マーケットレポート詳細
熱交換器の世界市場：2026年に至るタイプ別、産業別予測
Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2026
- 出版元：MarketsandMarkets
出版元について - 発行年：2021年 12月
- 定価 ：Single User License(1名様ライセンス)US$4,950(米国ドル)/ Multi User License(5名様)$6,650 / Corporate User License $8,150
- ご予算に応じた各種ご提案も承ります。詳細はお問い合わせください。
- ご請求は円換算（お見積り日TTSレート）となります。
- 納品形態：PDF by Email
- 当調査レポートは英文 239ページになります。
- 商品コード：MAM2797
お問い合わせ、お見積りのリクエストは下のボタンをクリックしてご入力ください。
【レポート紹介】
熱交換器の世界市場規模は2021年で156億ドル、2026年に199億ドル、市場の平均年成長率は5.0%になると推測されます。
レポートは熱交換器の世界市場について2026年までの市場予測データ(金額US$)を掲載しています。同市場をさまざまな区分で細分化し、そのセグメント市場ごとの市場予測（タイプ別市場、産業別市場、等）を中心に構成されています。また競合状況、主要企業情報（14社）、市場ダイナミクス、エコシステムなどの分析も加味し、熱交換器市場の動向および今後成長性を詳細にレポートしています。
【レポート構成概要】
◆熱交換器の世界市場予測2017-2026年
・市場規模(US$)
◆原材料別、市場-2026年
・鋼
・炭素鋼
・ステンレス鋼
・非鋼
・銅
・アルミニウム
・チタニウム
・ニッケル
・プラスチック
※(市場規模US$)
◆タイプ別、市場-2026年
・シェル＆チューブ式熱交換器
・プレート式/フレーム式熱交換器
・空冷式熱交換器
・その他タイプ
※(市場規模US$)
◆産業別、市場-2026年
・化学
・エネルギー
・空調システム(HVAC)/冷却
・食品/飲料
・発電
・パルプ/紙
・その他産業
※(市場規模US$)
◆主要国地域別市場-2026年
アジア太平洋
・日本、中国、インド、韓国
・その他アジア太平洋
北米
・米国、カナダ、メキシコ
欧州
・ドイツ、フランス、英国
・イタリア、ロシア、トルコ
・その他欧州
中東アフリカ
・サウジアラビア、カタール
・その他中東アフリカ
中南米
・ブラジル
・その他中南米
※地域別に全セグメント別の細分化データ掲載、詳細は目次参照
※国別にタイプ別、産業別の細分化データ掲載、詳細は目次参照
◆市場分析
・市場ダイナミクス（ドライバー、障壁、機会、課題）
・COVID-19が市場に与える影響
・エコシステム
・ファイブフォース分析
・バリューチェーン分析
・ケーススタディ分析
・特許分析
・市場シェア分析
・競合状況
◆熱交換器の主要企業プロフィール動向
・ALFA LAVAL
・KELVION HOLDING GMBH
・EXCHANGER INDUSTRIES LIMITED
・MERSEN
・DANFOSS
・API HEAT TRANSFER
・BOYD CORPORATION
・H. GÜNTNER (UK) LIMITED
・JOHNSON CONTROLS
・XYLEM
・WABTEC CORPORATION
・SPX FLOW
・LU-VE S.P.A.
・LENNOX INTERNATIONAL INC.
（その他企業）
・AIR PRODUCTS INC.
・BARRIQUAND TECHNOLOGIES THERMIQUES
・BRASK, INC.
・CHART INDUSTRIES
・DOOSAN CORPORATION
・FUNKE HEAT EXCHANGER APPARATEBAU GMBH
・株式会社日阪製作所
・HINDUSTAN DORR-OLIVER LTD
・KOCH HEAT TRANSFER COMPANY
・RADIANT HEAT EXCHANGER PVT. LTD. PUNE INDIA
・SWEP INTERNATIONAL AB
・SMARTHEAT
・SIERRA S.P.A.
