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

[137 Pages] Report on Heat Exchangers Market is projected to reach USD 22.59 billion by 2023, from USD 13.5 billion in 2017 at a CAGR of 9.0% during the forecast period. The base year considered for the study on the heat exchangers market is 2017 and the forecast period considered is between 2018 and 2023.

Objectives of the Study:

• To define, describe, and forecast the heat exchangers market based on type, application, and region
• To provide detailed information regarding key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the heat exchangers market
• To strategically analyze micromarkets with respect to individual growth trends, growth prospects, and contribution to the heat exchangers market
• To analyze opportunities in the heat exchangers market for stakeholders and provide detailed information on the competitive landscape of the market
• To strategically profile key players operating in the heat exchangers market and comprehensively analyze their market shares and core competencies2

Note1: Micromarkets are the subsegments of the heat exchangers market included in the report
Note2: Core competencies of companies are determined in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain in the market

Both, top-down and bottom-up approaches were used to estimate and validate the size of the heat exchangers market and estimate the sizes of various other dependent submarkets. The research study involves the extensive use of secondary sources, directories, and databases such as D&B Hoovers, Bloomberg, Factiva, the Securities and Exchange Commission, American Society of Mechanical Engineers (ASME), Securities and Exchange Commission (SEC), and American National Standards Institute (ANSI), to identify and collect information useful for this technical, market-oriented, and commercial study of the heat exchangers market.

To know about the assumptions considered for the study, download the pdf brochure

Players operating in the heat exchangers market include Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), API Heat Transfer (US), Gunter (Germany), and Hindustan Dorr-Oliver (India)

Key Target Audience:

• Manufacturers of Heat Exchangers
• Traders, Distributors, and Suppliers of Heat Exchangers
• Regional Manufacturer Associations and General Heat Exchanger Associations Government & Regional Agencies and Research Organizations
• Investment Research Firms

“This study answers several questions for various leading players across the value chain of heat exchangers, primarily which market segments to focus on, in the next two to five years for prioritizing their efforts and investments.”

Scope of the Report:

This research report categorizes the heat exchangers market based on type, application, and region.

Heat Exchangers Market, by Type:

• Shell & Tube
• Plate & frame
• Air Cooled
• Others

Heat Exchangers Market, by Application:

• Chemical
• Petrochemical and Oil & Gas
• HVACR
• Food & Beverage
• Power Generation
• Paper & Pulp
• Others

Heat exchangers Market, by Region:

• North America
• APAC
• Europe
• Middle East & Africa
• South America

The heat exchangers market has been further analyzed based on key countries in each of these regions.

Available Customizations:

Along with the market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Regional Analysis:

• A country-level analysis of the heat exchangers market

Company Information:

• Detailed analysis and profiling of additional market players

Drivers

Surging energy prices

The surging prices of energy have resulted in increased demand for heat exchangers. The global demand for heat exchangers is expected to increase in the near future considering the vital role they play in the major industries, such as petrochemical, petroleum refining, and power. Heat exchangers are one of the most efficient options for saving energy. They help in reducing power costs by 20–40%, as they do not require electricity. Thus, the increasing focus on saving energy costs plays an important role in driving the demand for heat exchangers. The demand for energy-efficient equipment by energy-intensive consumers, such as chemical and pharmaceutical manufacturers, food & beverage processing plants, and the oil & gas and marine industries is also driving the heat exchangers market, globally.

Rapid industrial expansions in the developing markets of APAC

A major shift from the developed regions, such as Europe and North America, to developing economies of APAC, such as China and India, is witnessed in the heat exchangers market. The rapid industrialization in these developing countries and increasing investments in manufacturing, commercial, and industrial projects have contributed to the overall expansion of the heat exchangers market.

According to BP statistical review, in 2017, China’s nuclear power generation increased by 17%, while natural gas production increased by 8.5% to reach 149 bcm. Thus, the country plays an important role in driving the heat exchangers market in APAC. Rapid industrial expansions in India, Japan, and other countries are also increasing the demand for heat exchangers in the region, thereby driving the market.

