North America Heat Exchanger Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Construction Type (Shell and Tube, Plate Frame and Other Construction Type), End-user (Oil and Gas Industry, Power Generation, Chemical, Food and Beverages, and Other End-users), and Geography (United States, Canada, and Mexico)

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

CAGR:

2 %

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Market Overview

The North America heat exchanger market is expected to rise with a CAGR of over 2% during the forecast period of 2020-2025. Increasing industrial operations and urbanization in a developing country such as Mexico is expected to drive the North America heat exchanger market. However, an increase in renewable energy installation for clean energy, which rarely requires a heat exchanger, is expected to have a negative impact on the market.

  • The energy demand of North America is increasing continuously, so the power generation segment, which widely uses heat exchanger, is expected to see significant growth in the North America heat exchanger market.
  • An increase in the use of natural gas for energy generation by countries such as the United States and Mexico is likely to create several opportunities for the North America heat exchanger market in the future.
  • The United States, due to its large number of end-users industries that use heat exchangers such as oil-gas refineries and chemical plants, held a significant market share in 2018 and is likely to dominate the North America heat exchanger market.

Scope of the report

The North America heat exchanger market report include:

Construction Type
Shell and Tube
Plate Frame
Other Construction Type
End-user
Oil and Gas Industry
Power Generation
Chemical
Food and Beverages
Other End-user
Geography
United States
Canada
Mexico

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Key Market Trends

Power Generation to Dominate the Market

  • The power generated through various sources such as coal, natural gas, oil, and nuclear are combinedly known as thermal power. Thermal Power generation mostly needed a heat exchanger at the end of the fuel-burning process to either cool down the system or to exchange heat between two systems. In 2018, approximately more than 75% of the electricity generated in North America was from thermal power.
  • Out of the various sources of generating thermal power, most of the energy came from natural gas, in 2018. Natural gas contributed approximately 43% of the thermal power electricity generation, producing 1833 terawatt-hour (TWh) of electricity in 2018.
  • In 2019, Charles City combined cycle power project started; it is a 1060 megawatts (MW) gas-fired power plant being developed by independent power producer C4GT in Charles City County, Virginia, United States. Commercial operations of the project are expected to start by the third quarter of 2022. The project is expected to require two huge capacity of heat exchanger provided by General Electric Company.
  • In 2018, General Electric Company got to hold one of the critical components of the Norte III Power Plant, Mexico. The company’s power services business is expected to provide an essential services solution that includes overseeing operations and maintenance (O&M), contractual services, and digital support for Norte III over the next 25 years, under agreements valued at more than USD 330 million.
  • In 2018, BWXT Technologies, Inc was awarded a contract to design and supply thirteen super-critical heat exchangers to Bruce Power, a power generation company in Canada.
  • Hence, owing to the above points, power generation is expected to dominate the North America heat exchanger market during the forecast period.

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United States to Dominate the Market

  • The United States held a significant market share in 2018, and due to the increasing energy demand and consumption in the country, it is likely to dominate the North America heat exchanger market. In 2018, the total electricity generation from the power sector in the United States was 4460.8 terawatts-hour (TWh). The United States in 2018 generated 80 of the total electricity of North America.
  • Bechtel is responsible for completing the construction of Vogtle Units 3 and 4 under the management of Southern Nuclear, the Southern Company subsidiary that operates the existing two units at Vogtle. Units 3 and 4 of Vogtle are the first Westinghouse AP1000 units to be built in the United States. The Vogtle Units 3 and 4 team is working to have Unit 3, and 4 are expected to be ready for commercial operation in 2021 and 2022, respectively.
  • In 2019, Exxon Mobil, an oil major, announced to expand its Beaumont refinery by more than 65% or 250000 barrels per day. The expansion of the refinery was started in 2019, while it is expected to be complete in 2022. This expansion of the refinery is expected to increase its capacity to handle crude oil and thus requiring a high capacity of the heat exchangers.
  • Hence, owing to the above points, the United States is expected to dominate the North America heat exchanger market during the forecast period.

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Competitive Landscape

The North America heat exchanger market is moderately fragmented. Some of key players in this market include Alfa Laval AB, SPX Flow Inc, Danfoss AS, General Electric Company, and Kelvion Holding GmbH.

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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

        1. 4.5.1.1 Increasing Industrial Operations

      2. 4.5.2 Restraints

        1. 4.5.2.1 Advancement in Technology such as Photovoltic (PV)Cell

    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 Type

    2. 5.2 End-user

      1. 5.2.1 Oil and Gas Industry

      2. 5.2.2 Power Generation

      3. 5.2.3 Chemical

      4. 5.2.4 Food and Beverages

      5. 5.2.5 Other End-user

    3. 5.3 Geography

      1. 5.3.1 United States

      2. 5.3.2 Canada

      3. 5.3.3 Mexico

  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 Western Canada Heat Exchanger

      6. 6.3.6 Tranter

      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. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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