・THERMAX LIMITED
・VAHTERUS OY
【レポート詳細目次、データ項目一覧は当ページ下を参照ください】
Table of Contents (英文詳細目次）
1.... INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
・ FIGURE 1.............. HEAT EXCHANGERS MARKET SEGMENTATION
1.3.1 REGIONS COVERED.. 29
1.3.2 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 LIMITATIONS
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2.... RESEARCH METHODOLOGY
2.1 RESEARCH DATA
・ FIGURE 2............. HEAT EXCHANGERS MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 LIST OF MAJOR SECONDARY SOURCES
2.1.1.2 KEY DATA FROM SECONDARY SOURCES
2.1.2 PRIMARY DATA
2.1.2.1 KEY DATA FROM PRIMARY SOURCES
2.1.2.2 BREAKDOWN OF PRIMARY INTERVIEWS
2.2 PRIMARIES
2.2.1 HEAT EXCHANGERS. 35
2.2.1.1 KEY INDUSTRY INSIGHTS
2.3 MARKET SIZE ESTIMATION
・ FIGURE 3....... HEAT EXCHANGERS MARKET SIZE ESTIMATION
2.3.1 TOP-DOWN APPROACH. 37
2.3.1.1 APPROACH FOR ARRIVING AT MARKET SIZE USING TOP-DOWN ANALYSIS
・ FIGURE 4..................... TOP-DOWN APPROACH. 38
2.3.2 BOTTOM-UP APPROACH
2.3.2.1 APPROACH FOR ARRIVING AT MARKET SIZE USING BOTTOM-UP ANALYSIS
・ FIGURE 5.................... BOTTOM-UP APPROACH
・ FIGURE 6 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH (DEMAND SIDE)
・ FIGURE 7 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH (SUPPLY SIDE)
2.4 DATA TRIANGULATION
・ FIGURE 8...... HEAT EXCHANGERS MARKET: DATA TRIANGULATION
2.5 ASSUMPTIONS
2.6 LIMITATIONS
3.... EXECUTIVE SUMMARY
・ FIGURE 9.. SHELL & TUBE TYPE TO ACCOUNT FOR THE LARGEST SHARE OF THE OVERALL HEAT EXCHANGERS MARKET
・ FIGURE 10............ ENERGY TO BE THE FASTEST-GROWING END-USE INDUSTRY OF HEAT EXCHANGERS DURING THE FORECAST PERIOD
・ FIGURE 11....... APAC TO BE FASTEST-GROWING MARKET DURING THE FORECAST PERIOD
4.... PREMIUM INSIGHTS
4.1 EMERGING ECONOMIES TO WITNESS A RELATIVELY HIGHER DEMAND FOR HEAT EXCHANGERS. 46
・ FIGURE 12.... EMERGING ECONOMIES TO OFFER ATTRACTIVE OPPORTUNITIES IN THE HEAT EXCHANGERS MARKET DURING THE FORECAST PERIOD
4.2 APAC: HEAT EXCHANGERS MARKET, BY END-USE INDUSTRY AND COUNTRY
・ FIGURE 13.... CHINA WAS THE LARGEST MARKET FOR HEAT EXCHANGERS IN APAC IN 2020
4.3 HEAT EXCHANGERS MARKET, BY TYPE
・ FIGURE 14...... SHELL & TUBE TYPE SEGMENT TO LEAD THE HEAT EXCHANGERS MARKET DURING THE FORECAST PERIOD
4.4 HEAT EXCHANGERS MARKET, BY RAW MATERIAL
・ FIGURE 15.. TITANIUM RAW MATERIAL SEGMENT TO WITNESS THE HIGHEST DEMAND IN THE HEAT EXCHANGERS MARKET