Stringent environmental regulations

The Kyoto Protocol that came into effect in 2005 has increased the pressure on various industries to reduce energy usage and the associated carbon dioxide (CO2) emissions. Heat exchangers offer an environment-friendly cooling solution to these energy-intensive industries in comparison to other heating or cooling equipment. These exchangers do not use non-renewable fossil fuels, such as coal or natural gas, for heat transfer. They not only allow the heat to transfer safely and efficiently from engines and other mechanical items, but also conserve energy in some specific mechanical items.

Increase in HVACR deployments and growth in industrial activities

Moderate growth in the global commercial construction industry along with increasing modernization and urbanization in developing countries has fueled the demand for heat exchangers. The increase in HVACR deployments backed by the favorable government investments in the commercial construction industry has also propelled the demand for heat exchangers, which is expected to continue during the forecast period. Apart from this, the heat exchangers market is driven by rapid growth in power consumption from the industrial sector in developing countries, resulting in the growing adoption of energy saving equipment.

Technological advancements in the heat exchangers market

In the recent years, the heat exchangers market has witnessed significant advancements in technology owing to increasing demand for recovering valuable energy, reducing costs, and limiting environmental emissions. These developments include deployment of new and efficient heat exchangers, innovative heat transfer equipment, as well as the introduction of systems of heat exchangers in various industrial processes. In 2017, a key market player Kelvion developed AirToAir heat exchangers for the heat recovery and efficient use of energy. Moreover, in 2015, GEA launched 2H Massdek structured packings for improving the cost-effectiveness and performance of heat exchangers.

Restraint

Slow growth of the market in Europe and North America

The heat exchangers market in Europe and North America is mature and is witnessing a slow growth rate. Although these regions have a huge market size, the growth is expected to be slow, during the forecast period, in comparison to other regions. The slow growth rate in these regions is mainly attributed to the slow economic activity in these regions. The slow growth also results from higher energy costs and stringent environmental regulations.

Lack of awareness about energy efficiency in buildings

Lack of awareness about enhancing energy efficiency in buildings restricts the demand for HVAC insulation in many developing and underdeveloped countries. Many architects and engineers overlook building energy efficiency while designing a private or public infrastructure. Many misconceptions prevail among the consumers as well as building professionals about the costs and associated problems of low energy and insulated houses.

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Significant Opportunities in the Heat Exchangers Market
    4.2 Heat Exchangers Market, By Type
    4.3 Heat Exchangers Market, By Application
    4.4 Heat Exchangers Market in the APAC Region
    4.5 Heat Exchangers Market, By Region

5 Market Overview (Page No. - 33)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Surging Energy Prices
                    5.1.1.2 Rapid Industrial Expansions in the Developing Markets of APAC
                    5.1.1.3 Stringent Environmental Regulations
                    5.1.1.4 Increase in HVACR Deployments and Growth in Industrial Activities
                    5.1.1.5 Technological Advancements in the Heat Exchangers Market
           5.1.2 Restraints
                    5.1.2.1 Slow Growth of the Market in Europe and North America
                    5.1.2.2 Lack of Awareness About Energy Efficiency in Buildings
           5.1.3 Opportunities
                    5.1.3.1 Growing Demand for Nuclear Power Generation
                    5.1.3.2 Large Aftermarket for Heat Exchangers
           5.1.4 Challenges
                    5.1.4.1 Fluorinated Greenhouse Gas Regulations
    5.2 Porter’s Five Forces
           5.2.1 Threat of New Entrants
           5.2.2 Threat of Substitutes
           5.2.3 Bargaining Power of Buyers
           5.2.4 Bargaining Power of Suppliers
           5.2.5 Intensity of Competitive Rivalry

6 Macroeconomic Indicators (Page No. - 41)
    6.1 Introduction
    6.2 Trends and Forecast of GDP
    6.3 Chemical Industry
    6.4 Energy Consumption Data, 2016
    6.5 Crude Oil Production Data, 2016
           6.5.1 Nuclear Energy
    6.6 Steel Industry

