regulations 35
5.1.1.4 Increase in HVACR deployments and growth in industrial activities 35
5.1.1.5 Technological advancements in the heat exchangers market 35
5.1.2 RESTRAINTS 36
5.1.2.1 Slow growth of the market in Europe and North America 36
5.1.2.2 Lack of awareness about energy efficiency in buildings 36
5.1.3 OPPORTUNITIES 36
5.1.3.1 Growing demand for nuclear power generation 36
5.1.3.2 Large aftermarket for heat exchangers 37
5.1.4 CHALLENGES 37
5.1.4.1 Fluorinated greenhouse gas regulations 37
5.2 PORTER’S FIVE FORCES 38
5.2.1 THREAT OF NEW ENTRANTS 38
5.2.2 THREAT OF SUBSTITUTES 39
5.2.3 BARGAINING POWER OF BUYERS 39
5.2.4 BARGAINING POWER OF SUPPLIERS 39
5.2.5 INTENSITY OF COMPETITIVE RIVALRY 40

6 MACROECONOMIC INDICATORS 41

6.1 INTRODUCTION 41
6.2 TRENDS AND FORECAST OF GDP 41
6.3 CHEMICAL INDUSTRY 42
6.4 ENERGY CONSUMPTION DATA, 2016 43
6.5 CRUDE OIL PRODUCTION DATA, 2016 43
6.5.1 NUCLEAR ENERGY 44
6.6 STEEL INDUSTRY 44

7 HEAT EXCHANGERS MARKET, BY TYPE 45

7.1 INTRODUCTION 46
7.2 SHELL & TUBE HEAT EXCHANGERS 47
7.2.1 TUBULAR HEAT EXCHANGERS 47
7.3 PLATE & FRAME HEAT EXCHANGERS 47
7.3.1 GASKETED PLATE & FRAME HEAT EXCHANGERS 47
7.3.2 WELDED PLATE & FRAME HEAT EXCHANGERS 48
7.3.3 BRAZED HEAT EXCHANGERS 48
7.4 AIR COOLED HEAT EXCHANGERS 48
7.5 OTHERS 48
7.5.1 EXTENDED SURFACE HEAT EXCHANGERS 48
7.5.2 REGENERATIVE HEAT EXCHANGERS 48
 

8 HEAT EXCHANGERS MARKET, BY APPLICATION 49

8.1 INTRODUCTION 50
8.2 CHEMICAL 51
8.2.1 FINE CHEMICALS & PHARMACEUTICAL 51
8.3 PETROCHEMICAL AND OIL & GAS 51
8.3.1 OIL & GAS HEATER 51
8.4 HVACR 52
8.5 FOOD & BEVERAGE 52
8.5.1 SUGAR AND ETHANOL PRODUCTION 52
8.5.2 OTHER APPLICATIONS 52
8.6 POWER GENERATION 53
8.7 PULP & PAPER 53
8.8 OTHERS 53

9 HEAT EXCHANGERS MARKET, BY GRAPHITE 54

9.1 INTRODUCTION 55
9.2 CUBIC HEAT EXCHANGERS 55
9.3 GRAPHITE BLOCK HEAT EXCHANGERS 55
9.4 POLYTUBE GRAPHITE SHELL & TUBE BLOCK HEAT EXCHANGERS 55

10 PRINTED CIRCUIT HEAT EXCHANGERS MARKET 57

10.1 INTRODUCTION 58

11 HEAT EXCHANGERS MARKET, BY REGION 59

11.1 INTRODUCTION 60
11.2 NORTH AMERICA 62
11.2.1 US 65
11.2.2 CANADA 66
11.2.3 MEXICO 67
11.3 APAC 68
11.3.1 CHINA 71
11.3.2 INDIA 72
11.3.3 JAPAN 73
11.3.4 SOUTH KOREA 75
11.3.5 REST OF APAC 76
11.4 EUROPE 77
11.4.1 GERMANY 80
11.4.2 FRANCE 81
11.4.3 ITALY 82
11.4.4 UK 83
11.4.5 SWEDEN 84
11.4.6 RUSSIA 85
11.4.7 TURKEY 86
11.4.8 REST OF EUROPE 87
11.5 MIDDLE EAST & AFRICA 89
11.5.1 SAUDI ARABIA 91
11.5.2 REST OF MIDDLE EAST & AFRICA 92
11.6 SOUTH AMERICA 93
11.6.1 BRAZIL 95
11.6.2 REST OF SOUTH AMERICA 96

12 COMPETITIVE LANDSCAPE 98

12.1 OVERVIEW 98
12.2 MARKET RANKING ANALYSIS 100
12.3 COMPETITIVE SITUATIONS & TRENDS 101
12.3.1 EXPANSIONS 101
12.3.2 ACQUISITION 102
12.3.3 NEW PRODUCT LAUNCHES 103
12.3.4 CONTRACTS AND AGREEMENTS 105

