Heat Exchangers Market

Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Steel, Non-Steel) Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2024

Report Code: CH 3063 Feb, 2020, by marketsandmarkets.com
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[130 Pages Report] The global heat exchangers market size is estimated to be USD 15.3 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 6.0%. The demand for heat exchangers is supported by the growth of the end-use industries globally.

Heat Exchangers Market

MnM helped a renowned European company with a vast portfolio of products and services in air conditioning, gas compressors, heat exchangers, etc., to identify a revenue growth opportunity of USD 58 million for semi-welded heat exchangers in industrial refrigeration (over a time of 5 years) by increasing its penetration in the target product market.

Client’s Problem Statement

Our client, a top multinational Europe-based company, was keen to increase its penetration in the semi-welded heat exchangers market, specifically for food processing and storage applications. The senior management needed to make crucial decisions about which application areas to target under food processing and storage.

MnM Approach

MnM assisted the client with an outside-in perspective on the market potential in various application areas under food processing and storage, such as dairy, cold storage, slaughtering, frozen food, and brewing. We also provided a regional and country-level split and helped the client identify the key suppliers in the market for semi-welded plate heat exchangers by providing their market coverage and tentative production of target products for the year. MnM also helped the client with the overall industrial refrigeration market information along with the segmentation by type of heat exchanger such as shell & tube, plate & shell, semi-welded plate heat exchangers, and others.
This helped our client refine its value proposition to gain a market share. MnM provided the client with current industry trends and recent developments in the market with respect to the end-use industry, technology, and regulations.

Revenue Impact (RI)

Our findings helped the client to penetrate $6 billion market, with a projected revenue of $5 billion in 5 years.

Consult our Analyst now

Shell & Tube type segment dominated the heat exchangers market in 2018

Shell & tube is the most widely used types of heat exchangers that accounted for the significant share of the heat exchangers market in 2018. 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.

Energy segment is expected to register the fastest growth rate in heat exchangers market during the forecast period

The energy segment, which includes the petrochemical and oil & gas sector, is expected to register the most rapid growth rate during the forecast period. 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 especially across the Middle East & Africa and North America region which is expected to favor the growth of the heat exchangers market globally.

Europe led the heat exchangers market, and APAC region is forecasted to register the highest growth rate during the forecast period

Based on the 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.

Heat Exchangers Market

Key Market Players

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), Chart Industries (US), Hisaka Works (Japan), Johnson Controls International (Ireland), and Hindustan Dorr-Oliver (India).

These companies have adopted various organic as well as inorganic growth strategies between 2015 and 2019 to strengthen their positions in the market. The new product launch is the key growth strategy adopted by these leading players to enhance regional presence and develop product portfolios to meet the growing demand for heat exchangers from emerging economies.

Scope of the report

Report Metric

Details

Years Considered for the study

2017–2024

Base year considered

 2018

Forecast period

2019–2024

Units considered

Value (USD)

Segments

Type, Material, End-Use Industry, and Region

Regions

North America, APAC, Europe, South America, and the Middle East & Africa

Companies

Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), API Heat Transfer (US), Gunter (Germany), Chart Industries (US), Hisaka Works (Japan), Johnson Controls International (Ireland), and Hindustan Dorr-Oliver (India)

This research report categorizes the heat exchangers market based on type, material, end-use industry, and region.

By Type:

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

By Material

  • Steel
  • Non-Steel

By End-Use Industry:

  • Chemical
  • Energy
  • HVACR
  • Food & Beverages
  • Pulp & Paper
  • Power
  • Others

By Region:

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

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

Recent Developments

  • In 2019, Alfa Laval established a brazed plate heat exchangers manufacturing plant in the US. This manufacturing plant will cater to the increasing demand for heat exchangers in North America. It also provides quick response time and reduced lead times for its customer base in the US, which will help the company to increase its revenue from the North America region.
  • In 2019, Alfa Laval launched gas to liquid plate heat exchangers. These heat exchangers can handle medium temperatures of 750°C without suffering fatigue/failure. These heat exchangers are highly suitable for gas cooling applications.
  • In 2019, Kelvion launched exhaust gas heat exchangers, which is compact and ideal for the industrial facilities and power plants.
  • In 2019, Kelvion, The company, launched plate heat exchangers, namely NP150X, for the HVACR industry.

