A three-pronged approach was followed for deducing the plate & frame 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 plate & frame heat exchangers market to gather the most reliable and current information possible.
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 plate & frame 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.
The plate & frame heat exchangers market was categorized into three segments, namely product (Brazed, Gasketed, Welded), end-use (Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas, Power Generation, Pulp & Paper), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).
The plate & frame heat exchangers market was segmented into product, end-use, 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:
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.
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.
The plate & frame 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 seventeen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; Russia; China; India; Japan; South Korea; Australia; Brazil; Argentina; South Africa; UAE.
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.
The plate & frame 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 - Established in 1883 and headquartered in Lund, Sweden, Alfa Laval operates at the forefront of three key technologies: separation/filtration, heat transfer, and fluid handling. The company's extensive product portfolio encompasses various heat exchangers tailored for diverse temperature and pressure requirements. In 2019, the heat transfer segment contributed significantly, accounting for approximately 40.2% of the total group sales. Alfa Laval strategically divides its operations into four distinctive divisions: Food & Water, Energy, Greenhouse, and Marine. These divisions are effectively supported by the Operations division, which oversees crucial aspects like procurement, manufacturing, distribution, and logistics. The Food & Water division serves a diverse clientele in industries such as food, breweries, pharmaceuticals, vegetable oils, and personal care products. Simultaneously, the Energy division focuses on customers in oil & gas, petrochemicals, and power generation sectors. The Marine division caters to ship owners, manufacturers of gas and diesel engines, and entities engaged in offshore oil & gas extraction. The overarching Operations division efficiently manages the intricate processes related to procurement, manufacturing, distribution, and logistics, ensuring the seamless functioning of Alfa Laval's diverse business operations.
DANFOSS - Incorporated in 1933 as "Dansk Køleautomatik og Apparatfabrik," Danfoss is headquartered in Nordborg, Denmark. A notable development occurred in July 2016 when Danfoss acquired full ownership of Sondex, leading to Sondex becoming a product brand within the Danfoss portfolio from 2018. The company operates across three distinct business segments: Danfoss Power Solutions, Danfoss Climate Solutions, and Danfoss Drives. Within the Danfoss Power Solutions segment, the company offers a range of products, including hydrostatic pumps and motors, orbital motors, electric motors, converters, energy storage solutions, steering solutions, and electronic components with accompanying software. The Danfoss Climate Solutions segment boasts an extensive product portfolio encompassing heat exchangers, condensing units, compressors, electronic systems, valves, sensors, and high-pressure pumps. Finally, the Danfoss Drives segment provides low and medium-voltage AC drives, stacks, power modules, as well as digital tools and services. Geographically, Danfoss categorizes its operations into six regions: Western Europe, Eastern Europe, North America, Latin America, Asia Pacific, and Africa-Middle East. In 2020, sales distribution revealed Western Europe accounting for 37%, Eastern Europe for 9%, North America for approximately 23%, Asia Pacific for 24%, and Latin America and Africa-Middle East contributing 5% and 2% to total sales, respectively.
KELVION HOLDING GMBH - Established in 1920 as Gesellschaft für Entstaubungs-Anlagen (GEA), Kelvion Holding GmbH underwent a transformation in 2014 when GEA Heat Exchangers was acquired by Triton Fund. Following the acquisition, the company was rebranded as Kelvion in November 2015 and currently operates as a standalone entity, managed under Galapagos Holding S.A. The core focus of Kelvion's business lies in the manufacturing and supply of heat exchangers catering to diverse industries, including HVAC, chemical, oil & gas, power generation, and food & beverage. Kelvion's product offerings encompass a variety of heat exchangers, broadly categorized as compact fin heat exchangers, shell & tube heat exchangers, plate heat exchangers, and single tube heat exchangers. Additionally, the company provides transformer cooling systems and cooling towers. In the realm of services related to heat exchangers, Kelvion offers commissioning, inspection, repair, monitoring & testing, consulting & training, as well as upgrade & replacement services. Maintaining a global presence, Kelvion operates through 67 locations and partners distributed across North America, Europe, Asia Pacific, the Middle East & Africa, and Central & South America. As of February 2021, the company boasted a workforce of approximately 5,000 employees.