13 COMPANY PROFILES 107

(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
13.1 ALFA LAVAL 107
13.2 KELVION HOLDINGS 111
13.3 DANFOSS 114
13.4 SPX CORPORATION AND GODREJ & BOYCE MANUFACTURING 117
13.5 XYLEM 119
13.6 API HEAT TRANSFER 121
13.7 GUNTNER 122
13.8 HINDUSTAN DORR-OLIVER 124
13.9 HISAKA WORKS 125
13.10 JOHNSON CONTROLS INTERNATIONAL 127
13.11 OTHER COMPANIES 128
13.11.1 HRS HEAT EXCHANGERS 128
13.11.2 MODINE MANUFACTURING COMPANY 128
13.11.3 SIERRA 128
13.11.4 SWEP INTERNATIONAL 128
13.11.5 MERSEN 128
13.11.6 THERMAX GLOBAL 128
13.11.7 KOCH HEAT TRANSFER COMPANY 128
13.11.8 HARSCO INDUSTRIAL AIR-X-CHANGERS 129
13.11.9 BARRIQUAND TECHNOLOGIES 129
13.11.10 FUNKE WARMEAUSTAUSCHER APPARATEBAU 129
13.11.11 VAHTERUS 129
13.11.12 RADIANT HEAT EXCHANGER 129
13.11.13 DOOSAN CORPORATION 129
13.11.14 AIR PRODUCTS AND CHEMICALS 129
13.11.15 THERMOFIN 130
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
14 APPENDIX 131

LIST OF TABLES

TABLE 1 TRENDS AND FORECAST OF GDP, CURRENT PRICES, USD BILLION (2016–2023) 41
TABLE 2 ENERGY CONSUMPTION DATA, BY KEY COUNTRY, 2015–2016 43
TABLE 3 CRUDE OIL PRODUCTION DATA, BY KEY COUNTRY, 2015–2016 43
TABLE 4 STEEL PRODUCTION DATA, BY KEY COUNTRY, 2016 44
TABLE 5 HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 46
TABLE 6 HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2016—2023 (USD MILLION) 50
TABLE 7 GRAPHITE HEAT EXCHANGERS MARKET SIZE, BY REGION,
2016–2023 (USD MILLION) 56
TABLE 8 PRINTED CIRCUIT HEAT EXCHANGERS MARKET SHARE, BY REGION,
2016–2023 (USD MILLION) 58
TABLE 9 HEAT EXCHANGERS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 61
TABLE 10 HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 61
TABLE 11 HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 61
TABLE 12 NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2016–2023 (USD MILLION) 63
TABLE 13 NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 64
TABLE 14 NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 64
TABLE 15 US: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016—2023 (USD MILLION) 65
TABLE 16 US: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 65
TABLE 17 CANADA: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 66
TABLE 18 CANADA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 67
TABLE 19 MEXICO: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 67
TABLE 20 MEXICO: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 68
TABLE 21 APAC: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2016–2023 (USD MILLION) 70
TABLE 22 APAC: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 70
TABLE 23 APAC: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 71
TABLE 24 CHINA: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 71
TABLE 25 CHINA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 72
TABLE 26 INDIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 73
TABLE 27 INDIA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 73
TABLE 28 JAPAN: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 74
TABLE 29 JAPAN: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 74
TABLE 30 SOUTH KOREA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 75
TABLE 31 SOUTH KOREA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 75
TABLE 32 REST OF APAC: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 76
TABLE 33 REST OF APAC: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 76
TABLE 34 EUROPE: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2016–2023 (USD MILLION) 79
TABLE 35 EUROPE: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 79
TABLE 36 EUROPE: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 80
TABLE 37 GERMANY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 80
TABLE 38 GERMANY: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 81
TABLE 39 FRANCE: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 81
TABLE 40 FRANCE: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 82
TABLE 41 ITALY: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 82
TABLE 42 ITALY: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 83
TABLE 43 UK: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 83
TABLE 44 UK: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 84
TABLE 45 SWEDEN: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 84
TABLE 46 SWEDEN: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 85
TABLE 47 RUSSIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 85
TABLE 48 RUSSIA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 86
TABLE 49 TURKEY: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 86
TABLE 50 TURKEY: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 87
TABLE 51 REST OF EUROPE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 88
TABLE 52 REST OF EUROPE: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 88
TABLE 53 MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2016–2023 (USD MILLION) 89
TABLE 54 MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 90
TABLE 55 MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 90
TABLE 56 SAUDI ARABIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 91
TABLE 57 SAUDI ARABIA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 91
TABLE 58 REST OF MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 92
TABLE 59 REST OF MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY APPLICATION, 2016–2023 (USD MILLION) 92
TABLE 60 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2016–2023 (USD MILLION) 94
TABLE 61 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 94
TABLE 62 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 95
TABLE 63 BRAZIL: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 95
TABLE 64 BRAZIL: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2016–2023 (USD MILLION) 96
TABLE 65 REST OF SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2016–2023 (USD MILLION) 96
TABLE 66 REST OF SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION) 97
TABLE 67 EXPANSIONS, 2015–2018 101
TABLE 68 ACQUISITIONS, 2015-2018 102
TABLE 69 NEW PRODUCT LAUNCHES, 2015–2018 103
TABLE 70 CONTRACT AND AGREEMENTS 105