7 Heat Exchangers Market, By Type (Page No. - 45)
    7.1 Introduction
    7.2 Shell & Tube Heat Exchangers
           7.2.1 Tubular Heat Exchangers
    7.3 Plate & Frame Heat Exchangers
           7.3.1 Gasketed Plate & Frame Heat Exchangers
           7.3.2 Welded Plate & Frame Heat Exchangers
           7.3.3 Brazed Heat Exchangers
    7.4 Air Cooled Heat Exchangers
    7.5 Others
           7.5.1 Extended Surface Heat Exchangers
           7.5.2 Regenerative Heat Exchangers

8 Heat Exchangers Market, By Application (Page No. - 49)
    8.1 Introduction
    8.2 Chemical
           8.2.1 Fine Chemicals & Pharmaceutical
    8.3 Petrochemical and Oil & Gas
           8.3.1 Oil & Gas Heater
    8.4 HVACR
    8.5 Food & Beverage
           8.5.1 Sugar and Ethanol Production
           8.5.2 Other Applications
    8.6 Power Generation
    8.7 Pulp & Paper
    8.8 Others

9 Heat Exchangers Market, By Graphite (Page No. - 54)
    9.1 Introduction
    9.2 Cubic Heat Exchangers
    9.3 Graphite Block Heat Exchangers
    9.4 Polytube Graphite Shell & Tube Block Heat Exchangers

10 Printed Circuit Heat Exchangers Market (Page No. - 57)
     10.1 Introduction

11 Heat Exchangers Market, By Region (Page No. - 59)
     11.1 Introduction
     11.2 North America
             11.2.1 US
             11.2.2 Canada
             11.2.3 Mexico
     11.3 APAC
             11.3.1 China
             11.3.2 India
             11.3.3 Japan
             11.3.4 South Korea
             11.3.5 Rest of APAC
     11.4 Europe
             11.4.1 Germany
             11.4.2 France
             11.4.3 Italy
             11.4.4 UK
             11.4.5 Sweden
             11.4.6 Russia
             11.4.7 Turkey
             11.4.8 Rest of Europe
     11.5 Middle East & Africa
             11.5.1 Saudi Arabia
             11.5.2 Rest of Middle East & Africa
     11.6 South America
             11.6.1 Brazil
             11.6.2 Rest of South America

12 Competitive Landscape (Page No. - 98)
     12.1 Overview
     12.2 Market Ranking Analysis
     12.3 Competitive Situations & Trends
             12.3.1 Expansions
             12.3.2 Acquisition
             12.3.3 New Product Launches
             12.3.4 Contracts and Agreements

13 Company Profiles (Page No. - 107)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
     13.1 Alfa Laval
     13.2 Kelvion Holdings
     13.3 Danfoss
     13.4 SPX Corporation and Godrej & Boyce Manufacturing
     13.5 Xylem
     13.6 API Heat Transfer
     13.7 Guntner
     13.8 Hindustan Dorr-Oliver
     13.9 Hisaka Works
     13.10 Johnson Controls International
     13.11 Other Companies
             13.11.1 Hrs Heat Exchangers
             13.11.2 Modine Manufacturing Company
             13.11.3 Sierra
             13.11.4 Swep International
             13.11.5 Mersen
             13.11.6 Thermax Global
             13.11.7 Koch Heat Transfer Company
             13.11.8 Harsco Industrial Air-X-Changers
             13.11.9 Barriquand Technologies
             13.11.10 Funke Warmeaustauscher Apparatebau
             13.11.11 Vahterus
             13.11.12 Radiant Heat Exchanger
             13.11.13 Doosan Corporation
             13.11.14 Air Products and Chemicals
             13.11.15 Thermofin

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 131)
     14.1 Discussion Guide
     14.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.3 Related Reports
     14.4 Author Details

List of Tables (70 Tables)