Critical questions the report answers:

  • What are the upcoming hot bets for the heat exchangers market?
  • What are the various types of heat exchangers? What are the market dynamics for different types of heat exchangers?
  • What are the major end-use industries of heat exchangers?
  • Who are the significant manufacturers of heat exchangers? What are the latest developments in the heat exchangers market?
  • What are the factors driving the heat exchangers market in each region?

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

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
           1.2.1 Market Scope
           1.2.2 Regions Covered
           1.2.3 Years Considered in the Report
    1.3 Currency
    1.4 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
           2.3.1 Heat Exchangers Market Analysis Through Primary Interviews
    2.4 Limitations
    2.5 Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Opportunities in the Global Heat Exchangers Market
    4.2 Heat Exchangers Market in APAC, 2018
    4.3 Heat Exchangers Market, By Type
    4.4 Heat Exchangers Market, By End-Use Industry
    4.5 Heat Exchangers Market Growth Rate, By Country

5 Market Overview (Page No. - 35)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Rapid Industrial Expansions in Developing Economies of APAC
                    5.1.1.2 Stringent Environmental Regulations Driving the Demand for Heat Exchangers
                    5.1.1.3 Rise in HVACR Deployments and Growth in Construction Activities
                    5.1.1.4 Technological Advancements in Heat Exchangers Market
           5.1.2 Restraints
                    5.1.2.1 Sluggish Growth of Heat Exchangers Market in Europe
                    5.1.2.2 Lack of Awareness About Buildings’ Energy Efficiency
           5.1.3 Opportunities
                    5.1.3.1 Growing Nuclear Power Generation
                    5.1.3.2 Large Aftermarket for Heat Exchangers
           5.1.4 Challenges
                    5.1.4.1 Regulations Pertaining to Fluorinated Greenhouse Gases
    5.2 Porter’s Five Forces
           5.2.1 Threat From 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 Rivalry
    5.3 Raw Material Analysis
           5.3.1 Steel
                    5.3.1.1 Steel Segment to Dominate Heat Exchangers Market
           5.3.2 Non-Steel
                    5.3.2.1 Non-Steel Segment to Register Fastest Growth Rate During Forecast Period

6 Heat Exchangers Market, By Type (Page No. - 43)
    6.1 Introduction
    6.2 Shell & Tube Heat Exchangers
           6.2.1 Tubular Heat Exchangers
                    6.2.1.1 Tubular Heat Exchangers are More Efficient Than Standard Shell & Tube Heat Exchangers
    6.3 Plate & Frame Heat Exchangers
           6.3.1 Gasketed Plate & Frame Heat Exchangers
                    6.3.1.1 Gasketed Plate & Frame Heat Exchangers Have Highest Share in Plate & Frame Heat Exchangers Segment
           6.3.2 Welded Plate & Frame Heat Exchangers
                    6.3.2.1 Welded Plate & Frame Heat Exchangers Mostly Used Due to Its Compact Size, Modularity, and Flexibility
           6.3.3 Brazed Heat Exchangers
                    6.3.3.1 Brazed Heat Exchangers Have High Demand in HVACR and Power Industry
    6.4 Air Cooled Heat Exchangers
           6.4.1 Air Cooled Heat Exchangers Primarily Used in Chemical and Energy Industries
    6.5 Others
           6.5.1 Extended Surface Heat Exchangers
           6.5.2 Regenerative Heat Exchangers