4.5 HEAT EXCHANGERS MARKET, BY END-USE INDUSTRY
・ FIGURE 16 CHEMICALS IS PROJECTED TO BE THE LARGEST END-USE INDUSTRY FOR THE GLOBAL HEAT EXCHANGERS MARKET BY 2026. 48
4.6 HEAT EXCHANGERS MARKET, BY COUNTRY
・ FIGURE 17 HEAT EXCHANGERS MARKET IN INDIA TO GROW AT THE HIGHEST CAGR FROM 2021 TO 2026
5.... MARKET OVERVIEW
5.1 INTRODUCTION
・ FIGURE 18.................. DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE HEAT EXCHANGERS MARKET
5.1.1 DRIVERS
5.1.1.1 GROWING INDUSTRIALIZATION IN DEVELOPING ECONOMIES WILL DRIVE THE MARKET
5.1.1.2 RISING ENERGY EFFICIENCY REGULATIONS AND STRINGENT EMISSION STANDARDS. 52
5.1.1.3 RISING DEMAND FOR HVACR EQUIPMENT FOR THE COMMERCIAL CONSTRUCTION INDUSTRY TO DRIVE THE MARKET
5.1.1.4 GROWING DEMAND FOR SUSTAINABLE, LOW ENERGY CONSUMPTION, AND COST-EFFECTIVE HEAT EXCHANGERS TO FUEL THE MARKET GROWTH
5.1.2 RESTRAINTS
5.1.2.1 FLUCTUATION IN RAW MATERIAL PRICES TO IMPACT THE PROFITABILITY OF HEAT EXCHANGER MANUFACTURERS
5.1.2.2 LACK OF AWARENESS ABOUT BUILDINGS’ ENERGY EFFICIENCY
5.1.2.3 SLUGGISH GROWTH OF HEAT EXCHANGERS MARKET IN DEVELOPED ECONOMIES. 54
5.1.3 OPPORTUNITIES
5.1.3.1 RISING NUCLEAR POWER PLANTS TO DRIVE THE HEAT EXCHANGERS MARKET. 54
5.1.3.2 GROWING AFTERMARKET TO DRIVE THE HEAT EXCHANGERS MARKET
5.1.4 CHALLENGES
5.1.4.1 REGULATIONS PERTAINING TO FLUORINATED GREENHOUSE GASES
5.1.4.2 CAPITAL-INTENSIVE MARKET
5.2 PORTER’S FIVE FORCES ANALYSIS
・ FIGURE 19. PORTER’S FIVE FORCES ANALYSIS OF THE HEAT EXCHANGERS MARKET
5.2.1 THREAT OF SUBSTITUTES
5.2.2 BARGAINING POWER OF SUPPLIERS
5.2.3 THREAT OF NEW ENTRANTS
5.2.4 BARGAINING POWER OF BUYERS
5.2.5 INTENSITY OF COMPETITIVE RIVALRY
5.3 VALUE CHAIN ANALYSIS. 58
・ FIGURE 20.................. VALUE CHAIN ANALYSIS
5.4 MACROECONOMIC INDICATORS
5.4.1 GDP TRENDS AND FORECASTS
・ TABLE 1. PROJECTED GDP PERCENTAGE CHANGE OF KEY COUNTRIES, 2018–2021
5.4.2 OPERATIONAL DATA. 61
5.4.3 THE CHEMICAL INDUSTRY
・ FIGURE 21 CHEMICAL SALES, BY COUNTRY (2018 VS. 2019)
5.4.4 POWER GENERATION STATISTICS
・ TABLE 2. POWER GENERATED IN KEY COUNTRIES, 2019 VS. 2020 (TWH)
5.5 TARIFF POLICIES & REGULATIONS
5.5.1 NORTH AMERICA
5.5.2 EUROPE
5.5.3 APAC
5.5.4 THE KIGALI AMENDMENT TO THE MONTREAL PROTOCOL
5.6 CASE STUDY ANALYSIS
5.6.1 INSTALLATION OF HEAT EXCHANGER FOR SKIMMED MILK CONCENTRATE AND CREAM FOR A LEADING AUSTRALIAN COMPANY BY EXCHANGER INDUSTRIES LIMITED