Table 1 Trends and Forecast of GDP, Current Prices, USD Billion (2016–2023)
Table 2 Energy Consumption Data, By Key Country, 2015–2016
Table 3 Crude Oil Production Data, By Key Country, 2015–2016
Table 4 Steel Production Data, By Key Country, 2016
Table 5 Heat Exchangers Market Size, By Type, 2016–2023 (USD Million)
Table 6 Heat Exchangers Market Size, By Application, 2016—2023 (USD Million)
Table 7 Graphite Heat Exchangers Market Size, By Region, 2016–2023 (USD Million)
Table 8 Printed Circuit Heat Exchangers Market Share, By Region, 2016–2023 (USD Million)
Table 9 Heat Exchangers Market Size, By Region, 2016–2023 (USD Million)
Table 10 Heat Exchangers Market Size, By Type, 2016–2023 (USD Million)
Table 11 Heat Exchangers Market Size, By Application, 2016–2023 (USD Million)
Table 12 North America: Heat Exchangers Market Size, By Country, 2016–2023 (USD Million)
Table 13 North America: Heat Exchangers Market Size, By Type, 2016–2023 (USD Million)
Table 14 North America: Heat Exchangers Market Size, By Application, 2016–2023 (USD Million)
Table 15 US: Heat Exchangers Market Size, By Type, 2016—2023 (USD Million)
Table 16 US: Heat Exchangers Market Size, By Application, 2016–2023 (USD Million)
Table 17 Canada: Heat Exchangers Market Size, By Type, 2016–2023 (USD Million)
Table 18 Canada: By Market Size, By Application, 2016–2023 (USD Million)
Table 19 Mexico: By Market Size, By Type, 2016–2023 (USD Million)
Table 20 Mexico: By Market Size, By Application, 2016–2023 (USD Million)
Table 21 APAC: By Market Size, By Country, 2016–2023 (USD Million)
Table 22 APAC: By Market Size, By Type, 2016–2023 (USD Million)
Table 23 APAC: By Market Size, By Application, 2016–2023 (USD Million)
Table 24 China: By Market Size, By Type, 2016–2023 (USD Million)
Table 25 China: By Market Size, By Application, 2016–2023 (USD Million)
Table 26 India: By Market Size, By Type, 2016–2023 (USD Million)
Table 27 India: By Market Size, By Application, 2016–2023 (USD Million)
Table 28 Japan: By Market Size, By Type, 2016–2023 (USD Million)
Table 29 Japan: By Market Size, By Application, 2016–2023 (USD Million)
Table 30 South Korea: By Market Size, By Type, 2016–2023 (USD Million)
Table 31 South Korea: By Market Size, By Application, 2016–2023 (USD Million)
Table 32 Rest of APAC: By Market Size, By Type, 2016–2023 (USD Million)
Table 33 Rest of APAC: By Market Size, By Application, 2016–2023 (USD Million)
Table 34 Europe: By Market Size, By Country, 2016–2023 (USD Million)
Table 35 Europe: By Market Size, By Type, 2016–2023 (USD Million)
Table 36 Europe: By Market Size, By Application, 2016–2023 (USD Million)
Table 37 Germany: By Market Size, By Type, 2016–2023 (USD Million)
Table 38 Germany: By Market Size, By Application, 2016–2023 (USD Million)
Table 39 France: By Market Size, By Type, 2016–2023 (USD Million)
Table 40 France: By Market Size, By Application, 2016–2023 (USD Million)
Table 41 Italy: By Market Size, By Type, 2016–2023 (USD Million)
Table 42 Italy: By Market Size, By Application, 2016–2023 (USD Million)
Table 43 UK: By Market Size, By Type, 2016–2023 (USD Million)
Table 44 UK: By Market Size, By Application, 2016–2023 (USD Million)
Table 45 Sweden: By Market Size, By Type, 2016–2023 (USD Million)
Table 46 Sweden: By Market Size, By Application, 2016–2023 (USD Million)
Table 47 Russia: By Market Size, By Type, 2016–2023 (USD Million)
Table 48 Russia: By Market Size, By Application, 2016–2023 (USD Million)
Table 49 Turkey: By Market Size, By Type, 2016–2023 (USD Million)
Table 50 Turkey: By Market Size, By Application, 2016–2023 (USD Million)
Table 51 Rest of Europe: By Market Size, By Type, 2016–2023 (USD Million)
Table 52 Rest of Europe: By Market Size, By Application, 2016–2023 (USD Million)
Table 53 Middle East & Africa: By Market Size, By Country, 2016–2023 (USD Million)
Table 54 Middle East & Africa: By Market Size, By Type, 2016–2023 (USD Million)
Table 55 Middle East & Africa: By Market Size, By Application, 2016–2023 (USD Million)
Table 56 Saudi Arabia: By Market Size, By Type, 2016–2023 (USD Million)
Table 57 Saudi Arabia: By Market Size, By Application, 2016–2023 (USD Million)
Table 58 Rest of Middle East & Africa: By Market Size, By Type, 2016–2023 (USD Million)
Table 59 Rest of Middle East & Africa: By Market Size, By Application, 2016–2023 (USD Million)
Table 60 South America: By Market Size, By Country, 2016–2023 (USD Million)
Table 61 South America: By Market Size, By Type, 2016–2023 (USD Million)
Table 62 South America: By Market Size, By Application, 2016–2023 (USD Million)
Table 63 Brazil: By Market Size, By Type, 2016–2023 (USD Million)
Table 64 Brazil: By Market Size, By Application, 2016–2023 (USD Million)
Table 65 Rest of South America: By Market Size, By Type, 2016–2023 (USD Million)
Table 66 Rest of South America: By Market Size, By Application, 2016–2023 (USD Million)
Table 67 Expansions, 2015–2018
Table 68 Acquisitions, 2015-2018
Table 69 New Product Launches, 2015–2018
Table 70 Contract and Agreements