7 Heat Exchangers Market, By End-Use Industry (Page No. - 48)
    7.1 Introduction
    7.2 Chemical
           7.2.1 Chemical Industry to Dominate the Heat Exchangers Market
           7.2.2 Specialty Chemicals
                    7.2.2.1 Growing Demand for Specialty Chemicals in Developing Economies Will Positively Impact Heat Exchangers Market
    7.3 Energy
           7.3.1 Energy Sector is Fastest-Growing End User of Heat Exchangers
    7.4 Hvac and Refrigeration
           7.4.1 Urbanization Driving the Demand for Heat Exchangers in Hvac Segment
    7.5 Food & Beverage
           7.5.1 Growing Consumption of Packaged and Processed Food Products Driving the Demand in Food & Beverage Industry
           7.5.2 Sugar and Ethanol Production
           7.5.3 Others
    7.6 Power Generation
           7.6.1 Efforts to Increase Energy Output of Power Plants to Drive the Usage of Heat Exchangers in Power Industry
    7.7 Pulp & Paper
           7.7.1 Heat Exchangers Used in Pulp & Paper Industry for Wastewater Treatment and Heat Recovery
    7.8 Others

8 Heat Exchangers Market, By Region (Page No. - 53)
    8.1 Introduction
    8.2 North America
           8.2.1 US
                    8.2.1.1 US is Largest and Fastest-Growing Market for Heat Exchangers in North America
           8.2.2 Canada
                    8.2.2.1 Expansion of Oil & Gas Industry Expected to Boost the Demand for Heat Exchangers
           8.2.3 Mexico
                    8.2.3.1 Heat Exchangers Demand in Mexico to Be Majorly Driven By Expansion of Energy Sector
    8.3 APAC
           8.3.1 China
                    8.3.1.1 China is Second-Largest Market for Heat Exchangers, Globally
           8.3.2 India
                    8.3.2.1 India Expected to Register the Fastest Growth During Forecast Period
           8.3.3 Japan
                    8.3.3.1 Chemical and Nuclear Power Industries to Drive Heat Exchangers Market in Japan
           8.3.4 South Korea
                    8.3.4.1 Plate & Frame to Lead the Heat Exchangers Market in South Korea
           8.3.5 Rest of APAC
    8.4 Europe
           8.4.1 Germany
                    8.4.1.1 Germany to Lead the Heat Exchangers Market in Europe
           8.4.2 France
                    8.4.2.1 Presence of Strong Chemical Industry Provides Favorable Growth Prospect for Heat Exchangers
           8.4.3 Italy
                    8.4.3.1 Steady Production of Crude Oil and Growing Construction Industry is Expected to Drive the Market
           8.4.4 UK
                    8.4.4.1 Steady Growth in Construction Industry to Drive the Demand for Plate & Frame Heat Exchangers
           8.4.5 Sweden
                    8.4.5.1 Growing Exports of Chemical and Petrochemical Products to Fuel Consumption of Heat Exchangers in Sweden
           8.4.6 Russia
                    8.4.6.1 Expansion in Oil & Gas and Construction Industries to Fuel the Growth of Heat Exchangers Market
           8.4.7 Turkey
                    8.4.7.1 Turkey to Register the Fastest Growth Rate During Forecast Period
           8.4.8 Rest of Europe
    8.5 Middle East & Africa
           8.5.1 Saudi Arabia
                    8.5.1.1 Saudi Arabia Dominates the Heat Exchangers Market in Middle East & Africa
           8.5.2 Rest of Middle East & Africa
    8.6 South America
           8.6.1 Brazil
                    8.6.1.1 Brazil is Largest Market for Heat Exchangers in South America
           8.6.2 Rest of South America

9 Competitive Landscape (Page No. - 90)
    9.1 Overview
    9.2 Competitive Leadership Mapping, 2018
           9.2.1 Visionary Leaders
           9.2.2 Innovators
           9.2.3 Emerging Companies
           9.2.4 Strength of Product Portfolio
           9.2.5 Business Strategy Excellence
    9.3 Market Ranking of Key Players, 2018
    9.4 Competitive Scenario
           9.4.1 New Product Launch
           9.4.2 Expansion
           9.4.3 Acquisition