GÜNTNER GMBH & CO. KG - Founded in 1931 in Munich, Germany, Güntner GmbH & Co. KG stands as a leading cross-brand handling company for reputable brands such as thermowave, JAEGGI Hybridtechnologie, and Guntner. With manufacturing plants strategically located in Asia, Europe, and the Americas, Güntner has established itself as one of the world's largest manufacturers of refrigeration systems, catering to diverse industries, including pharmaceutical, automotive, computer, manufacturing, and food. The company's extensive product range spans four business segments: industrial, HVAC, energy & process, and commercial. Güntner's comprehensive product offerings include condensers, air coolers, dry coolers, controls, adiabatic systems, and plate heat exchangers. These products are distributed through a robust network to meet the needs of various sectors and public institutions. The Güntner - Tata Company, a collaboration between Tata Hűtőtechnika and Güntner, was established in Hungary in 1990. Over the years, the Tata-Güntner manufacturing plant has experienced remarkable growth, becoming the largest manufacturing facility within the Güntner Group by 2008. Known for innovation, Güntner introduced the "microox technology" in 2008, involving the assembly and brazing of aluminum heat exchangers in CAB ovens. This technology, an advancement of microchannel technology, utilizes steel, stainless steel, aluminum, and copper to manufacture high-quality heat exchangers. With a global workforce exceeding 3,000 employees, Güntner continues to drive excellence in the refrigeration industry.
XYLEM - Established in 2011 and headquartered in New York, U.S., Xylem is a dynamic company dedicated to providing intelligent technology and innovative solutions to address global water, wastewater, and energy needs. Operating through three distinct business segments, Xylem has established itself as a leader in the industry. The Applied Water segment focuses on delivering pumps, heat exchangers, valves, controls, and dispensing equipment systems. Renowned brands under this segment include A-C Fire Pump, Bell & Gossett, Flojet, Goulds Water Technology, Jabsco, Lowara, and Standard Xchange. In the Water Infrastructure segment, Xylem provides a range of water and wastewater pumps, mobile dewatering equipment, and advanced filtration, disinfection, and biological treatment solutions. Prominent brands in this segment include Godwin, Flygt, Sanitaire, Leopold, and Wedeco. The Measurement & Control Solutions segment is dedicated to offering critical infrastructure services, controls, sensor devices, networked communication devices, and smart meters. Key brands within this segment include Pure, Smith Blair, Sensus, BLU-X, YSI, and WTW. With a global workforce of approximately 16,700 employees spread across 150 countries, Xylem remains committed to driving innovation and providing essential solutions for a sustainable future.
API HEAT TRANSFER - Established in 1947 and headquartered in Buffalo, New York, API Heat Transfer is a leading manufacturer and supplier of heat transfer equipment. Operating under five distinguished brands-AirTech, Basco, Covrad, Schmidt, and TTP-the company is dedicated to providing innovative solutions across five key technologies: air-cooled, plate, pre-engineered, shell & tube, and thermal systems. API Heat Transfer offers a diverse range of products, including gasketed plate, brazed plate, welded plate, plate & shell, and shell & tube heat exchangers, along with air coolers, radiators, evaporation systems, dealcoholization systems, and pasteurization systems. Catering to a wide array of industries such as oil & gas, food & beverage, power generation, automotive, and HVAC, API Heat Transfer maintains a global presence with manufacturing facilities strategically located in the U.S., China, the UK, and Germany. The company's reach extends across Europe, Asia, the Middle East, and the Americas, providing essential heat transfer solutions to meet the diverse needs of its clients. With a dedicated workforce of over 1,300 professionals, API Heat Transfer remains committed to delivering cutting-edge technologies and superior products to support various industries in their pursuit of efficient and effective heat transfer solutions.
