1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.2.1 MARKET SCOPE 17
1.2.2 REGIONS COVERED 17
1.2.3 YEARS CONSIDERED IN THE REPORT 18
1.3 CURRENCY 18
1.4 STAKEHOLDERS 18

2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.1.1 Key data from secondary sources 20
2.1.2 PRIMARY DATA 21
2.1.2.1 Key data from primary sources 21
2.1.2.2 Key industry insights 22
2.1.2.3 Breakdown of primary interviews 22
2.2 MARKET SIZE ESTIMATION 23
2.2.1 BOTTOM-UP APPROACH 23
2.2.2 TOP-DOWN APPROACH 24
2.3 DATA TRIANGULATION 25
2.3.1 HEAT EXCHANGERS MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS 26
2.4 LIMITATIONS 27
2.5 ASSUMPTIONS 28

3 EXECUTIVE SUMMARY 29

4 PREMIUM INSIGHTS 32
4.1 ATTRACTIVE OPPORTUNITIES IN THE GLOBAL HEAT EXCHANGERS MARKET 32
4.2 HEAT EXCHANGERS MARKET IN APAC, 2018 32
4.3 HEAT EXCHANGERS MARKET, BY TYPE 33
4.4 HEAT EXCHANGERS MARKET, BY END-USE INDUSTRY 33
4.5 HEAT EXCHANGERS MARKET GROWTH RATE, BY COUNTRY 34

5 MARKET OVERVIEW 35
5.1 INTRODUCTION 35
5.1.1 DRIVERS 36
5.1.1.1 Rapid industrial expansions in developing economies of APAC 36
5.1.1.2 Stringent environmental regulations driving the demand
for heat exchangers 36
5.1.1.3 Rise in HVACR deployments and growth in construction activities 36
5.1.1.4 Technological advancements in heat exchangers market 37
5.1.2 RESTRAINTS 37
5.1.2.1 Sluggish growth of heat exchangers market in Europe 37
5.1.2.2 Lack of awareness about buildings’ energy efficiency 37
5.1.3 OPPORTUNITIES 38
5.1.3.1 Growing nuclear power generation 38
5.1.3.2 Large aftermarket for heat exchangers 38
5.1.4 CHALLENGES 38
5.1.4.1 Regulations pertaining to fluorinated greenhouse gases 38
5.2 PORTER’S FIVE FORCES 39
5.2.1 THREAT FROM NEW ENTRANTS 39
5.2.2 THREAT OF SUBSTITUTES 40
5.2.3 BARGAINING POWER OF BUYERS 40
5.2.4 BARGAINING POWER OF SUPPLIERS 40
5.2.5 INTENSITY OF RIVALRY 40
5.3 RAW MATERIAL ANALYSIS 41
5.3.1 STEEL 41
5.3.1.1 Steel segment to dominate heat exchangers market 41
5.3.2 NON-STEEL 42
5.3.2.1 Non-Steel segment to register fastest growth rate
during forecast period 42

6 HEAT EXCHANGERS MARKET, BY TYPE 43
6.1 INTRODUCTION 44
6.2 SHELL & TUBE HEAT EXCHANGERS 45
6.2.1 TUBULAR HEAT EXCHANGERS 45
6.2.1.1 Tubular heat exchangers are more efficient than standard
shell & tube heat exchangers 45
6.3 PLATE & FRAME HEAT EXCHANGERS 45
6.3.1 GASKETED PLATE & FRAME HEAT EXCHANGERS 46
6.3.1.1 Gasketed plate & frame heat exchangers have highest share in plate & frame heat exchangers segment 46
6.3.2 WELDED PLATE & FRAME HEAT EXCHANGERS 46
6.3.2.1 Welded plate & frame heat exchangers mostly used
due to its compact size, modularity, and flexibility 46
6.3.3 BRAZED HEAT EXCHANGERS 46
6.3.3.1 Brazed heat exchangers have high demand in HVACR
and power industry 46
6.4 AIR COOLED HEAT EXCHANGERS 46
6.4.1 AIR COOLED HEAT EXCHANGERS PRIMARILY USED IN CHEMICAL
AND ENERGY INDUSTRIES 46
6.5 OTHERS 47
6.5.1 EXTENDED SURFACE HEAT EXCHANGERS 47
6.5.2 REGENERATIVE HEAT EXCHANGERS 47

7 HEAT EXCHANGERS MARKET, BY END-USE INDUSTRY 48
7.1 INTRODUCTION 49
7.2 CHEMICAL 50
7.2.1 CHEMICAL INDUSTRY TO DOMINATE THE HEAT EXCHANGERS MARKET 50
7.2.2 SPECIALTY CHEMICALS 50
7.2.2.1 Growing demand for specialty chemicals in developing economies will positively impact heat exchangers market 50
7.3 ENERGY 50
7.3.1 ENERGY SECTOR IS FASTEST-GROWING END USER OF HEAT EXCHANGERS 50
7.4 HVAC AND REFRIGERATION 51
7.4.1 URBANIZATION DRIVING THE DEMAND FOR HEAT EXCHANGERS
IN HVAC SEGMENT 51
7.5 FOOD & BEVERAGE 51
7.5.1 GROWING CONSUMPTION OF PACKAGED AND PROCESSED FOOD PRODUCTS DRIVING THE DEMAND IN FOOD & BEVERAGE INDUSTRY 51
7.5.2 SUGAR AND ETHANOL PRODUCTION 51
7.5.3 OTHERS 51
7.6 POWER GENERATION 52
7.6.1 EFFORTS TO INCREASE ENERGY OUTPUT OF POWER PLANTS TO DRIVE
THE USAGE OF HEAT EXCHANGERS IN POWER INDUSTRY 52
7.7 PULP & PAPER 52
7.7.1 HEAT EXCHANGERS USED IN PULP & PAPER INDUSTRY FOR WASTEWATER TREATMENT AND HEAT RECOVERY 52
7.8 OTHERS 52