10 Company Profile (Page No. - 100)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Right to Win)* 
     10.1 Alfa Laval
     10.2 Kelvion Holdings
     10.3 Danfoss
     10.4 Xylem
     10.5 API Heat Transfer
     10.6 Chart Industries, Inc.
     10.7 Guntner
     10.8 Hindustan Dorr-Oliver
     10.9 Hisaka Works
     10.10 Johnson Controls International
     10.11 Other Companies
             10.11.1 Hrs Heat Exchangers
             10.11.2 Sierra
             10.11.3 Swep International
             10.11.4 Mersen
             10.11.5 Thermax Global
             10.11.6 Koch Heat Transfer Company
             10.11.7 Barriquand Technologies
             10.11.8 Funke Warmeaustauscher Apparatebau
             10.11.9 Vahterus
             10.11.10 Radiant Heat Exchanger
             10.11.11 Smart Heat Incorporated
             10.11.12 Doosan Corporation
             10.11.13 Air Products and Chemicals
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, Right to Win Might Not Be Captured in Case of Unlisted Companies. 

11 Appendix (Page No. - 124)
     11.1 Discussion Guide
     11.2 Knowledge Store: Marketsandmarkets Subscription Portal
     11.3 Related Reports
     11.4 Author Details


List of Tables (64 Tables)

Table 1 Heat Exchangers Market Size, By Material, 2017–2024 (USD Million)
Table 2 Heat Exchangers Market Size, By Type, 2017–2024 (USD Million)
Table 3 Heat Exchangers Market Size, By End-Use Industry, 2017—2024 (USD Million)
Table 4 Heat Exchangers Market Size, By Region, 2017–2024 (USD Million)
Table 5 Heat Exchangers Market Size, By Type, 2017–2024 (USD Million)
Table 6 Heat Exchangers Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 7 North America: Heat Exchangers Market Size, By Country, 2017-2024 (USD Million)
Table 8 North America: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 9 North America: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 10 US: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 11 US: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 12 Canada: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 13 Canada: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 14 Mexico: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 15 Mexico: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 16 APAC: Heat Exchangers Market Size, By Country, 2017–2024 (USD Million)
Table 17 APAC: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 18 APAC: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 19 China: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 20 China: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 21 India: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 22 India: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 23 Japan: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 24 Japan: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 25 South Korea: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 26 South Korea: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 27 Rest of APAC: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 28 Rest of APAC: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 29 Europe: Heat Exchangers Market Size, By Country, 2017-2024 (USD Million)
Table 30 Europe: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 31 Europe: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 32 Germany: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 33 Germany: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 34 France: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 35 France: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 36 Italy: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 37 Italy: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 38 UK: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 39 UK: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 40 Sweden: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 41 Sweden: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 42 Russia: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 43 Russia: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 44 Turkey: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 45 Turkey: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 46 Rest of Europe: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 47 Rest of Europe: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 48 Middle East & Africa: Heat Exchangers Market Size, By Country, 2017-2024 (USD Million)
Table 49 Middle East & Africa: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 50 Middle East & Africa: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 51 Saudi Arabia: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 52 Saudi Arabia: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 53 Rest of Middle East & Africa: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 54 Rest of Middle East & Africa: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 55 South America: Heat Exchangers Market Size, By Country, 2017-2024 (USD Million)
Table 56 South America: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 57 South America: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 58 Brazil: Heat Exchangers Market Size, By Type, 2017-2024, (USD Million)
Table 59 Brazil: Heat Exchangers Market Size, By End-Use Industry, 2017-2024, (USD Million)
Table 60 Rest of South America: Heat Exchangers Market Size, By Type, 2017-2024 (USD Million)
Table 61 Rest of South America: Heat Exchangers Market Size, By End-Use Industry, 2017-2024 (USD Million)
Table 62 New Product Launch, 2015–2019
Table 63 Expansion, 2015–2019
Table 64 Acquisition 2015–2019


List of Figures (39 Figures)