5.6.2 REDUCING THE CHILLING TIME TO INCREASE THE PRODUCTION OF COLORADO-BASED SOUP AND SAUCE MANUFACTURER
5.7 TECHNOLOGY ANALYSIS
5.7.1 COMPUTATIONAL FLUID DYNAMICS TO ANALYZE THE HEAT TRANSFER PROCESS
5.7.2 EQPIPE TECHNOLOGY FOR ENVIRONMENTALLY FRIENDLY REFRIGERANTS
5.8 ECOSYSTEM
・ FIGURE 22. THE HEAT EXCHANGERS ECOSYSTEM
5.8.1 HEAT EXCHANGERS MARKET: ECOSYSTEM
5.9 IMPACT OF COVID-19 ON THE HEAT EXCHANGERS MARKET
5.9.1 COVID-19
5.9.2 CONFIRMED CASES AND DEATHS, BY GEOGRAPHY
・ FIGURE 23... PACE OF GLOBAL PROPAGATION OF COVID-19 IS UNPRECEDENTED
5.9.3 COVID–19 IMPACT ON HVACR & HEAT EXCHANGERS MARKET
5.10 HEAT EXCHANGERS PATENT ANALYSIS
5.10.1 INTRODUCTION
5.10.2 METHODOLOGY
5.10.2.1 DOCUMENT TYPE
・ FIGURE 24.......... GRANTED PATENT VS. PATENT APPLICATION
・ FIGURE 25....... PUBLICATION TRENDS - LAST 10 YEARS
5.10.2.2 INSIGHT
5.10.3 LEGAL STATUS OF THE PATENTS. 75
・ FIGURE 26................. JURISDICTION ANALYSIS
5.10.4 TOP COMPANIES/APPLICANTS
・ FIGURE 27..... TOP 10 COMPANIES/APPLICANTS WITH THE HIGHEST NUMBER OF PATENTS
5.10.4.1 LIST OF PATENTS BY MITSUBISHI ELECTRIC CORPORATION
5.10.4.2 LIST OF PATENTS BY VALEO SYSTEMES THERMIQUES
5.10.4.3 LIST OF PATENTS BY DENSO CORP.
5.10.5 TOP 10 PATENT OWNERS (US) IN THE LAST 10 Y EARS
6.... HEAT EXCHANGERS MARKET, BY RAW MATERIAL
6.1 INTRODUCTION
・ FIGURE 28.......... STEEL TO DOMINATE THE HEAT EXCHANGERS MARKET TILL 2026
・ TABLE 3.... HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL,
2017–2020 (USD MILLION)
・ TABLE 4.... HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL,
2021–2026 (USD MILLION)
6.1.1 STEEL
6.1.2 CARBON STEEL
6.1.3 STAINLESS STEEL. 84
・ FIGURE 29................... STEEL PRICE ANALYSIS
6.1.4 NON-STEEL
6.1.5 COPPER
6.1.6 ALUMINUM
6.1.7 TITANIUM
6.1.8 NICKEL
6.1.9 PLASTIC
7.... HEAT EXCHANGERS MARKET, BY TYPE
7.1 INTRODUCTION
・ FIGURE 30.... SHELL & TUBE HEAT EXCHANGERS ACCOUNTED FOR THE LARGEST MARKET SHARE IN 2021
・ TABLE 5.... HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2017–2020 (USD MILLION)
・ TABLE 6.... HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2021–2026 (USD MILLION)
7.2 SHELL & TUBE HEAT EXCHANGERS
7.2.1 TUBULAR HEAT EXCHANGERS ARE MORE EFFICIENT THAN STANDARD SHELL & TUBE HEAT EXCHANGERS. 89
7.2.2 FIXED TUBE HEAT EXCHANGERS
7.2.3 U-TUBE HEAT EXCHANGERS
7.2.4 FLOATING HEAD HEAT EXCHANGERS
7.3 PLATE & FRAME HEAT EXCHANGERS
7.3.1 GASKETED PLATE & FRAME HEAT EXCHANGERS
7.3.1.1 GASKETED PLATE & FRAME HEAT EXCHANGERS HAVE HIGHEST SHARE IN PLATE & FRAME HEAT EXCHANGERS SEGMENT
7.3.2 WELDED PLATE & FRAME HEAT EXCHANGERS
7.3.2.1 WELDED PLATE & FRAME HEAT EXCHANGERS MOSTLY USED DUE TO THEIR COMPACT SIZE, MODULARITY, AND FLEXIBILITY
7.3.3 BRAZED HEAT EXCHANGERS
7.3.3.1 BRAZED HEAT EXCHANGERS HAVE HIGH DEMAND IN HVACR AND POWER INDUSTRY. 92
7.4 AIR COOLED HEAT EXCHANGERS
7.4.1 AIR COOLED HEAT EXCHANGERS PRIMARILY USED IN CHEMICAL
AND ENERGY INDUSTRIES
7.4.1.1 FORCED DRAFT HEAT EXCHANGERS
7.4.1.2 INDUCED DRAFT HEAT EXCHANGERS
7.5 OTHERS
7.5.1 EXTENDED SURFACE HEAT EXCHANGERS
7.5.2 REGENERATIVE HEAT EXCHANGERS. 93
8.... HEAT EXCHANGERS MARKET, BY END-USE INDUSTRY
8.1 INTRODUCTION
・ FIGURE 31.. CHEMICAL INDUSTRY TO DOMINATE THE HEAT EXCHANGERS MARKET TILL 2026
・ TABLE 7.... HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 8.... HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
8.2 CHEMICAL
8.2.1 CHEMICAL INDUSTRY TO DOMINATE HEAT EXCHANGERS MARKET
8.2.2 BASE CHEMICALS
8.2.3 INTERMEDIATE CHEMICALS
8.2.4 SPECIALTY CHEMICALS
8.3 ENERGY
8.3.1 ENERGY SECTOR IS FASTEST-GROWING END-USER OF HEAT EXCHANGERS
8.3.2 PETROCHEMICALS
8.3.3 OIL & GAS
8.4 HVAC AND REFRIGERATION
8.4.1 DISTRICT HEATING AND COOLING
8.4.2 AIR-CONDITIONING.. 98
8.4.3 COMMERCIAL REFRIGERATION
8.4.4 INDUSTRIAL REFRIGERATION
8.5 FOOD & BEVERAGE
8.5.1 RISING DEMAND FOR PROCESSED FOOD IN FOOD & BEVERAGE INDUSTRY
8.5.2 PROCESSED FOOD
8.5.3 DAIRY
8.5.4 SUGAR AND ETHANOL PRODUCTION
8.5.5 OTHERS
8.6 POWER GENERATION
8.6.1 EFFORTS TO INCREASE ENERGY OUTPUT OF POWER PLANTS TO DRIVE THE USAGE OF HEAT EXCHANGERS IN POWER INDUSTRY