8 HEAT EXCHANGERS MARKET, BY REGION 53
8.1 INTRODUCTION 54
8.2 NORTH AMERICA 56
8.2.1 US 58
8.2.1.1 US is largest and fastest-growing market for heat exchangers in
North America 58
8.2.2 CANADA 59
8.2.2.1 Expansion of oil & gas industry expected to boost the demand
for heat exchangers 59
8.2.3 MEXICO 60
8.2.3.1 Heat exchangers demand in Mexico to be majorly driven
by expansion of energy sector 60
8.3 APAC 62
8.3.1 CHINA 65
8.3.1.1 China is second-largest market for heat exchangers, globally 65
8.3.2 INDIA 66
8.3.2.1 India expected to register the fastest growth during forecast period 66
8.3.3 JAPAN 67
8.3.3.1 Chemical and nuclear power industries to drive heat exchangers market in Japan 67
8.3.4 SOUTH KOREA 69
8.3.4.1 Plate & frame to lead the heat exchangers market in South Korea 69
8.3.5 REST OF APAC 70
8.4 EUROPE 71
8.4.1 GERMANY 74
8.4.1.1 Germany to lead the heat exchangers market in Europe 74
8.4.2 FRANCE 75
8.4.2.1 Presence of strong chemical industry provides favorable
growth prospect for heat exchangers 75
8.4.3 ITALY 76
8.4.3.1 Steady production of crude oil and growing construction
industry is expected to drive the market 76
8.4.4 UK 78
8.4.4.1 Steady growth in construction industry to drive the demand
for plate & frame heat exchangers 78
8.4.5 SWEDEN 79
8.4.5.1 Growing exports of chemical and petrochemical products to
fuel consumption of heat exchangers in Sweden 79
8.4.6 RUSSIA 80
8.4.6.1 Expansion in oil & gas and construction industries to fuel the
growth of heat exchangers market 80
8.4.7 TURKEY 81
8.4.7.1 Turkey to register the fastest growth rate during forecast period 81
8.4.8 REST OF EUROPE 82
8.5 MIDDLE EAST & AFRICA 83
8.5.1 SAUDI ARABIA 84
8.5.1.1 Saudi Arabia dominates the heat exchangers market in
Middle East & Africa 84
8.5.2 REST OF MIDDLE EAST & AFRICA 85
8.6 SOUTH AMERICA 86
8.6.1 BRAZIL 88
8.6.1.1 Brazil is largest market for heat exchangers in South America 88
8.6.2 REST OF SOUTH AMERICA 89

9 COMPETITIVE LANDSCAPE 90
9.1 OVERVIEW 90
9.2 COMPETITIVE LEADERSHIP MAPPING, 2018 92
9.2.1 VISIONARY LEADERS 92
9.2.2 INNOVATORS 92
9.2.3 EMERGING COMPANIES 92
9.2.4 STRENGTH OF PRODUCT PORTFOLIO 93
9.2.5 BUSINESS STRATEGY EXCELLENCE 94
9.3 MARKET RANKING OF KEY PLAYERS, 2018 95
9.4 COMPETITIVE SCENARIO 96
9.4.1 NEW PRODUCT LAUNCH 96
9.4.2 EXPANSION 98
9.4.3 ACQUISITION 99
10 COMPANY PROFILE 100
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Right to Win)*
10.1 ALFA LAVAL 100
10.2 KELVION HOLDINGS 104
10.3 DANFOSS 107
10.4 XYLEM 110
10.5 API HEAT TRANSFER 112
10.6 CHART INDUSTRIES, INC. 114
10.7 GUNTNER 116
10.8 HINDUSTAN DORR-OLIVER 118
10.9 HISAKA WORKS 119
10.10 JOHNSON CONTROLS INTERNATIONAL 121
10.11 OTHER COMPANIES 122
10.11.1 HRS HEAT EXCHANGERS 122
10.11.2 SIERRA 122
10.11.3 SWEP INTERNATIONAL 122
10.11.4 MERSEN 122
10.11.5 THERMAX GLOBAL 122
10.11.6 KOCH HEAT TRANSFER COMPANY 122
10.11.7 BARRIQUAND TECHNOLOGIES 122
10.11.8 FUNKE WARMEAUSTAUSCHER APPARATEBAU 123
10.11.9 VAHTERUS 123
10.11.10 RADIANT HEAT EXCHANGER 123
10.11.11 SMART HEAT INCORPORATED 123
10.11.12 DOOSAN CORPORATION 123
10.11.13 AIR PRODUCTS AND CHEMICALS 123
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, Right to Win might not be captured in case of unlisted companies.
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11 APPENDIX 124
11.1 DISCUSSION GUIDE 124
11.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL 127
11.3 RELATED REPORTS 129
11.4 AUTHOR DETAILS 130