Figure 1 Market Segmentation
Figure 2 Heat Exchangers Market: Research Design
Figure 3 Heat Exchangers Market: Bottom-Up Approach
Figure 4 Heat Exchangers Market: Top-Down Approach
Figure 5 Heat Exchangers Market: Data Triangulation
Figure 6 Heat Exchangers Market Analysis Through Secondary Sources
Figure 7 Heat Exchangers Market Analysis
Figure 8 Shell & Tube Type Accounted for Largest Share of Overall Heat Exchangers Market in 2018
Figure 9 Energy to Be Fastest-Growing End User of Heat Exchangers During Forecast Period
Figure 10 APAC to Be Fastest-Growing Market During the Forecast Period
Figure 11 Emerging Countries Witnessing Growing Demand for Heat Exchangers
Figure 12 China to Be the Largest Market in APAC
Figure 13 Plate & Frame: Fastest-Growing Type of Heat Exchanger Between 2019 and 2024
Figure 14 Chemical Industry to Account for Largest Market Share During Forecast Period
Figure 15 India to Register the Highest CAGR in the Market
Figure 16 Drivers, Restraints, Opportunities, and Challenges in the Heat Exchangers Market
Figure 17 Heat Exchangers Market: Porter’s Five Forces Analysis
Figure 18 Steel Price Analysis
Figure 19 Shell & Tube Heat Exchangers Accounted for Largest Market Share in 2018
Figure 20 Chemical Industry to Dominate the Heat Exchangers Market Till 2024
Figure 21 APAC to Register Highest CAGR in the Heat Exchangers Market
Figure 22 US is the Biggest Market for Heat Exchangers in North America
Figure 23 China Dominated the Heat Exchangers Market in APAC in 2018
Figure 24 Germany to Dominate the Heat Exchangers Market in Europe
Figure 25 Companies Adopted New Product Launch as the Key Strategy Between 2015 and 2019
Figure 26 Heat Exchangers Market: Competitive Leadership Mapping, 2019
Figure 27 Market Ranking, 2019
Figure 28 Company Snapshot: Alfa Laval
Figure 29 Alfa Laval.: SWOT Analysis
Figure 30 Kelvion Holdings : SWOT Analysis
Figure 31 Company Snapshot: Danfoss
Figure 32 Danfoss : SWOT Analysis
Figure 33 Xylem Inc.: Company Snapshot
Figure 34 Xylem Inc.: SWOT Analysis
Figure 35 API Heat Transfer : SWOT Analysis
Figure 36 Chart Industries: Company Snapshot
Figure 37 Hindustan Dorr-Oliver Ltd.: Company Snapshot
Figure 38 Company Snapshot: Hisaka Works
Figure 39 Company Snapshot: Johnson Controls

The study involved four major activities in estimating the current market size for heat exchangers. Exhaustive secondary research was conducted to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methodologies were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as Factiva, Zauba, Hoovers, and Bloomberg BusinessWeek were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, steel associations, heat exchangers association, regulatory bodies, and databases.

Primary Research

The heat exchangers market comprises several stakeholders, such as raw material suppliers, distributors of heat exchangers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market consists of various industries such as chemical, energy, HVACR, power, pulp & paper, and food & beverages. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Following is the breakdown of primary respondents

Heat Exchangers Market

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

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the heat exchangers market. These methods were also used extensively to determine the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value and volume, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size—using the market size estimation process explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply of heat exchangers and their applications.

Objectives of the Study:

  • To define, describe, and forecast the heat exchangers market, in terms of value
  • To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the market growth
  • To analyze and forecast the market by type, material, and end-use industry
  • To forecast the size of the market for five regions, namely, APAC, Europe, North America, South America, and the Middle East & Africa along with their key countries
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
  • To analyze competitive developments, such as new product launch, acquisition, and expansion undertaken in the market
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies2
  • Notes: Micro markets1 are the subsegments of the heat exchangers market included in the report.
  • Core competencies2 of companies are determined in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain in the market.

    Available Customizations:

    With the given market data, MarketsandMrkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

    Regional Analysis:

    • Country-level analysis of the heat exchangers market

    Company Information:

    • Detailed analysis and profiling of additional market players
  • Report Code
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    Published ON
    Feb, 2020
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