List of Figures (42 Figures)

Figure 1 Heat Exchangers Market Segmentation
Figure 2 Heat Exchangers Market: Research Design
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Market Size Estimation: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Plate & Frame Type to Register Highest CAGR
Figure 7 Chemical Application to Lead the Heat Exchangers Market
Figure 8 US Led the Heat Exchangers Market in 2017
Figure 9 Europe Led the Heat Exchangers Market in 2017
Figure 10 Attractive Opportunities in the Heat Exchangers Market
Figure 11 Shell & Tube Segment Lead the Heat Exchangers Market
Figure 12 HVACR to Register the Highest Growth Rate
Figure 13 China Led the Heat Exchangers Market in APAC
Figure 14 Europe Led the Heat Exchangers Market, in 2017
Figure 15 Overview of Factors Governing the Heat Exchangers Market
Figure 16 Rise in Industrial Electricity Prices
Figure 17 Heat Exchangers Market: Porter’s Five Forces Analysis
Figure 18 Growth Rate of Chemical Industry (2015–2018)
Figure 19 Developing Regions Witnessed Higher Consumption of Nuclear Energy in 2015 and 2016
Figure 20 Shell & Tube Heat Exchangers to Lead the Market
Figure 21 Demand for Heat Exchangers to Be Lead By the Chemical Application
Figure 22 Graphite Heat Exchangers Market, 2017
Figure 23 India to Register Highest CAGR in the Heat Exchangers Market
Figure 24 US is Biggest Market for Heat Exchangers in North America
Figure 25 China Dominated Heat Exchangers Market in APAC in 2017
Figure 26 Europe: Heat Exchangers Market Snapshot
Figure 27 Saudi Arabia Dominates the Middle East & Africa Heat Exchangers Market
Figure 28 Chemical Application to Lead the Heat Exchangers Market in South America
Figure 29 Companies Adopted New Product Launch A Key Growth Strategy, 2015–2017
Figure 30 Market Ranking Analysis of Key Players
Figure 31 Alfa Laval: Company Snapshot
Figure 32 Alfa Laval: SWOT Analysis
Figure 33 Kelvion Holdings: SWOT Analysis
Figure 34 Danfoss: Company Snapshot
Figure 35 Danfoss: SWOT Analysis
Figure 36 SPX Corporation & Godrej & Boyce: Company Snapshot
Figure 37 SPX Corporation: SWOT Analysis
Figure 38 Xylem : Company Snapshot
Figure 39 Xylem: SWOT Analysis
Figure 40 Hindustan Dorr-Oliver: Company Snapshot
Figure 41 Hisaka Works: Company Snapshot
Figure 42 Johnson Controls: Company Snapshot

The heat exchangers market is projected to reach USD 22.59 billion by 2023 from USD 14.68 billion in 2018, at a CAGR of 9.0% from 2018 to 2023. The growth of manufacturing, chemical, and construction industries is driving the market for heat exchangers.

