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India Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air-Cooled, Microchannel, and Others), Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others), and End-user Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Power Generation, and Others): India Opportunity Analysis and Industry Forecast, 2019–2026

EN_195431
Pages: 93
Aug 2019 | 339 Views
 
Author(s) : Krunal Yeware , Eswara Prasad
Tables: 26
Charts: 16
 

India Heat Exchangers Market Outlook - 2026

The India heat exchangers market was valued at $454.4 million in 2018, and is expected to reach $890.0 million by 2026, registering a CAGR of 8.6% from 2019 to 2026. Heat exchanger is a device that transfers energy between two process fluids. Various types of heat exchangers have been developed for a wide range of applications such as steam power plant, chemical processing plants, transportation power systems, and others. 

The demand for heat exchangers is anticipated to grow, owing to numerous factors such as increase in number of food industries, rise in demand for energy, surge in number of chemical industries, and others. Furthermore, there is a significant increase in CO2 emissions because of energy generation from coal. Due to which the government of India has aimed to reduce its dependence on coal and move toward sustainable solution-generation of energy from nuclear power. Generation of the energy from nuclear power increases the adoption of heat exchangers. However, the rise in fouling problems have increased the maintenance cost for end-user industries, which is anticipated to hinder the market growth. On the contrary, the automobile industry is growing at a considerable pace, which is anticipated to create lucrative growth opportunities during the forecast period. Aluminum-based heat exchangers are mainly used in automotive applications as it offers advantages such as light weight, excellent corrosion resistance, high thermal conductivity, and others. 

India Heat Exchangers Market

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The India heat exchangers market is segmented based on type, material of construction, and end-user industry. Based on type, the market is divided into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of material of construction, it is studied across carbon steel, stainless steel, nickel, and others. Based on the end-user industry, it is categorized into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and others. The India heat exchangers market share has been analyzed across all segments.

The India heat exchangers market analysis covers in-depth information of major industry participants. Some of the major players in the market include Alfa Laval, Danfoss, Heatex Industries Limited, HRS Process Systems Ltd., Kelvion Holding GmbH, KGC Engineering Projects Pvt. Ltd., REX Heat Exchanger (REX), Radiant Heat Exchanger Pvt. Ltd., Tranter, and Universal Heat Exchangers Limited.
Other players in the value chain of the heat exchangers market include BGR Energy Systems Limited, Flowtex Engineers, Abacus Heat Transfer Limited, JC Equipments Pvt. Ltd., KGC Engineering Projects Private Ltd, Kinam Engineering Industries, Comp Air Treatment System P. LTD., Modern Heat Exchangers, and others.

Key players are adopting numerous strategies such as product launch, acquisition, acquisition, collaboration, partnership, product development, agreement business expansion and others, to stay competitive in the heat exchangers market. For instance, Kelvion launched new exhaust gas heat exchanger and EcoMi modular economizer. Exhaust gas heat exchanger transfers heat produced by exhaust gases from combustion engines to a liquid. Both products launched are used in waste to energy plant. The company has extended their product portfolio to meet the growing demand from heat exchangers across the various geographies such as Asia-Pacific, Europe, and others.

India Heat Exchangers Market, by Type

India Heat Exchangers Market By Type

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Based on type, the shell & tube segment is anticipated to grow at the fastest rate as well as gain a dominating share. Shell and tube heat exchangers are the backbone of many industries in India, as these can be used in extreme operating conditions such as high or low temperature, high pressure, and others. There is a significant increase in the adoption of shell and tube heat exchangers from fertilizers manufacturers. Some of the factors that hinder the growth of shell and tube are its cleaning and maintenance since a tube cooler requires more clearance and requires more space as compared to plate and frame heat exchangers.

India Heat Exchangers Market, by End-User Industry

India Heat Exchangers Market By End-User Industry

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On the basis of the end-user industry, the chemical industry is expected to gain the highest market share. The chemical industry is growing at a noteworthy pace in India, owing to the rise in consumption of specialty chemicals. In addition, the oil & gas industry is anticipated to grow at the fastest rate this is because of the significant rise in consumption of oil which has resulted in an increase in investment in oil & gas projects. This factor is anticipated to the boost adoption of the heat exchangers in the chemical and oil & gas industries. Where heat exchangers play a vital role in both the industries by recovering waste energy as well as performing numerous application such as cooling, condensing, heating, and others. 

India Heat Exchangers Market, by Material of Construction

India Heat Exchangers Market By Material of Construction

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On the basis of the material of construction, the stainless steel segment is anticipated to garner the highest market share. Stainless steel is an ideal choice for the construction of heat exchangers owing to its characteristics such as durability, resistance to corrosion, cost effective, good heat transfer performance, and others.