8.6.2 RENEWABLE
8.6.3 NON-RENEWABLE
8.7 PULP & PAPER
8.7.1 HEAT EXCHANGERS USED IN PULP & PAPER INDUSTRY FOR WASTEWATER TREATMENT AND HEAT RECOVERY
8.8 OTHERS
8.8.1 METALLURGICAL
8.8.2 WASTEWATER TREATMENT
8.8.3 MINING
9.... HEAT EXCHANGERS MARKET, BY REGION
9.1 INTRODUCTION
・ FIGURE 32 HEAT EXCHANGERS MARKET IN INDIA TO GROW AT THE HIGHEST CAGR DURING FORECAST PERIOD
・ TABLE 9.... HEAT EXCHANGERS MARKET SIZE, BY REGION, 2017–2020 (USD MILLION)
・ TABLE 10... HEAT EXCHANGERS MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
9.2 APAC
・ FIGURE 33... APAC: HEAT EXCHANGERS MARKET SNAPSHOT
・ TABLE 11..... APAC: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2017–2020 (USD MILLION)
・ TABLE 12..... APAC: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2021–2026 (USD MILLION)
・ TABLE 13..... APAC: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL,
2017–2020 (USD MILLION)
・ TABLE 14..... APAC: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL,
2021–2026 (USD MILLION)
・ TABLE 15..... APAC: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 16..... APAC: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 17..... APAC: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 18..... APAC: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.2.1 CHINA
9.2.1.1 RAPID INDUSTRIALIZATION AND FLOURISHING END-USE INDUSTRIES TO BOOST DEMAND FOR HEAT EXCHANGERS
・ TABLE 19.... CHINA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 20.... CHINA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 21.... CHINA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 22.... CHINA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.2.2 JAPAN
9.2.2.1 NUCLEAR POWER, CONSTRUCTION, AND FOOD & BEVERAGE INDUSTRIES TO DRIVE HEAT EXCHANGERS MARKET IN JAPAN
・ TABLE 23.... JAPAN: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 24.... JAPAN: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 25.... JAPAN: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2026 (USD MILLION)
・ TABLE 26.... JAPAN: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.2.3 INDIA
9.2.3.1 RAPID INDUSTRIALIZATION IN ENERGY AND POWER GENERATION END-USE INDUSTRIES TO BOOST DEMAND FOR HEAT EXCHANGERS
・ TABLE 27..... INDIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 28..... INDIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 29..... INDIA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 30..... INDIA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.2.4 SOUTH KOREA
9.2.4.1 RISING COMMERCIAL CONSTRUCTION AND DEMAND FOR HVACR EQUIPMENT TO BOOST HEAT EXCHANGERS MARKET
・ TABLE 31..... SOUTH KOREA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 32..... SOUTH KOREA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 33..... SOUTH KOREA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 34..... SOUTH KOREA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.2.5 REST OF APAC
・ TABLE 35...... REST OF APAC: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 36...... REST OF APAC: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 37...... REST OF APAC: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 38...... REST OF APAC: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.3 NORTH AMERICA
・ TABLE 39.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2017–2020 (USD MILLION)
・ TABLE 40.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2021–2026 (USD MILLION)
・ TABLE 41.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL, 2017–2020 (USD MILLION)
・ TABLE 42.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL, 2021–2026 (USD MILLION)
・ TABLE 43.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 44.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 45.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 46.. NORTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.3.1 US
9.3.1.1 AUTOMOTIVE INDUSTRY TO DRIVE THE DEMAND FOR MICROCHANNEL TYPE OF HEAT EXCHANGERS
