Asia-Pacific Heat Exchanger Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Construction Type (Shell and Tube, Plate Frame, and Other Construction Types), End-user (Oil and Gas Facilities, Power Generation, Chemicals and Fertilizers, Food and Beverages, and Other End-users), and Geography (China, India, Japan, South Korea, and Rest of Asia-Pacific)

Market Snapshot

Asia-Pacific Heat Exchanger Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
CAGR: >2.5 %

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Market Overview

The Asia-Pacific thermal energy power generation is expected to rise with a CAGR of over 2.5% during the forecast period of 2020-2025. Factors such as the increasing industrial operations in the developing countries such as China, India, etc. is expected to drive the demand for heat exchanger market over the forecast period. However, rising installations of renewable energy sources, which eliminates the requirement of the heat exchanger, is expected to hinder the growth of the market.

  • Power generation is expected to dominate the heat exchanger market, owing to the increasing energy demand in developing countries of the Asia-Pacific region over the forecast period.
  • In countries such as China, India and Indonesia, the increasing number of oil-gas refining facilities and chemical plants, in which heat exchanger is widely used, is likely to create some golden opportunities for the Asia-Pacific heat exchanger market in the future.
  • China held a significant share in 2018, due to its increasing industrial development and urbanization and is likley to dominate the Asia-Pacific heat exchanger market during the forecast period.

Scope of the report

The Asia-Pacific heat exchanger market report include:

Construction Type
Shell and Tube
Plate Frame
Other Construction Types
End-User
Oil and Gas Industry
Power Generation
Chemical and Fertilizers
Food and Beverages
Other End-Users
Geography
China
India
Japan
South Korea
Rest of Asia-Pacific

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Key Market Trends

Power Generation Segment Expected to Dominate the Market

  • Asia-Pacific is the largest region in the world both by area and by population. It is expected that the population of the region is likely to increase during the forecast period, which directly drive the energy generation in most of the developing countries in the region. And because of this growth in the energy sector, the Asia-Pacific heat exchanger market is expected to have a positive impact during the forecast period.
  • In 2018, power generation by thermal power register to be 9518.2 Terawatt-Hours (TWh) for Asia-Pacific, which was higher than any previous years.
  • Japan, in 2019, announced 22 coal-burning thermal power projects at 17 different sites. These will produce electricity using coal. As the heat exchangers are used in every coal plant, it is likely to create many opportunities for the Asia-Pacific heat exchanger market.
  •  In 2018, construction of Patratu Super Thermal Power Project in India started, which is expected to be complete by 2022. The project after completion is expected to produce 4000 megawatts (MW) of power when runned at its full potential and uses heat exchangers.
  • Shin Kori Nuclear Power Plant Units 4, 5, and 6 in South Korea. It is the expansion of the Kori Nuclear Power plant by adding three new reactors in it, totally having a power generation capacity of 4200 megawatts (MW). Reactor 1 was already decommissioned in 2017 while reactors 2 and 3 are to be decommissioned in mid of the 2020s. Construction of reactor 4 started in 2015 and commissioned in 2019. The development of reactors 5 and 6 are under progress and is expected to complete by 2022. The power plant uses two heat exchangers with total tube outside surface area of a 15205-meter square and an entire 13102 heat exchanger tubes. 
  • Hence, owing to the above points, power generation segment is expected to dominate the Asia-Pacific heat exchanger market during the forecast period.
Asia-Pacific Heat Exchanger Market- Electric Power Generation from Thermal Power Plants

China to Dominate the Market

  • China due to its largest population and increasing industrialization dominated the heat exchanger market in 2018 and is expected to dominate the market during the forecast period. There are several power projects under construction in the country, which uses heat exchangers directly. In 2018 electric power generated by thermal power plants in China was 5216.5 Terawatt-Hours (TWh), which was more than 50% of the Asia-Pacific.
  • Shandong Shenglu Coal-Fired Power Project in China can produce 4000 megawatts (MW) of energy. Its first phase was planned to be completed in 2019, and the second phase to be started in 2020. It will be requiring heat exchangers of huge capacity and is likely to create many opportunities for the Asia-Pacific heat exchanger market.
  • Leizhou Thermal Power Project in China has a power generation capacity of 6000 megawatts (MW). It started in 2015 and is expected to be completed by 2022. The development of the project exhibits increasing usage of heat exchanger in the country. 
  • Fujian Luoyuanwan Power Project in China began in 2015 and is still under the construction phase and has a capacity of generating 4000 megawatts (MW) of electricity. This project along with several other projects is expected to create dominance of China in Asia-Pacific heat exchanger market.
  • Hence, from the above points, it can be concluded that China is expected to dominate the Asia-Pacific heat exchanger market during the forecast period.
Asia-Pacific Heat Exchanger Market-Thermal Power Generation

Competitive Landscape

The Asia-Pacific heat exchanger market is moderately fragmented. Some of key players in this market include Alfa Laval AB, Thermax Limited, Danfoss AS, General Electric Company, and Kelvion Holding GmbH, amongst others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Force Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Construction Type

      1. 5.1.1 Shell and Tube

      2. 5.1.2 Plate Frame

      3. 5.1.3 Other Construction Types

    2. 5.2 End-User

      1. 5.2.1 Oil and Gas Industry

      2. 5.2.2 Power Generation

      3. 5.2.3 Chemical and Fertilizers

      4. 5.2.4 Food and Beverages

      5. 5.2.5 Other End-Users

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Japan

      4. 5.3.4 South Korea

      5. 5.3.5 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies Profile

      1. 6.3.1 Alfa Laval AB

      2. 6.3.2 Barriquand Technologies Thermiques SAS

      3. 6.3.3 Danfoss AS

      4. 6.3.4 General Electric Company

      5. 6.3.5 Guangzhou Qing Li Thermal Energy Equipment Co., Ltd.

      6. 6.3.6 Hisaka Works Ltd

      7. 6.3.7 Mersen SA

      8. 6.3.8 Thermax Limited

      9. 6.3.9 SPX Flow Inc.

      10. 6.3.10 Kelvion Holding GmbH

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Heat Exchanger Market market is studied from 2016 - 2026.

The Asia-Pacific Heat Exchanger Market is growing at a CAGR of >2.5% over the next 5 years.

Danfoss AS , General Electric Company, Alfa Laval AB , Kelvion Holding GmbH , ThermaxLimited are the major companies operating in Asia-Pacific Heat Exchanger Market.

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