Key Benefits for India Heat Exchangers Market:

  • The report provides an in-depth analysis of the forecast along with the current and future market trends
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the heat exchangers industry for strategy building
  • A comprehensive analysis of the factors that drive and restrain the India heat exchangers market growth is provided
  • The qualitative data in this report aims on market dynamics, India heat exchangers market trends, and developments.
  • India heat exchangers market size is provided in terms of revenue
  • An extensive analysis of government policies provides insights that are expected to allow companies to strategically plan their business moves
  • The profiles of key players along with their key strategic developments are enlisted in the report

India Heat Exchangers Market Segments

The India heat exchangers market is segmented based on type, material of construction, and end-user industry.

By Type

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

By End-User Industry

  • Chemical 
  • Petrochemical
  • Oil & Gas
  • HVACR
  • Food & Beverage
  • Power Generation
  • Others

By Material of Construction

  • Carbon Steel
  • Stainless Steel
  • Nickel
  • Others
 

CHAPTER 1:    INTRODUCTION

1.1.    Report description
1.2.    Key benefits for stakeholders
1.3.    Key market segments
1.4.    Research methodology

1.4.1.    Secondary research
1.4.2.    Primary research

1.5.    Analyst tools and models

CHAPTER 2:    EXECUTIVE SUMMARY

2.1.    Key findings of the study
2.2.    CXO perspective

CHAPTER 3:    MARKET OVERVIEW

3.1.    Market definition and scope
3.2.    Key findings

3.2.1.    Top investment pockets
3.2.2.    Porter’s five forces analysis

3.3.    Top player positioning, 2018
3.4.    Market dynamics

3.4.1.    Drivers

3.4.1.1.    Favorable government initiatives for the growth of chemical industry
3.4.1.2.    Rise in demand for heat exchangers from food industry

3.4.2.    Restraint

3.4.2.1.    Corrosion and fouling concerns associated with heat exchangers

3.4.3.    Opportunity

3.4.3.1.    Rise in investment in oil & gas sector

3.5.    Competitive Scenario in the Market
3.6.    Value Chain Analysis

3.6.1.    List of key manufacturers
3.6.2.    List of key distributors

CHAPTER 4:    INDIA HEAT EXCHANGERS MARKET, BY TYPE

4.1.    Overview

4.1.1.    Market size and forecast

4.2.    Shell & Tube

4.2.1.    Key market trends, growth factors and opportunities

4.3.    Plate & Frame

4.3.1.    Key market trends, growth factors and opportunities

4.4.    Air-Cooled

4.4.1.    Key market trends, growth factors and opportunities

4.5.    Microchannel

4.5.1.    Key market trends, growth factors and opportunities

4.6.    Others

4.6.1.    Key market trends, growth factors and opportunities

CHAPTER 5:    INDIA HEAT EXCHANGERS MARKET, BY END-USER INDUSTRY

5.1.    Overview

5.1.1.    Market size and forecast

5.2.    Chemical

5.2.1.    Key market trends, growth factors and opportunities

5.3.    Petrochemical

5.3.1.    Key market trends, growth factors and opportunities

5.4.    Oil & Gas

5.4.1.    Key market trends, growth factors and opportunities

5.5.    HVACR

5.5.1.    Key market trends, growth factors and opportunities

5.6.    Food & Beverage

5.6.1.    Key market trends, growth factors and opportunities

5.7.    Power Generation

5.7.1.    Key market trends, growth factors and opportunities

5.8.    Others

5.8.1.    Key market trends, growth factors and opportunities

CHAPTER 6:    INDIA HEAT EXCHANGERS MARKET, BY MATERIAL OF CONSTRUCTION

6.1.    Overview

6.1.1.    Market size and forecast

6.2.    Carbon Steel

6.2.1.    Key market trends, growth factors and opportunities

6.3.    Stainless Steel

6.3.1.    Key market trends, growth factors and opportunities

6.4.    Nickel

6.4.1.    Key market trends, growth factors and opportunities

6.5.    Others

6.5.1.    Key market trends, growth factors and opportunities

CHAPTER 7:    COMPANY PROFILES

7.1.    Alfa Laval

7.1.1.    Company overview
7.1.2.    Company snapshot
7.1.3.    Operating business segments
7.1.4.    Product portfolio
7.1.5.    Business performance

7.2.    Danfoss

7.2.1.    Company overview
7.2.2.    Company snapshot
7.2.3.    Operating business segments
7.2.4.    Product portfolio
7.2.5.    Business performance

7.3.    Heatex Industries Limited

7.3.1.    Company overview
7.3.2.    Company snapshot
7.3.3.    Product portfolio

7.4.    HRS Process Systems Ltd.

7.4.1.    Company overview
7.4.2.    Company snapshot
7.4.3.    Product portfolio

7.5.    Kelvion Holding GmbH

7.5.1.    Company overview
7.5.2.    Company snapshot
7.5.3.    Product portfolio
7.5.4.    Key strategic moves and developments

