““Increasing investment in chemicals, petrochemicals and oil & gas, and HVAC industries is a prime factor for the growth of shell & tube heat exchangers market”
The global shell & tube heat exchangers market size (2015–2020) is estimated to reach USD 7.05 billion by 2020 at a CAGR of 4.98%. Growth in chemicals industry is one of the major factors for the growth of shell & tube heat exchangers market. Shell & tube heat exchangers have the following properties: high efficiency and heat transfer capacity, low pressure drops, ease of repair, abrasive wear protection that diminishes the erosion, price advantage, and excellent drainage properties. These unique properties makes it a valuable heat exchanger for various applications and drives the growth of shell & tube heat exchangers market.
“Chemicals is the largest application of shell & tube heat exchangers”
Shell & tube heat exchangers are used in various applications such as chemicals, petrochemicals and oil & gas, HVAC & refrigeration, food & beverages, power generation, pulp & paper and others. In 2015, the chemicals segment accounted for the largest market share among all the applications, in terms of value, followed by petrochemicals and oil & gas, HVAC & refrigeration, and power generation. Among all the applications, chemicals is estimated to register the highest CAGR between 2015 and 2020.
“Rising demand from Europe is the major driver for shell & tube heat exchangers market“
In 2015, Europe is estimated to account for the largest market share, in terms of value, and is estimated to remain the market leader in next 5 years. High purity standards and stringent environmental regulations and surging energy demand in this region drive the shell & tube heat exchangers market on a very large scale. Germany led the demand for shell & tube heat exchangers due to increased demand for chemicals in the last 2–3 years. Other emerging economies, such as India and Brazil are the markets which are projected to grow rapidly.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
• By Company Type – Tier 1 – 37 %, Tier 2 – 50 % and Others – 13 %
• By Designation – C level – 50%, Director level – 31%, Others – 19%
• By Region – North America – 38%, Europe – 36%, Asia-Pacific – 25%, RoW – 6%
The key companies profiled in this market research report are Alfa Laval AB (Sweden), HRS Heat Exchangers (U.K.), Standard Xchange (U.S.), SPX Corporation (U.S.), Kelvion Holdings GmbH (Germany), Southern Heat Exchanger Corporation (U.S.), Manning and Lewis (U.S.), Koch Heat Transfer Company (U.S.), Hughes Anderson Heat Exchangers Inc. (U.S.), and API Heat Transfer Inc. (U.S.)
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the shell & tube heat exchangers market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes new product developments, partnerships, and mergers & acquisitions.
”
“TABLE OF CONTENTS
1 INTRODUCTION 13
1.1 OBJECTIVES OF THE STUDY 13
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 YEARS CONSIDERED FOR THE STUDY 15
1.3.3 CURRENCY 15
1.4 STAKEHOLDERS 15
2 RESEARCH METHODOLOGY 16
2.1 RESEARCH DATA 16
2.1.1 SECONDARY DATA 17
2.1.1.1 Key data from secondary sources 17
2.1.2 PRIMARY DATA 17
2.1.2.1 Key data from primary sources 18
