Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), By End-use (Chemical & Petrochemical, Oil & Gas, Power Generation), By Material, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the heat exchangers market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for heat exchangers market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of heat exchangers market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Heat Exchangers Market Categorization:

The heat exchangers market was categorized into four segments, namely product (Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger), end-use (Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation Food & Beverage, Pulp & Paper), material (Metals, Alloys), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)

Segment Market Methodology:

The heat exchangers market was segmented into product, end-use, material, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The heat exchangers market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Mexico; Germany; France; Italy; Spain, the UK, China; Japan; India; South Korea, Australia, Brazil; Argentina, Saudi Arabia; UAE, South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Heat exchangers market companies & financials:

The heat exchangers market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Alfa Laval - Alfa Laval was incorporated in 1883 and is headquartered in Lund, Sweden. The company's business line is segmented based on three major technologies, namely heat transfer, separation, and fluid handling. Products offered under heat transfer technology segment include numerous heat exchangers designed for different temperatures and pressure levels. The segment accounted for around 44% of the total group sales in 2018. Separation technology segment offers separators, decanter centrifuges, strainers, filters, and membranes. The fluid handling technology segment provides various products, including valves, pumps, tank cleaning equipment, and installation material. Alfa Laval has also established three sales divisions, namely Food & Water, Energy, and Marine. The Operations division supports these divisions. Food & water division focuses on customers from various industries, including food, breweries, pharmaceuticals, vegetable oils, and personal care products, whereas energy division targets customers from oil & gas, petrochemicals, and power generation industries among others. The marine division focuses on customers, including ship owners, manufacturers of gas and diesel engines, and companies that focus on offshore oil and gas extraction. The operations division focuses on procurement, manufacturing, distribution, and logistics related to production.

• Danfoss - Danfoss was incorporated in 1933 as “Dansk Køleautomatik og Apparatfabrik” and is headquartered in Nordborg, Denmark. The company provides a wide range of products and solutions for air conditioning, refrigeration, heating, motor control and off-highway machinery. The company operates through four segments: Danfoss Power Solutions, Danfoss Heating, Danfoss Cooling, and Danfoss Drives. Danfoss Power Solutions segment offers products including hydrostatic pumps and motors, orbital motors, electric motors, converters, and storage, steering solutions, and electronic components and software among others. Danfoss's heating segment provides heating and cooling systems, thermostats, radiator valves, floor heating and heat pumps, and heat exchangers, among others. Danfoss's cooling segment offers numerous products, including heat exchangers, condensing units, compressors, electronic controllers, valves, sensors, and high-pressure pumps. Danfoss drives provides low and medium-voltage AC drives, stacks, and modules used in fans, pumps, chillers, conveyors, and electric vehicles.

• Kelvion Holding GmbH - Kelvion Holding GmbH was established in 1920 as Gesellschaft für Entstaubungs-Anlagen (GEA). GEA Heat Exchangers was acquired by the Triton Fund in 2014 and renamed Kelvion post-acquisition in November 2015. Kelvion Holding GmBH had around 5,000 employees as of December 2020, and the company operates as a standalone company and is managed under Galapagos Holding S.A. The company's business line is focused on manufacturing and supplying heat exchangers to HVAC, chemical, oil and gas, power generation, and food and beverage industries. Heat exchangers offered by the company are broadly categorized as compact fin heat exchangers, shell & tube heat exchangers, plate heat exchangers, and single tube heat exchangers. Other products in the company's portfolio include transformer cooling systems and towers. Kelvion offers services related to heat exchangers such as commissioning, inspection, repair, monitoring & testing, consulting & training, and upgrade & replacement. It marks its global presence through 67 locations and partners in North America, Europe, Asia Pacific, the Middle East & Africa, and Central & South America.

• Güntner Group GmbH - Güntner Group GmbH, a cross brand-handling company for brands - thermowave, JAEGGI Hybridtechnologie, and Guntner, was established in 1931 in Munich, Germany. Its manufacturing plants are located in Asia, Europe, and the Americas. As of December 31st, 2019, the company had over 80 employees working in 4 R&D centers in Germany, Mexico, Indonesia, and Hungary, which took care of product design, thermodynamic calculation, testing, and product data and software development. The company is one of the world's largest manufacturers of refrigeration systems. It provides its products to a wide range of industries, including pharmaceutical, automotive, computer, manufacturing, and food industries, along with numerous public sector institutions. It offers products through four business segments, namely industrial, HVAC, energy & process, and commercial. Through its widespread distribution network, the company offers a wide range of condensers, air coolers, dry coolers, controls, adiabatic, and plate heat exchangers.

• Xylem Inc. - Xylem Inc. was incorporated in 2011 and is headquartered in New York, U.S. The company is engaged in providing smart technology and innovative solutions for meeting global wastewater, water, and energy requirements. It operates through three business segments: Applied Water, Water Infrastructure, and Measurement & Control Solutions. Applied Water segment provides water pressure boosting systems for air conditioning & ventilation, heating, and fire protection systems to commercial and residential buildings. Major brands operating under this segment include A-C Fire Pump, Bell & Gossett, Flojet, Goulds Water Technology, Jabsco, Lowara, and Standard Xchange. Furthermore, it offers heat exchangers, dispensing equipment, valves, controls, and pumps to aid in cooling of manufacturing facilities and power plants, boosting systems for agricultural irrigation, and circulation for food & beverage processing. Water infrastructure segment provides pump systems for transporting water from seas, rivers, lakes, and aquifers, along with other related services such as filtration and treatment. Similarly, solutions provided under Measurement & Control Solutions segment include critical infrastructure technologies, measurement & control technologies, and smart metering. These services aid in the effective management of distribution networks for control, monitoring, and delivery. As of December 2019, it had around 16,300 employees working across 150 countries globally.