7.6.    KGC Engineering Projects Pvt. Ltd.

7.6.1.    Company overview
7.6.2.    Company snapshot
7.6.3.    Product portfolio

7.7.    REX Heat Exchanger

7.7.1.    Company overview
7.7.2.    Company snapshot
7.7.3.    Product portfolio

7.8.    Radiant Heat Exchanger Pvt. Ltd.

7.8.1.    Company overview
7.8.2.    Company snapshot
7.8.3.    Product portfolio

7.9.    Tranter

7.9.1.    Company overview
7.9.2.    Company snapshot
7.9.3.    Product portfolio

7.10.    Universal Heat Exchangers Limited

7.10.1.    Company overview
7.10.2.    Company snapshot
7.10.3.    Product portfolio

 LIST OF TABLES

TABLE 01.    INDIA HEAT EXCHANGERS MARKET, BY TYPE, 2018-2026 ($MILLION)
TABLE 02.    INDIA HEAT EXCHANGERS MARKET, BY END-USER INDUSTRY, 2018-2026 ($MILLION)
TABLE 03.    INDIA HEAT EXCHANGERS MARKET, BY MATERIAL OF CONSTRUCTION, 2018-2026 ($MILLION)
TABLE 04.    ALFA LAVAL: COMPANY S NAPSHOT
TABLE 05.    ALFA LAVAL: OPERATING SEGMENTS
TABLE 06.    ALFA LAVAL: PRODUCT PORTFOLIO
TABLE 07.    DANFOSS: COMPANY SNAPSHOT
TABLE 08.    DANFOSS: OPERATING SEGMENTS
TABLE 09.    DANFOSS: PRODUCT PORTFOLIO
TABLE 10.    HEATEX: COMPANY SNAPSHOT
TABLE 11.    HEATEX: PRODUCT PORTFOLIO
TABLE 12.    HRS: COMPANY SNAPSHOT
TABLE 13.    HRS: PRODUCT PORTFOLIO
TABLE 14.    KELVION: COMPANY SNAPSHOT
TABLE 15.    KELVION: PRODUCT PORTFOLIO
TABLE 16.    KELVION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 17.    KGC: COMPANY SNAPSHOT
TABLE 18.    KGC: PRODUCT PORTFOLIO
TABLE 19.    REX: COMPANY SNAPSHOT
TABLE 20.    REX: PRODUCT PORTFOLIO
TABLE 21.    RADIANT: COMPANY SNAPSHOT
TABLE 22.    RADIANT: PRODUCT PORTFOLIO
TABLE 23.    TRANTER: COMPANY SNAPSHOT
TABLE 24.    TRANTER: PRODUCT PORTFOLIO
TABLE 25.    UHE: COMPANY SNAPSHOT
TABLE 26.    UHE: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.    INDIA HEAT EXCHANGERS MARKET SEGMENTATION
FIGURE 02.    TOP INVESTMENT POCKETS, BY END-USER INDUSTRY
FIGURE 03.    HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 04.    LOW BARGAINING POWER OF BUYERS
FIGURE 05.    HIGH THREAT OF NEW ENTRANTS
FIGURE 06.    MODERATE THREAT OF SUBSTITUTES
FIGURE 07.    MODERATE INTENSITY OF COMPETITIVE RIVALRY
FIGURE 08.    TOP PLAYER POSITIONING, 2018
FIGURE 09.    MARKET DYNAMICS
FIGURE 10.    COMPETITIVE SCENARIO
FIGURE 11.    ALFA LAVAL: REVENUE, 2016–2018 ($MILLION)
FIGURE 12.    ALFA LAVAL: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 13.    ALFA LAVAL: REVENUE SHARE BY REGION, 2018 (%)
FIGURE 14.    DANFOSS: REVENUE, 2016–2018 ($MILLION)
FIGURE 15.    DANFOSS: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 16.    DANFOSS: REVENUE SHARE BY REGION, 2018 (%)

 
 

According to the CXOs of the leading companies, heat exchangers, especially shell & tube, are widely used across several end-user industries. The shell & tube type segment is anticipated to grow at a noteworthy pace, as they offer superior protection against erosion and exhibit low-pressure drop characteristics. 

Waste heat is generated by fuel combustion in the industries. Many industries such as oil & gas, chemical, and sugar in India are aiming at recovering the waste heat for enhancing the efficiency of the manufacturing process and reducing its dependence on fuel for the generation of energy. Thus, these industries have deployed heat recovery devices, which include heat exchangers, heat pumps, load preheating, passive preheater, and others. Heat exchangers are mostly used to transfer heat from combustion exhaust gases to combustion air entering the furnace.  

As per the CXOs, increase in industrial activities and ongoing trend of setting up refineries & petrochemical plants in India are anticipated to offers lucrative opportunities for key manufacturers.
 

 

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