・ TABLE 47. US: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2017–2020 (USD MILLION)
・ TABLE 48. US: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2021–2026 (USD MILLION)
・ TABLE 49. US: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 50. US: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.3.2 CANADA
9.3.2.1 GROWING FOOD & BEVERAGES AND OIL & GAS INDUSTRIES TO BOOST DEMAND FOR HEAT EXCHANGERS
・ TABLE 51. CANADA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 52. CANADA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 53. CANADA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 54. CANADA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.3.3 MEXICO
9.3.3.1 HEAT EXCHANGERS DEMAND IN MEXICO TO BE MAINLY DRIVEN BY INDUSTRIAL PROCESSING AND HVACR INDUSTRY
・ TABLE 55.. MEXICO: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 56.. MEXICO: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 57.. MEXICO: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 58.. MEXICO: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4 EUROPE
・ FIGURE 34 EUROPE: HEAT EXCHANGERS MARKET SNAPSHOT
・ TABLE 59.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2017–2020 (USD MILLION)
・ TABLE 60.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2021–2026 (USD MILLION)
・ TABLE 61.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL,
2017–2020 (USD MILLION)
・ TABLE 62.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL,
2021–2026 (USD MILLION)
・ TABLE 63.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 64.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 65.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 66.. EUROPE: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4.1 GERMANY
9.4.1.1 RISING DEMAND FOR HEAT EXCHANGERS ACROSS VARIOUS END-USE INDUSTRIES
・ TABLE 67 GERMANY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 68 GERMANY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 69 GERMANY: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 70 GERMANY: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.4.2 FRANCE
9.4.2.1 FAVORABLE GROWTH IN CHEMICALS AND FOOD & BEVERAGES INDUSTRY TO BOOST HEAT EXCHANGERS MARKET
・ TABLE 71.. FRANCE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 72.. FRANCE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 73.. FRANCE: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 74.. FRANCE: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4.3 UK
9.4.3.1 GROWING DEMAND FROM COMMERCIAL CONSTRUCTION AND AUTOMOTIVE INDUSTRY TO BOOST MARKET IN UK
・ TABLE 75. UK: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2017–2020 (USD MILLION)
・ TABLE 76. UK: HEAT EXCHANGERS MARKET SIZE, BY TYPE, 2021–2026 (USD MILLION)
・ TABLE 77. UK: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 78. UK: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4.4 ITALY
9.4.4.1 RISING DEMAND FROM AUTOMOTIVE AND MANUFACTURING INDUSTRIES TO FAVOR MARKET GROWTH FOR HEAT EXCHANGERS
・ TABLE 79...... ITALY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 80...... ITALY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 81...... ITALY: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 82...... ITALY: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4.5 RUSSIA
9.4.5.1 GROWING END-USE INDUSTRIES TO BOOST DEMAND FOR HEAT EXCHANGERS. 139
・ TABLE 83... RUSSIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 84... RUSSIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 85... RUSSIA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 86... RUSSIA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4.6 TURKEY
9.4.6.1 URBANIZATION AND INDUSTRIALIZATION TRENDS TO DRIVE MARKET IN COUNTRY. 141
・ TABLE 87... TURKEY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 88... TURKEY: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 89... TURKEY: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 90... TURKEY: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.4.7 REST OF EUROPE