2.1.2.2 Breakdown of primary interviews 18
2.2 MARKET SIZE ESTIMATION 19
2.2.1 BOTTOM-UP APPROACH 19
2.2.2 TOP-DOWN APPROACH 20
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 21
2.3.1 ASSUMPTIONS 23
2.3.2 LIMITATIONS 23
3 EXECUTIVE SUMMARY 24
4 PREMIUM INSIGHTS 28
4.1 ATTRACTIVE OPPORTUNITIES IN SHELL & TUBE HEAT EXCHANGERS MARKET 28
4.2 SHELL & TUBE HEAT EXCHANGERS MARKET 29
4.3 SHELL & TUBE HEAT EXCHANGERS MARKET IN ASIA-PACIFIC, 2014 30
4.4 LEADING COUNTRIES IN SHELL & TUBE HEAT EXCHANGERS MARKET, 2014 31
4.5 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY LEADING COUNTRIES, 2015-2020 (USD MILLION) 32
4.6 SHELL & TUBE HEAT EXCHANGERS MARKET, BY APPLICATION (2014) 32
4.7 LIFECYCLE ANALYSIS, BY REGION 33
5 MARKET OVERVIEW 34
5.1 INTRODUCTION 35
5.2 MARKET DYNAMICS 36
5.2.1 DRIVERS 37
5.2.1.1 Surging energy prices 37
5.2.1.2 Increased investments in chemicals, petrochemicals and oil & gas, and HVAC industries 37
5.2.1.3 Wide operating pressure and temperature range 37
5.2.1.4 Stringent environmental regulations driving the demand of shell & tube heat exchangers 37
5.2.2 RESTRAINTS 38
5.2.2.1 Increasing cost of production 38
5.2.3 OPPORTUNITIES 38
5.2.3.1 Expanding heat exchangers manufacturing business in developing economies 38
5.2.3.2 Large aftermarket for shell & tube heat exchangers 38
5.2.4 CHALLENGES 39
5.2.4.1 Rapidly growing market of compact heat exchangers 39
5.3 BURNING ISSUES 39
5.3.1.1 Fouling in heat exchangers 39
6 INDUSTRY TRENDS 40
6.1 INTRODUCTION 40
6.2 VALUE CHAIN ANALYSIS 40
6.3 PORTER’S FIVE FORCES ANALYSIS 41
6.3.1 BARGAINING POWER OF SUPPLIERS 42
6.3.2 BARGAINING POWER OF BUYERS 43
6.3.3 THREAT OF SUBSTITUTES 43
6.3.4 THREAT OF NEW ENTRANTS 43
6.3.5 DEGREE OF COMPETITION 44
6.4 RAW MATERIALS USED IN MANUFACTURING SHELL & TUBE HEAT EXCHANGERS 44
6.5 REGULATORY FRAMEWORK 45
6.5.1 STANDARDS 45
6.5.2 CODES 45
7 SHELL & TUBE HEAT EXCHANGERS MARKET, BY APPLICATION 47
7.1 INTRODUCTION 48
7.2 CHEMICALS 49
7.3 PETROCHEMICALS AND OIL & GAS 51
7.4 HVAC & REFRIGERATION 52
7.5 FOOD & BEVERAGES 53
7.6 PULP & PAPER 55
7.7 POWER GENERATION 56
8 SHELL & TUBE HEAT EXCHANGERS MARKET, BY REGION 58
8.1 INTRODUCTION 59
8.2 ASIA-PACIFIC 60
8.2.1 CHINA 63
8.2.2 JAPAN 63
8.2.3 INDIA 64
8.3 NORTH AMERICA 65
8.3.1 U.S. 67
8.3.2 CANADA 69
8.4 EUROPE 69
8.4.1 GERMANY 72
8.4.2 FRANCE 73
8.4.3 U.K. 73
8.4.4 ITALY 74
8.4.5 SWEDEN 75
8.5 ROW 76
8.5.1 MIDDLE EAST 77
8.5.1.1 SAUDI ARABIA 77
8.5.2 LATIN AMERICA 78
8.5.2.1 BRAZIL 79
9 COMPETITIVE LANDSCAPE 80
9.1 OVERVIEW 80
9.2 COMPETITIVE SITUATIONS AND TRENDS 82
9.3 KEY GROWTH STRATEGIES ADOPTED BY COMPANIES IN SHELL & TUBE HEAT EXCHANGERS MARKET, 2011–2015 82
9.4 AGREEMENTS, CONTRACTS, AND EXPANSIONS 83
9.5 NEW PRODUCT LAUNCHES 84
9.6 MERGERS & ACQUISITIONS 85
10 COMPANY PROFILE 86
(Overview, Financial*, Products & Services, Strategy, and Developments)
10.1 INTRODUCTION 86
10.2 ALFA LAVAL AB 87
10.3 HRS HEAT EXCHANGERS LTD. 90
10.4 KELVION HOLDINGS GMBH 92
10.5 SPX CORP. 95
10.6 STANDARD XCHANGE 97
10.7 API HEAT TRANSFER INC. 99
10.8 BRASK INC. 100
10.9 HUGHES ANDERSON HEAT EXCHANGERS INC. 101
10.10 KOCH HEAT TRANSFER CO. 102
10.11 SOUTHERN HEAT EXCHANGER CORP. (SHECO) 103
10.12 MANNING AND LEWIS 104
*Details might not be captured in case of unlisted companies.