• API Heat Transfer - API Heat Transfer was incorporated in 1947 and is headquartered in Buffalo, New York, U.S. The company's business line is focused on manufacturing and supplying heat transfer equipment. It markets its products under five brands: AirTech, Basco, Covrad, Schmidt, and TTP. Furthermore, the company operates through four heat transfer groups, namely Air Cooled, Shell & Tube, Plate & Thermal Systems, and Fluid Power & Distributed Products, which provide optimal heat transfer solutions for required applications. Major products offered by the company include gasketed plate, brazed plate, welded plate, plate & shell, shell & tube heat exchangers, air coolers, radiators, evaporation systems, dealcoholization systems, and pasteurization systems. The company markets its products to various end-use industries, including oil and gas, food and beverage, power generation, automotive, and HVAC. It has manufacturing facilities in the U.S., China, the UK, and Germany and markets its products to end-use industries in Europe, Asia, the Middle East, and the Americas. As of 2018, the company had over 1,800 employees.

• Mersen - Mersen was established as Carbone Lorraine by merging Le Carbone and Compagnie Lorraine de Charbons pour l'Électricité in 1937, which was renamed Mersen in 2010. The company's headquarters are located in Paris, France. It is engaged in providing solutions to advanced materials and electric power industries. The company offers products and services to various applications including solar & wind power, fiber optics & electronics, rail, aeronautics transportation & aerospace, and corrosive chemicals. It offers products through segments such as graphite specialties, anti-corrosion equipment, power transfer technologies, electrical protection & control, and solutions for power management. Graphite specialties segment provides silicon carbide (SiC), flexible graphite, carbon insulation, carbon & carbon composites, and graphite solutions to electronics, solar PV, aerospace, and process industries. The company offers technical solutions for generators and motor applications including brushes & brush-holders, brush rockers, and slip ring assemblies through its power transfer technologies segment. Solutions offered by the company under anti-corrosion equipment segment include engineering services; heat exchangers; columns, reactors, and pressure vessels; piping, bellows, and accessories; and bursting disks. This segment designs, manufactures, and supplies process equipment manufactured from fluoropolymers, nickel alloys, noble metals (zirconium, tantalum, and titanium), silicon carbide, and graphite for resisting corrosion in chemical industries.

• Hisaka Works, Ltd. - Hisaka Works, Ltd. was founded in 1942 and is headquartered in Osaka, Japan. The company's business line focuses on manufacturing and supplying industrial machinery. The company's business portfolio is broadly categorized as heat exchanger, vital industry, valve, and solar photovoltaics. Major products offered by the company include plate heat exchangers, evaporation, distillation and condensation systems, dyeing and finishing machines, dewatering equipment, and food machinery. Heat exchangers offered by the company include plate type, multi gap plate, welded type, plate condenser, brazed type, and cushion gasket type. The company markets its products to various end-use industries, including steelmaking, power generation, pharmaceutical, HVAC, pulp & paper, marine, and chemical. The company markets its products to these industries in Malaysia, China, South Korea, Vietnam, Philippines, Indonesia, Singapore, and Saudi Arabia. The company had around 906 employees working across the globe as of March 2020.

• Chart Industries, Inc - Chart Industries, Inc. is a leading global manufacturer of highly engineered equipment servicing various industrial gas and energy applications. The company was established in 1992 in Georgia, U.S. and its operations are spread across Australia, Asia, Europe, and the Americas. The company's manufacturing plants are located in China, India, the Czech Republic, France, Germany, Italy, and the U.S. The company acquired Thermax, Inc., a leading manufacturer of heat exchangers, thermal systems, and vaporizers, in 2014 followed by the acquisition of Hetsco (a brazed aluminum heat exchanger service and repair company), and Hudson Products (an air-cooled heat exchanger manufacturer) in 2017. The company provides its services via four business segments, including Distribution & Storage Western Hemisphere (“D&S West”), Distribution & Storage Eastern Hemisphere (“D&S East”), E&C FinFans, and Energy & Chemicals Cryogenics (“E&C Cryogenics”). The principal products of the E&C FinFans segment include HVAC, air cooled heat exchangers, and axial cooling fans for power and other end-user applications. E&C Cryogenics segment provides shell and tube heat exchangers, brazed aluminum heat exchangers, Core-in-Kettle heat exchangers, and high-pressure vessels and reactors.

• Johnson Controls International - Johnson Controls International, a global diversified technology and multi-industrial company, was established in 1885 in Cork, Ireland. The company designs, manufactures, and installs building products and systems, including fire suppression solutions, fire detection systems, security systems, energy management systems, and HVAC equipment and controls, across the globe. As of December 2019, it had a staff of 105,000 working in over 2000 locations worldwide. Products under the building technologies and solutions segment are sold through the company's extensive distribution network in 70 countries. The segment encompasses brands such as York, Hitachi Air Conditioning, Ansul, Titus, Metasys, Frick, Ruskin, Sabroe, PENN, Grinnell, and Simplex. In 2018, the building technologies and solutions segment made up 75% of the company's total net sales. The company is a key player in the North American residential air conditioning and heating systems market and serves customers by providing technical services, data-driven solutions, and energy-management consulting. Sustainability is an integral part of the company's strategic plan 2025. The company is a part of the Three Percent Club, which is a new coalition of businesses, including companies, countries, and international organizations, planning to drive a 3% rise in energy efficiency every year. In addition, it was the first U.S.-based company to commit to the EP100 initiative. Furthermore, the company also endorses a global alliance for energy productivity goals and adheres to setting best practice steps to support environmental issues more effectively.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Heat Exchangers Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Heat Exchangers Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.