・ TABLE 91.. REST OF EUROPE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 92.. REST OF EUROPE: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 93.. REST OF EUROPE: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 94.. REST OF EUROPE: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.5 MIDDLE EAST & AFRICA
・ TABLE 95............ MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY COUNTRY, 2017–2020 (USD MILLION)
・ TABLE 96............ MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY COUNTRY, 2021–2026 (USD MILLION)
・ TABLE 97............ MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY RAW MATERIAL, 2017–2020 (USD MILLION)
・ TABLE 98............ MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY RAW MATERIAL, 2021–2026 (USD MILLION)
・ TABLE 99............ MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 100.......... MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 101.......... MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 102.......... MIDDLE EAST & AFRICA: HEAT EXCHANGERS MARKET SIZE,
BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.5.1 SAUDI ARABIA
9.5.1.1 RISING COMMERCIAL CONSTRUCTION AND HVAC INDUSTRY TO CONTRIBUTE TO A SIGNIFICANT RISE IN DEMAND FOR HEAT EXCHANGERS
・ TABLE 103... SAUDI ARABIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 104... SAUDI ARABIA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 105... SAUDI ARABIA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 106... SAUDI ARABIA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.5.2 QATAR
9.5.2.1 OIL & GAS INDUSTRY TO CONTRIBUTE TO A SIGNIFICANT RISE IN DEMAND FOR HEAT EXCHANGERS
・ TABLE 107.. QATAR: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 108.. QATAR: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 109.. QATAR: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 110.. QATAR: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.5.3 REST OF MIDDLE EAST & AFRICA
・ TABLE 111 REST OF MIDDLE EAST & ARICA: HEAT EXCHANGERS MARKET SIZE,
BY TYPE, 2017–2020 (USD MILLION)
・ TABLE 112 REST OF MIDDLE EAST & ARICA: HEAT EXCHANGERS MARKET SIZE,
BY TYPE, 2021–2026 (USD MILLION)
・ TABLE 113 REST OF MIDDLE EAST & ARICA: HEAT EXCHANGERS MARKET SIZE,
BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 114 REST OF MIDDLE EAST & ARICA: HEAT EXCHANGERS MARKET SIZE,
BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.6 SOUTH AMERICA
・ TABLE 115 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2017–2020 (USD MILLION)
・ TABLE 116 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2021–2026 (USD MILLION)
・ TABLE 117 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY RAW MATERIAL, 2017–2020 (USD MILLION)
・ TABLE 118 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY MATERIAL,
2021–2026 (USD MILLION)
・ TABLE 119 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 120 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 121 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 122 SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
9.6.1 BRAZIL
9.6.1.1 FLOURISHING END-USE INDUSTRIES TO DRIVE THE HEAT EXCHANGERS MARKET. 155
・ TABLE 123. BRAZIL: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2017–2020 (USD MILLION)
・ TABLE 124. BRAZIL: HEAT EXCHANGERS MARKET SIZE, BY TYPE,
2021–2026 (USD MILLION)
・ TABLE 125. BRAZIL: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2017–2020 (USD MILLION)
・ TABLE 126. BRAZIL: HEAT EXCHANGERS MARKET SIZE, BY END-USE INDUSTRY,
2021–2026 (USD MILLION)
9.6.2 REST OF SOUTH AMERICA
・ TABLE 127........ REST OF SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE,
BY TYPE, 2017–2020 (USD MILLION)
・ TABLE 128........ REST OF SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE,
BY TYPE, 2021–2026 (USD MILLION)
・ TABLE 129........ REST OF SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE,
BY END-USE INDUSTRY, 2017–2020 (USD MILLION)
・ TABLE 130........ REST OF SOUTH AMERICA: HEAT EXCHANGERS MARKET SIZE,
BY END-USE INDUSTRY, 2021–2026 (USD MILLION)
10.. COMPETITIVE LANDSCAPE