Shell & tube is the most widely used types of heat exchangers that accounted for the major share of the heat exchangers market in 2017. 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.

Based on region, the heat exchangers market is segmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Currently, Europe is the largest market for heat exchangers. The region has huge installed plant capacities of heat exchangers. The heat exchangers market is also emerging in various countries such as China, India, Saudi Arabia, and Brazil due to increasing industrialization.

The heat exchangers market is segmented on the basis of application into chemical, petrochemical and oil & gas, HVACR, food & beverage, power generation, pulp & paper, and others. Chemical was the largest application segment of the heat exchangers market in 2017, due to the increasing demand for heat exchangers from the chemical industries in China and the US. The HVACR segment is projected to be the fastest-growing application segment of the market between 2018 and 2023, in terms of value. This growth of this segment can be attributed to the rapidly growing construction industry and increased government investments in infrastructural projects.

Some of the key players operating in the heat exchangers market include Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), API Heat Transfer (US), Gunter (Germany), and Hindustan Dorr-Oliver (India).

Alfa Laval (Sweden) has extensive experience in the field of heat exchangers. The company focuses on taking investment risks to expand its production capacity and increase its market share. It is focusing immensely on research & development to launch new products & services. The company maintains a strong brand image in the heat exchangers market, as it provides high-quality products. In 2017, the company signed 7 contracts to supply heat exchangers for various applications, in chemical and petrochemical and oil & gas across different regions.

Opportunities

Growing demand for nuclear power generation

A heat exchanger is an essential component of a nuclear reactor. The performance of a heat exchanger has a significant impact on the overall efficiency and power output of a nuclear power plant.

About 11% of the world’s electricity is derived from nuclear power, and its capacity is increasing gradually. A significant capacity is being further created by the upgrading of plants. There were about 450 nuclear power reactors in operation and over 60 reactors under construction equivalent to 16% of existing capacity, globally, in 2017. The increasing use of heat exchangers in nuclear reactors, upgrading of existing nuclear plants, and proposed nuclear power plant projects are expected to create new growth opportunities for the heat exchangers market during the forecast period.

Large aftermarket for heat exchangers

Heat exchanger is a critical component of any process industry, and its performance and longevity have a direct impact not only on the capital cost but also on operating costs. Breakdown maintenance and repair are always expensive. Thus, the regular maintenance of heat exchangers is crucial, the cost of which can be relatively lower in comparison to rotating equipment, such as pumps and compressors. The maintenance of heat exchangers is important to ensure continuous production and system uptime, and to avoid sudden failures.

This creates a huge aftermarket for the manufacturers of heat exchangers, wherein they can sell spare parts, such as gaskets, seals, and other components and also take service contracts for cleaning and maintenance of heat exchangers.

Challenges

Fluorinated greenhouse gas regulations

The regulations set on the use of fluorinated gases (F-gases) act as a challenge to the growth of the heat exchangers market. These regulations restrict the use of heat exchangers as evaporators and condensers in chillers. In 2015, the European Union (EU) suggested important changes in the regulations to control emissions from F-gases, including hydrofluorocarbons (HFCs). According to these changes, the EU has adopted two legislative acts, namely, the MAC Directive on air conditioning systems used in small motor vehicles and the F-gas Regulation that cover all other key applications in which F-gases are used.

According to EU regulations, while HFCs are banned in some applications, HFC refrigerants will be allowed only if the system concerned satisfy the Eco-Design criteria. Similar changes are being debated in the US (SNAP - Significant New Alternative Policy) and China.

Competitive Landscape

Expansions, 2015–2018

Source: Company Website

Acquisitions, 2015-2018

Source: Company Website

New Product Launches, 2015–2018

Source: Company Website

Contract and Agreements

Source: Company Website

To speak to our analyst for a discussion on the above findings, click Speak to Analyst