LIST OF FIGURES

FIGURE 1 HEAT EXCHANGERS MARKET SEGMENTATION 17
FIGURE 2 HEAT EXCHANGERS MARKET: RESEARCH DESIGN 19
FIGURE 3 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH 22
FIGURE 4 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH 23
FIGURE 5 DATA TRIANGULATION 24
FIGURE 6 PLATE & FRAME TYPE TO REGISTER HIGHEST CAGR 26
FIGURE 7 CHEMICAL APPLICATION TO LEAD THE HEAT EXCHANGERS MARKET 27
FIGURE 8 US LED THE HEAT EXCHANGERS MARKET IN 2017 27
FIGURE 9 EUROPE LED THE HEAT EXCHANGERS MARKET IN 2017 28
FIGURE 10 ATTRACTIVE OPPORTUNITIES IN THE HEAT EXCHANGERS MARKET 30
FIGURE 11 SHELL & TUBE SEGMENT LEAD THE HEAT EXCHANGERS MARKET 30
FIGURE 12 HVACR TO REGISTER THE HIGHEST GROWTH RATE 31
FIGURE 13 CHINA LED THE HEAT EXCHANGERS MARKET IN APAC 31
FIGURE 14 EUROPE LED THE HEAT EXCHANGERS MARKET, IN 2017 32
FIGURE 15 OVERVIEW OF FACTORS GOVERNING THE HEAT EXCHANGERS MARKET 33
FIGURE 16 RISE IN INDUSTRIAL ELECTRICITY PRICES 34
FIGURE 17 HEAT EXCHANGERS MARKET: PORTER’S FIVE FORCES ANALYSIS 38
FIGURE 18 GROWTH RATE OF CHEMICAL INDUSTRY (2015–2018) 42
FIGURE 19 DEVELOPING REGIONS WITNESSED HIGHER CONSUMPTION OF NUCLEAR ENERGY IN 2015 AND 2016 44
FIGURE 20 SHELL & TUBE HEAT EXCHANGERS TO LEAD THE MARKET 46
FIGURE 21 DEMAND FOR HEAT EXCHANGERS TO BE LEAD BY THE CHEMICAL APPLICATION 50
FIGURE 22 GRAPHITE HEAT EXCHANGERS MARKET, 2017 55
FIGURE 23 INDIA TO REGISTER HIGHEST CAGR IN THE HEAT EXCHANGERS MARKET 60
FIGURE 24 US IS BIGGEST MARKET FOR HEAT EXCHANGERS IN NORTH AMERICA 63
FIGURE 25 CHINA DOMINATED HEAT EXCHANGERS MARKET IN APAC IN 2017 69
FIGURE 26 EUROPE: HEAT EXCHANGERS MARKET SNAPSHOT 78
FIGURE 27 SAUDI ARABIA DOMINATES THE MIDDLE EAST & AFRICA HEAT EXCHANGERS MARKET 89
FIGURE 28 CHEMICAL APPLICATION TO LEAD THE HEAT EXCHANGERS MARKET IN SOUTH AMERICA 93
FIGURE 29 COMPANIES ADOPTED NEW PRODUCT LAUNCH A KEY GROWTH STRATEGY,
2015–2017 99
FIGURE 30 MARKET RANKING ANALYSIS OF KEY PLAYERS 100
FIGURE 31 ALFA LAVAL: COMPANY SNAPSHOT 107
FIGURE 32 ALFA LAVAL: SWOT ANALYSIS 110
FIGURE 33 KELVION HOLDINGS: SWOT ANALYSIS 113
FIGURE 34 DANFOSS: COMPANY SNAPSHOT 114
FIGURE 35 DANFOSS: SWOT ANALYSIS 115
FIGURE 36 SPX CORPORATION & GODREJ & BOYCE: COMPANY SNAPSHOT 117
FIGURE 37 SPX CORPORATION: SWOT ANALYSIS 118
FIGURE 38 XYLEM : COMPANY SNAPSHOT 119
FIGURE 39 XYLEM: SWOT ANALYSIS 120
FIGURE 40 HINDUSTAN DORR-OLIVER: COMPANY SNAPSHOT 124
FIGURE 41 HISAKA WORKS: COMPANY SNAPSHOT 125
FIGURE 42 JOHNSON CONTROLS: COMPANY SNAPSHOT 127

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