10.1 OVERVIEW
・ FIGURE 35.. COMPANIES ADOPTED EXPANSIONS AS THE KEY GROWTH STRATEGY BETWEEN 2017 AND 2021
10.2 MARKET EVALUATION FRAMEWORK
・ TABLE 131 NUMBER OF RECENT DEVELOPMENTS OVER THE PAST FIVE YEARS
10.3 MARKET SHARE ANALYSIS
・ FIGURE 36.. HEAT EXCHANGERS MARKET SHARE, BY COMPANY (2020)
・ TABLE 132 HEAT EXCHANGERS MARKET: DEGREE OF COMPETITION
10.4 RANKING ANALYSIS OF KEY MARKET PLAYERS, 2020
・ FIGURE 37 RANKING OF TOP FIVE PLAYERS IN THE HEAT EXCHANGERS MARKET, 2020
10.5 COMPANY EVALUATION MATRIX, 2021 (TIER 1)
10.5.1 STAR
10.5.2 EMERGING LEADER
10.5.3 PERVASIVE
10.5.4 PARTICIPANT
・ FIGURE 38........... HEAT EXCHANGERS MARKET: (GLOBAL) COMPANY EVALUATION
MATRIX, 2021
・ FIGURE 39 COMPANY PRODUCT FOOTPRINT (TIER 1)
・ FIGURE 40.... BUSINESS STRATEGY EXCELLENCE (TIER 1)
10.6 OTHER KEY PLAYERS: EVALUATION MATRIX
10.6.1 PROGRESSIVE COMPANY
10.6.2 RESPONSIVE COMPANY
10.6.3 STARTING BLOCK
・ FIGURE 41.. HEAT EXCHANGERS MARKET: OTHER KEY PLAYERS, 2020
・ FIGURE 42.. STRENGTH OF PRODUCT PORTFOLIO (OTHER KEY PLAYERS)
・ FIGURE 43.... BUSINESS STRATEGY EXCELLENCE (OTHER KEY PLAYERS)
10.7 COMPANY FOOTPRINT
・ TABLE 133...... OVERALL COMPANY FOOTPRINTS
・ TABLE 134.............. COMPANY TYPE FOOTPRINT
・ TABLE 135.. COMPANY APPLICATION FOOTPRINT
・ TABLE 136......... COMPANY REGION FOOTPRINT
10.8 COMPETITIVE SCENARIO
10.8.1 HEAT EXCHANGERS MARKET: NEW PRODUCT LAUNCHES AND DEVELOPMENTS
・ TABLE 137.... HEAT EXCHANGERS MARKET: NEW PRODUCT LAUNCHES AND DEVELOPMENTS
10.8.2 HEAT EXCHANGERS MARKET: DEALS
・ TABLE 138.. HEAT EXCHANGERS MARKET: DEALS
10.8.3 OTHER DEVELOPMENTS
・ TABLE 139.. HEAT EXCHANGERS MARKET: OTHER DEVELOPMENTS
11.. COMPANY PROFILES
(BUSINESS OVERVIEW, PRODUCTS OFFERED, RECENT DEVELOPMENTS, MNM VIEW RIGHT TO WIN, STRATEGIC CHOICES MADE, WEAKNESSES AND COMPETITIVE THREATS) *
11.1 MAJOR PLAYERS
11.1.1 ALFA LAVAL
・ TABLE 140.... ALFA LAVAL: BUSINESS OVERVIEW
・ FIGURE 44.... ALFA LAVAL: COMPANY SNAPSHOT
11.1.2 KELVION HOLDING GMBH
・ TABLE 141. KELVION HOLDING GMBH: BUSINESS OVERVIEW
11.1.3 EXCHANGER INDUSTRIES LIMITED.. 190
・ TABLE 142.... EXCHANGER INDUSTRIES LIMITED: BUSINESS OVERVIEW
11.1.4 MERSEN
・ TABLE 143........ MERSEN: BUSINESS OVERVIEW
・ FIGURE 45........ MERSEN: COMPANY SNAPSHOT
11.1.5 DANFOSS
・ TABLE 144...... DANFOSS: BUSINESS OVERVIEW
・ FIGURE 46...... DANFOSS: COMPANY SNAPSHOT
11.1.6 API HEAT TRANSFER
・ TABLE 145........ API HEAT TRANSFER: BUSINESS OVERVIEW
11.1.7 BOYD CORPORATION
・ TABLE 146...... BOYD CORPORATION: BUSINESS OVERVIEW
11.1.8 H. GÜNTNER (UK) LIMITED
・ TABLE 147 H. GÜNTNER (UK) LIMITED: BUSINESS OVERVIEW
11.1.9 JOHNSON CONTROLS
・ TABLE 148...... JOHNSON CONTROLS: BUSINESS OVERVIEW
・ FIGURE 47...... JOHNSON CONTROLS: COMPANY SNAPSHOT
11.1.10 XYLEM
・ TABLE 149........... XYLEM: BUSINESS OVERVIEW
・ FIGURE 48.......... XYLEM: COMPANY SNAPSHOT
11.1.11 WABTEC CORPORATION
・ TABLE 150... WABTEC CORPORATION: BUSINESS OVERVIEW
・ FIGURE 49... WABTEC CORPORATION: COMPANY SNAPSHOT
11.1.12 SPX FLOW
・ TABLE 151...... SPX FLOW: BUSINESS OVERVIEW
・ FIGURE 50...... SPX FLOW: COMPANY SNAPSHOT
11.1.13 LU-VE S.P.A.
・ TABLE 152... LU-VE S.P.A.: BUSINESS OVERVIEW
・ FIGURE 51... LU-VE S.P.A.: COMPANY SNAPSHOT
11.1.14 LENNOX INTERNATIONAL INC.
・ TABLE 153.......... LENNOX INTERNATIONAL INC.: BUSINESS OVERVIEW
・ FIGURE 52.......... LENNOX INTERNATIONAL INC.: COMPANY SNAPSHOT
11.2 OTHER MARKET PLAYERS
11.2.1 AIR PRODUCTS INC.
11.2.2 BARRIQUAND TECHNOLOGIES THERMIQUES
11.2.3 BRASK, INC.
11.2.4 CHART INDUSTRIES
11.2.5 DOOSAN CORPORATION
11.2.6 FUNKE HEAT EXCHANGER APPARATEBAU GMBH
11.2.7 HISAKA WORKS, LTD
11.2.8 HINDUSTAN DORR-OLIVER LTD
11.2.9 KOCH HEAT TRANSFER COMPANY. 235
11.2.10 RADIANT HEAT EXCHANGER PVT. LTD. PUNE INDIA
11.2.11 SWEP INTERNATIONAL AB
11.2.12 SMARTHEAT
11.2.13 SIERRA S.P.A.
11.2.14 THERMAX LIMITED
11.2.15 VAHTERUS OY
*DETAILS ON BUSINESS OVERVIEW, PRODUCTS OFFERED, RECENT DEVELOPMENTS, MNM VIEW, RIGHT TO WIN, STRATEGIC CHOICES MADE, WEAKNESSES AND COMPETITIVE THREATS MIGHT NOT BE CAPTURED IN CASE OF UNLISTED COMPANIES.