A heat exchanger is a device that transfers heat between two or more mediums. Heat exchangers can be classified into four major segments based on their flow configurations; counterflow, concurrent flow, crossflow, and hybrid flows. Additionally, heat exchangers can also be segmented by construction into recuperative (Direct and indirect flow) and regenerative (Static and dynamic). Among these, three major types of heat exchangers are used at the industry level.
Shell and tube heat exchangers: It is consists of a large number of small tubes which are located within a cylindrical shell. The tubes are positioned into the cylinder using a tube bundle that can either have fixed tube plates (permanently fixed to the body) or, a floating tube stack which allows the tube bundle to expand and contract with varying heat conditions as well as allowing the tube bundle to be easily removed for servicing and maintenance.
Plate type heat exchangers: It operates in a similar way as a shell and tube heat exchanger, using a series of stacked plates. Plate heat exchangers are brazed depending on the application and fluids being used. The compact stainless steel construction makes it an ideal choice for use with refrigerants or in food and beverage processing.
Air-cooled heat exchangers: These heat exchangers are commonly used in vehicles or other mobile applications where no permanent cool water source is available.
As heat exchangers are extensively used in multiple industries including chemical, food and beverages, refrigeration, oil & gas, etc., the procurement need for heat exchangers has increased significantly.
The global heat exchanger market is valued at USD 17 billion in 2020 and it is expected to grow at a CAGR of 4.2% from 2020 to 2025 due to the rising trend for efficient thermal management in chemical, oil and gas, power generation, food, and beverage, and HVAC and refrigeration industries. The demand for heat exchangers from the oil and gas industry segment is expected to reach USD 4.6 billion owing to the increasing E&P activities across the globe. Europe has the largest market share in 2020 and is expected to witness a CAGR of 3.5% during the forecast period due to the rising consumption of basic chemicals that need heat exchangers in various end-use industries in Germany, France, and Italy.
Core and frame material are the major cost driver of a heat exchanger. The most common materials in manufacturing heat changer core are copper, aluminum, and stainless steel. The cost of these metals has risen significantly over the past several years. Since stainless steel is more expensive than copper or aluminum, most companies opt for copper or aluminum as core materials. Heat exchangers may also be manufactured using nickel, cupronickel, Hastelloy, Inconel, titanium, or other metals. However, these metals are not frequently used due to their high price.
Cleaning and maintenance of heat exchangers are becoming a challenge across industries due to their complex designs. It resulted in corrosion and scaling problems. Moreover, the raw material cost significantly increases the feedstock supplier bargaining powers.
Alfa Laval, Danfoss, Kelvion Holdings, Xylem, Hindustan-Dorr, HRS Heat Exchanger Ltd., Güntner GmbH & Co. KG, Hisaka Works Ltd., PI Heat Transfer, SPX Corporation, Johnson Controls International are some of the key suppliers of heat exchangers. The heat exchanger market features a highly fragmented landscape with the top five players contributing less than 20% of the market share. Leading suppliers are strengthening their presence through multiple mergers and acquisitions. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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