HISAKA WORKS, LTD. - Founded in 1942 and headquartered in Osaka, Japan, Hisaka Works, Ltd. is a prominent player in the industrial machinery sector, specializing in the manufacturing and supply of diverse products. The company operates across several business segments, notably heat exchanger, process engineering, valve, and others. Hisaka Works delivers a comprehensive range of industrial machinery, including plate heat exchangers, evaporation, distillation and condensation systems, dyeing and finishing machines, dewatering equipment, and food machinery. The heat exchangers offered encompass various types, such as plate type, multi-gap plate, welded type, plate condenser, brazed type, and cushion gasket type. With a global outreach, Hisaka Works caters to an array of end-use industries, serving sectors like steelmaking, power generation, pharmaceuticals, HVAC, pulp & paper, marine, and chemicals. The company has established a significant presence in international markets, reaching clients in Malaysia, China, South Korea, Vietnam, the Philippines, Indonesia, Singapore, and Saudi Arabia. As of March 31, 2020, Hisaka Works boasted a workforce of 906 employees dedicated to maintaining its reputation as a reliable provider of industrial machinery solutions worldwide.
HRS HEAT EXCHANGERS - Established in 1981 and headquartered in Watford, England, HRS Heat Exchangers is a leading player in the design and manufacturing of innovative heat transfer products, specializing in heat exchangers. The company serves a diverse range of industries, including food, bioenergy, HVAC, chemical, pharmaceutical, and waste to energy. HRS Group offers a comprehensive product portfolio categorized as heat exchangers, piston pumps, aseptic fillers, and thermal processing systems. Among its heat exchanger products are corrugated tubes, shell & tube, brazed plate, gasketed plate, evaporators, rapid batch reactors, and calorifiers. With a global footprint, HRS Heat Exchangers has established offices in key locations such as the UK, Spain, Russia, India, the U.S., Mexico, Malaysia, Australia, and New Zealand. Additionally, the company has built robust distribution networks in France, Sweden, Finland, the Netherlands, Turkey, and Germany. This strategic presence allows HRS Heat Exchangers to effectively cater to clients worldwide, providing them with efficient and cutting-edge solutions for their heat transfer needs.
SPX FLOW, INC. - Established in September 2015 as a spin-off from SPX Corporation, SPX FLOW, Inc. has emerged as an independent, publicly traded entity on the NYSE, with its headquarters situated in Charlotte, U.S. Operating through two business segments-food & beverage and industrial-the company originated from the divestiture of SPX Corporation's Flow Technology business unit. SPX FLOW serves diverse industries, including food & beverage, healthcare, pharmaceutical processing, marine, and power & energy. The company's extensive product range encompasses heat exchangers, valves, pumps, mixers, homogenizers, and more, with heat exchangers available in various types such as gasket, fully welded, tubular, scraped surface, and tube-in-tube. With a global presence, SPX FLOW operates in over 30 countries, conducting sales activities in more than 140 countries worldwide. As of 2020, the company held an impressive portfolio of approximately 139 domestic and 314 foreign patents, including 25 patents issued in the same year, covering diverse products and manufacturing methods. The commitment to innovation and a broad product offering have contributed to the company's success in delivering solutions to a wide array of industrial applications. SPX FLOW boasts a workforce of over 4,800 employees, positioning itself as a prominent player in the global market.
FUNKE WÄRMEAUSTAUSCHER APPARANTEBAU GMBH - Founded in 1974 in Germany, Funke Wärmeaustauscher Apparantebau GmbH is a privately owned company specializing in heat exchangers. The company's diverse product line includes shell and tube heat exchangers, plate heat exchangers, oil/air cooling units, and electric oil pre-heaters. With a commitment to quality, Funke Wärmeaustauscher Apparantebau manufactures sterile equipment and safety heat exchangers in compliance with FDA standards, particularly catering to the food processing and pharmaceutical industries. The company extends its global reach through an extensive network of sales and service partners across Africa, Asia, Australia, Central America, Europe, North America, and South America. Funke Wärmeaustauscher Apparantebau emphasizes optimal thermodynamic design, ensuring solutions for various industries and applications. Adhering to international standards such as DIN EN ISO 9001, DIN EN ISO 14001, ASME VIII U-Stamp/R-Stamp, TEMA-Standard, and more, the company demonstrates a commitment to excellence and safety. As of December 2019, Funke Wärmeaustauscher Apparantebau boasted a workforce of 400 employees, underscoring its dedication to producing high-quality heat exchange solutions. The company operates manufacturing facilities in Germany, China, and Russia, solidifying its position as a key player in the global heat exchanger market.
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
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
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.
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.
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.
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