The heat exchanger is major equipment or device as far as heat transfer and energy conservation is concerned. Various types of heat exchangers have been developed for a wide range of domestic and industrial applications such as steam power plants, chemical processing plants, building heat and air conditioning systems, transportation power systems, and others.
The increasing preference for heat exchangers in the oil & gas industries is the major factor to propel the growth of the global heat exchangers market significantly during the forecast period. The growth in oil & gas refineries, specifically in the Middle East, drives the heat exchangers market. In addition to this, North America and Europe are some of the major players in the oil & gas industry, which boosts this sector. According to the U.S. Energy Information Administration (EIA), the U.S. produced an average of around 9.4 million barrels per day of crude oil in 2015 and 3.3 million barrels per day of other non-crude petroleum liquids. Moreover, the U.S. government and businesses have largely invested to increase the extraction of crude oil. This main fact is projected to enlarge the demand for heat exchangers in the oil & gas industry. Eventually, it contributes to the growth of the Global Heat Exchangers Market steadily.
On the downside, when scaling and corrosion problems arise in heat exchangers, cleaning and maintenance become more difficult due to the complex designs of heat exchangers such as tubular heat exchangers. This factor is projected to hamper the growth of the heat exchangers market.
Covid-19 Impact on Heat Exchangers Market:
As around one-third of the global population is staying indoors owing to nationwide lockdown, stay-at-home orders, and restrictions on movement, the energy demand has sharply dipped. By the end of 2020, approximately, a decline in 5% of the energy demand was been recorded. Also, waning in corresponding gas and oil demands of 4% and 9%, respectively were registered in 2020. Currently, the energy market is at a historic low with surplus supplies. However, the situation is expected to ease up with a lift in lockdown restrictions and end-use industries start operating with great efficiencies.
Heat Exchangers Market Segment Overview
Based on type, the Shell & Tube segment has the largest share of the heat exchangers market. Shell & tube heat exchangers can manage fluids at high temperatures and pressures due to which they are preferred in a variety of applications such as chemical, petrochemical, and oil & gas, food & beverage, and power generation. According to the end-use industry, the energy segment is the fastest-growing segment in the market. This high growth can be attributed to heat exchangers growing demand in the upstream and downstream processing industry globally. Increasing consumption of petrochemical products has increased the activity in the upstream processing particularly across the Middle East & Africa and North America region which is anticipated to fuel the growth of the heat exchangers market globally.
Heat Exchangers Market, By Type
· Shell & Tube
· Plate & Frame
· Air Cooled
· Others
Heat Exchangers Market, By Material
· Steel
· Non-Steel
Heat Exchangers Market, By End-Use Industry
· Chemical
· Energy
· HVACR
· Food & Beverages
· Pulp & Paper
· Power
· Others
Heat Exchangers Regional Overview
In terms of region, Europe is the largest market for heat exchangers. This is because the region has huge installed plant capacities of heat exchangers. Asia-Pacific is expected to be the fastest-growing region in the coming years. This is attributed to several factors such as a large consumer base and an increase in demand for heat exchangers in countries such as China, India, Japan, and South Korea, for energy generation through nuclear power, and others. As well, the market in North America is projected to witness healthy growth in the forecast period. The increasing oil and gas E&P activities in the U.S. and Canada along with surging energy demand in various industrial and commercial sectors is expected to drive the demand for heat exchangers in the region over the forecast period.
Heat Exchangers Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Heat Exchangers Market, Key Players
· Alfa Laval
· Kelvion Holdings
· Danfoss
· Xylem
· API Heat Transfer
· Gunter
· Chart Industries
· Hisaka Works
· Johnson Controls International
· Hindustan Dorr-Oliver
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Heat Exchangers Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Shell & Tube
- 5.2.2. Plate & Frame
- 5.2.3. Air Cooled
- 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast – By Material
- 5.3.1. Steel
- 5.3.2. Non-Steel
- 5.4. Market Analysis, Insights and Forecast – By End-Use Industry
- 5.4.1. Chemical
- 5.4.2. Energy
- 5.4.3. HVACR
- 5.4.4. Food & Beverages
- 5.4.5. Pulp & Paper
- 5.4.6. Power
- 5.4.7. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America, Middle East and Africa
6. North America Heat Exchangers Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Shell & Tube
- 6.2.2. Plate & Frame
- 6.2.3. Air Cooled
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By Material
- 6.3.1. Steel
- 6.3.2. Non-Steel
- 6.4. Market Analysis, Insights and Forecast – By End-Use Industry
- 6.4.1. Chemical
- 6.4.2. Energy
- 6.4.3. HVACR
- 6.4.4. Food & Beverages
- 6.4.5. Pulp & Paper
- 6.4.6. Power
- 6.4.7. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Europe Heat Exchangers Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Shell & Tube
- 7.2.2. Plate & Frame
- 7.2.3. Air Cooled
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By Material
- 7.3.1. Steel
- 7.3.2. Non-Steel
- 7.4. Market Analysis, Insights and Forecast – By End-Use Industry
- 7.4.1. Chemical
- 7.4.2. Energy
- 7.4.3. HVACR
- 7.4.4. Food & Beverages
- 7.4.5. Pulp & Paper
- 7.4.6. Power
- 7.4.7. Others
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Italy
- 7.5.5. Spain
- 7.5.6. Russia
- 7.5.7. Rest of Europe
8. Asia Pacific Heat Exchangers Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Shell & Tube
- 8.2.2. Plate & Frame
- 8.2.3. Air Cooled
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By Material
- 8.3.1. Steel
- 8.3.2. Non-Steel
- 8.4. Market Analysis, Insights and Forecast – By End-Use Industry
- 8.4.1. Chemical
- 8.4.2. Energy
- 8.4.3. HVACR
- 8.4.4. Food & Beverages
- 8.4.5. Pulp & Paper
- 8.4.6. Power
- 8.4.7. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. South East Asia
- 8.5.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Heat Exchangers Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Shell & Tube
- 9.2.2. Plate & Frame
- 9.2.3. Air Cooled
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Material
- 9.3.1. Steel
- 9.3.2. Non-Steel
- 9.4. Market Analysis, Insights and Forecast – By End-Use Industry
- 9.4.1. Chemical
- 9.4.2. Energy
- 9.4.3. HVACR
- 9.4.4. Food & Beverages
- 9.4.5. Pulp & Paper
- 9.4.6. Power
- 9.4.7. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Saudi Arabia
- 9.5.3. UAE
- 9.5.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Alfa Laval
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Kelvion Holdings
- 10.6. Danfoss
- 10.7. Xylem
- 10.8. API Heat Transfer
- 10.9. Gunter
- 10.10. Chart Industries
- 10.11. Hisaka Works
- 10.12. Johnson Controls International
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