11 APPENDIX 105
11.1 INSIGHTS FROM INDUSTRY EXPERTS CONSULTANT 105
11.2 DEVELOPMENTS 105
11.3 DISCUSSION GUIDE 107
11.4 INTRODUCING RT: REAL TIME MARKET INTELLIGENCE 109
11.5 AVAILABLE CUSTOMIZATIONS 109
11.6 RELATED REPORTS 110
“
“LIST OF TABLES
TABLE 1 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY REGION,
2013–2020 (USD MILLION) 25
TABLE 2 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013–2020 (USD MILLION) 26
TABLE 3 HEAT EXCHANGER: INTERNATIONAL DESIGN CODES USED FOR MECHANICAL DESIGN 46
TABLE 4 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013-2020 (USD MILLION) 48
TABLE 5 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE IN CHEMICALS APPLICATION,
BY REGION, 2013–2020 (USD MILLION) 50
TABLE 6 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE IN PETROCHEMICALS AND OIL & GAS APPLICATION, BY REGION, 2013–2020 ( USD MILLION) 51
TABLE 7 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE IN HVAC & REFRIGERATION APPLICATION, BY REGION, 2013–2020 (USD MILLION) 53
TABLE 8 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE IN FOOD & BEVERAGES APPLICATION, BY REGION, 2013–2020 (USD MILLION) 54
TABLE 9 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE IN PULP & PAPER APPLICATION, BY REGION, 2013–2020 (USD MILLION) 55
TABLE 10 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE IN POWER GENERATION APPLICATION, BY REGION, 2013–2020 (USD MILLION) 57
TABLE 11 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY REGION,
2013–2020 (USD MILLION) 60
TABLE 12 ASIA-PACIFIC: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION) 62
TABLE 13 ASIA-PACIFIC: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 62
TABLE 14 CHINA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013-2020 (USD MILLION) 63
TABLE 15 JAPAN: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013–2020 (USD MILLION) 64
TABLE 16 INDIA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013–2020 (USD MILLION) 65
TABLE 17 NORTH AMERICA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 67
TABLE 18 NORTH AMERICA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE,
BY APPLICATION, 2013–2020 (USD MILLION) 67
TABLE 19 U.S.: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013–2020 (USD MILLION) 68
TABLE 20 CANADA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 69
TABLE 21 EUROPE: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2013–2020 (USD MILLION) 71
TABLE 22 EUROPE: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 71
TABLE 23 GERMANY: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 72
TABLE 24 FRANCE: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 73
TABLE 25 U.K.: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013-2020 (USD MILLION) 74
TABLE 26 ITALY: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013-2020 (USD MILLION) 75
TABLE 27 SWEDEN: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 75
TABLE 28 ROW: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2013-2020 (USD MILLION) 76
TABLE 29 ROW: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013-2020 (USD MILLION) 76
TABLE 30 MIDDLE EAST: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION) 77
TABLE 31 SAUDI ARABIA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION) 78
TABLE 32 LATIN AMERICA: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION) 78
TABLE 33 BRAZIL: SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY APPLICATION,
2013-2020 (USD MILLION) 79
TABLE 34 AGREEMENTS, CONTRACTS, AND EXPANSIONS 2011–2015 83
TABLE 35 NEW PRODUCT LAUNCHES AND MERGERS, 2011–2015 84
TABLE 36 MERGERS & ACQUISITIONS, 2011–2015 85
“
“LIST OF FIGURES
FIGURE 1 SHELL & TUBE HEAT EXCHANGERS MARKET SEGMENTATION 14
FIGURE 2 YEARS CONSIDERED FOR SHELL & TUBE HEAT EXCHANGERS MARKET 15
FIGURE 3 SHELL & TUBE HEAT EXCHANGERS MARKET: RESEARCH DESIGN 16
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS, 18
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOPM-UP APPROACH 20
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 21
FIGURE 7 DATA TRIANGULATION: SHELL & TUBE HEAT EXCHANGERS MARKET 22
FIGURE 8 CHEMICALS IS THE LARGEST SEGMENT BY APPLICATION IN SHELL & TUBE HEAT EXCHANGERS MARKET (2015) 24
FIGURE 9 EUROPE IS EXPECTED TO DOMINATE THE SHELL & TUBE HEAT EXCHANGERS MARKET DURING THE FORECAST PERIOD 25
FIGURE 10 SHELL & TUBE HEAT EXCHANGERS MARKET SIZE, BY COUNTRY,
2014 (USD MILLION) 26
FIGURE 11 SHELL & TUBE HEAT EXCHANGERS MARKET SHARE (VALUE), BY REGION, 2014 27
FIGURE 12 SHELL & TUBE HEAT EXCHANGERS MARKET IS ESTIMATED TO WITNESS HIGHEST GROWTH BETWEEN 2015 AND 2020 28
FIGURE 13 CHEMICALS IS EXPECTED TO BE THE FASTEST-GROWING APPLICATION BETWEEN 2015 AND 2020 29
FIGURE 14 CHINA TO BE THE LARGEST MARKET IN ASIA-PACIFIC 30
FIGURE 15 CHINA, GERMANY, AND THE U.S.: KEY REVENUE CONTRIBUTORS OF SHELL & TUBE HEAT EXCHANGERS MARKET, 2014 31
FIGURE 16 BRAZIL IS THE FASTEST-GROWING MARKET, 2015-2020 32
FIGURE 17 CHEMICALS APPLICATION DOMINATES THE SHELL & TUBE HEAT EXCHANGERS MARKET 32
FIGURE 18 THE SHELL & TUBE HEAT EXCHANGERS MARKETIN ASIA-PACIFIC IS IN THE GROWTH PHASE 33
FIGURE 19 SHELL & TUBE HEAT EXCHANGERS MARKET, BY APPLICATION 35
FIGURE 20 SHELL & TUBE HEAT EXCHANGERS MARKET, BY REGION 36
FIGURE 21 SURGING ENERGY PRICES TO DRIVE THE SHELL & TUBE HEAT EXCHANGERS MARKET BETWEEN 2015 AND 2020 36
FIGURE 22 MANUFACTURERS CONTRIBUTE THE MOST TO THE VALUE CHAIN OF SHELL & TUBE HEAT EXCHANGERS MARKET 40
FIGURE 23 PORTER’S FIVE FORCES ANALYSIS 42
FIGURE 24 SHELL & TUBE HEAT EXCHANGERS MARKET IN CHEMICALS APPLICATION SEGMENT TO GROW RAPIDLY (BETWEEN 2015 -2020) 49
FIGURE 25 EUROPE ACCOUNTS FOR LARGEST SHARE OF SHELL & TUBE HEAT EXCHANGERS MARKET IN CHEMICALS APPLICATION (2015–2020) 50
FIGURE 26 ROW IS THE FASTEST GROWING MARKET FOR SHELL & TUBE HEAT EXCHANGERS IN PETROCHEMICALS AND OIL & GAS APPLICATION SEGMENT, IN TERMS OF VALUE 51
FIGURE 27 EUROPE ACCOUNTS FOR LARGEST SHARE OF SHELL & TUBE HEAT EXCHANGERS MARKET IN HVAC & REFRIGERATION APPLICATION, IN TERMS OF VALUE 52
FIGURE 28 ASIA PACIFIC MARKET TO SHOW HIGH GROWTH IN FOOD & BEVERAGES SEGMENT BETWEEN 2015 AND 2020 54
FIGURE 29 ROW IS THE FASTEST GROWING MARKET FOR SHELL & TUBE HEAT EXCHANGERS IN PULP & PAPER APPLICATION BETWEEN 2015 AND 2020 55
FIGURE 30 ROW TO WITNESS HIGHEST CAGR IN POWER GENERATION APPLICATION SEGMENT (2015–2020) 56
FIGURE 31 INDIA, ,SAUDI ARABIA, BRAZIL, AND CHINA EMERGING AS STRATEGIC DESTINATIONS 59
FIGURE 32 ASIA-PACIFIC TO BE THE NEW REVENUE POCKET FOR SHELL & TUBE HEAT EXCHANGERS: REGIONAL SNAPSHOT (2014) 61
FIGURE 33 U.S. TO ACCOUNT FOR LARGEST SHARE OF THE NORTH AMERICAN MARKET, 2015–2020 66
FIGURE 34 CHEMICALS APPLICATION DOMINATED SHELL & TUBE HEAT EXCHANGERS MARKET IN THE U.S. BETWEEN 2015 AND 2020 68
FIGURE 35 GERMANY DOMINATED THE SHELL & TUBE HEAT EXCHANGERS MARKET IN EUROPE, 2014 70
FIGURE 36 REVENUE OF KEY PLAYERS OF SHELL & TUBE HEAT EXCHANGERS MARKET (2012–2014) 80
FIGURE 37 COMPANIES ADOPTED AGREEMENTS, CONTRACTS, AND EXPANSIONS AS THE KEY GROWTH STRATEGY (2011–2015) 81
FIGURE 38 AGREEMENTS, CONTRACTS, AND EXPANSIONS WERE THE KEY STRATEGIES, 2011–2015 82
FIGURE 39 ALFA LAVAL AB, KELVION HOLDINGS GMBH, SPX CORP.: SOME OF THE MAJOR PRODUCERS OF SHELL & TUBE HEAT EXCHANGERS 86
FIGURE 40 ALFA LAVAL AB: COMPANY SNAPSHOT 87
FIGURE 41 ALFA LAVAL AB: SWOT ANALYSIS 89
FIGURE 42 KELVION HOLDINGS GMBH: COMPANY SNAPSHOT 92
FIGURE 43 KELVION HOLDINGS GMBH: SWOT ANALYSIS 93
FIGURE 44 SPX CORP.: COMPANY SNAPSHOT 95
FIGURE 45 SPX CORP.: SWOT ANALYSIS 96
FIGURE 46 STANDARD XCHANGE: SWOT ANALYSIS 98
“
