Market Analysis of Heat Exchangers in India
The relevance of research
Heat exchangers are used in technological processes of oil refining, petrochemical, chemical, nuclear, refrigeration, gas and other industries, in energy and public utilities
Purpose of the study
Analyzing the state of the heat exchanger market in India, assessing the market size, analyzing competitors, and identifying factors affecting the market for heat exchangers
Content
Part 1. Market Overview of Heat Exchangers in India
1.1. Description of the product segment
1.2. Main characteristics of the market
1.3. Assessment of factors affecting the market
1.3. Estimation of the share of imports in the market
1.4. Dynamics of market volume in 2018-2020 Potential market capacity
1.5. Assessment of the market structure by types of heat exchangers
Part 2. The main manufacturers of heat exchangers
Part 3. Consumption forecast up to 2026
Part 4. Recommendations and conclusions
Research excerpt
Part 1. Market Overview of Heat Exchangers in India
1.1. Description of the product segment
A heat exchanger is a technical device in which heat is exchanged between two media having different temperatures. According to the principle of operation, heat exchangers are divided into ...
The most common recuperative heat exchangers in industry are:
...
1.2. Main characteristics of the market
The situation in the market of heat exchange equipment depends on …
In 2020, the volume of the global market for heat exchangers reached … USD, and for the period up to 2024, the growth rate of …% per year will remain (according to …).
In the official statistics of India, the production of heat exchangers is accounted for under the OKPD2 code: ...
Foreign economic activity is accounted for under the code ...
1.3. Assessment of factors affecting the market
Below are the main factors affecting the market for heat exchangers and, accordingly, the demand and income of market operators.
Economic forces
Gross domestic product
The dynamics of India's GDP is an indicator of the country's economic development. GDP has an impact on the development of all sectors and markets of the economy, as well as the level of effective demand of the population.
Diagram 1. Dynamics of India's GDP, 2012-Q1 2021, % to the corresponding period of the previous year
In 2012-2015 there was a gradual decrease in economic growth rates until reaching negative values in 2015 (the fall amounted to …% compared to 2014). This trend was accompanied by a corresponding decrease in …
The combination of …
The decline in GDP in 2020 is estimated at …% by 2019.
...
According to the … report, the decline in the global economy amounted to …% in 2020 (according to the Ministry of Economic Development of India – by …%). This is the sharpest decline in global production since...
Hardest hit by the pandemic...
According to UN forecasts, the growth of the world economy in 2021 will amount to …%, which is …
The Indian economy, which at the beginning of 2020 faced…
The expert noted that the forecasts for the recovery of the Indian economy depend on the possible dynamics ...
...
Thus, experts disagree on the forecast for the medium term: in 2021-2023, the economy is expected to recover …%.
According to Rosstat, the index of the physical volume of gross domestic product in Q2021 2020 compared to the corresponding period in amounted to …%.
At present, the factor of the decline in GDP has …
Influence of the COVID-19 factor
The COVID-19 factor has had… an impact on the heat exchanger market in India. Thus, the volume of revenue of enterprises operating under the OKVED code “…” in 2020 ...
In Q1 2021, industry revenue is …% compared to Q1 2020, which indicates …
Political and legal factors
...
Technological factors
...
Industry Factors
...
In addition to the growth in production, the market for heat exchange equipment is influenced by the degree of depreciation of fixed assets in ...
Total depreciation in India … – from … to …% for the period from 2017 to 2020 As of 2020, in the main consuming industries, the degree of depreciation of fixed assets remains at … level: mining – …%, …
Thus, industry factors have…
Summary of factors
We combine all the factors discussed above in the form of a STEP analysis.
Table 4. STEP analysis of factors affecting the heat exchanger market
According to the results of the STEP analysis, the factors of the macro environment in 2018-2020 exerted … influence on the market.
Factors such as…
The influence of political and legal factors is estimated ...
Technological factors…
Thus, the impact of macro-environmental factors on the heat exchanger market in India is estimated as...
1.3. Estimation of the share of imports in the market
Based on the analysis of information from Rosstat and the Federal Customs Service, the share of imports in consumption is at … level: in 2018 it was …%, in 2019 – …%, in 2020 it slightly increased – …%.
… share of imports for the period from 2018 to 2020 (by ... p.p.) is associated with ...
1.4. Dynamics of market volume in 2018-2020 Potential market capacity
The volume of production of heat exchangers in India … billion Rs. in 2018 to … billion Rs. in 2019, the growth amounted to …%. In 2020, the industry felt …%.
The index of industrial production of heat exchange and refrigeration equipment in 2018 was estimated at …%, in the future, the volume of production in physical terms …
Diagram 5. Index of industrial production of industrial refrigeration and heat exchange equipment in 2018-1 quarter. 2021, % to the corresponding period of the previous year
In the 1st quarter of 2021, the production is …% compared to the corresponding period of the previous year.
Import of heat exchangers in India … in value terms from … mln USD in 2018 to … mln USD in 2020 (CAGR…%), in physical terms, import …
Export also...
In dollar terms, the production of heat exchangers in India … mln USD in 2018 to … mln USD in 2020 (CAGR…%). Market volume … mln USD in 2018 to … mln USD in 2020 (CAGR…%).
Table 6. Dynamics of the market volume of heat exchangers in India in 2018-2020, mln USD
It should be noted that in 2019 there was … Accordingly, the decrease in volumes in 2020 is associated with …
However, the volume of imports…
In general, the dynamics of the heat exchanger market indicates a trend …
1.5. Assessment of the market structure by types of heat exchangers
In the structure of the market of heat exchangers in value terms, the share of plate heat exchangers accounted for …% of the market, shell-and-tube heat exchangers – …%, other heat exchangers not included in the groups – …%.
Diagram 6. Market structure by types of heat exchangers in value terms in India in 2020, %
For the period 2018-2020 the structure has been changing…however, if we look at a longer period of time, there is a trend…
Part 2. The main manufacturers of heat exchangers
There are a significant number of manufacturers in the heat exchanger market in India. All manufacturers can be segmented as follows:
By type of produced heat exchangers:
...
Producer specialization:
...
The table below shows the characteristics of 60 manufacturers of heat exchangers in India.
Table 7. Brief characteristics of manufacturers of shell and tube heat exchangers in India
Part 3. Consumption forecast up to 2026
The consumption of heat exchangers in India for the period up to 2026 will be …, due to …
When compiling the forecast, the following initial data and assumptions were taken into account:
In 2021, the market …
In the future, it is predicted…
Production growth in 2021 …
During 2022-2026 The growth rate of production will be...
...
Part 4. Recommendations and conclusions
Market volume and dynamics
...
Factors influencing the market
...
Market Development Forecast
...
Recommendations
...
Diagrams
Diagram 1. Dynamics of India's GDP, 2012-Q1 2021, % to the corresponding period of the previous year
Chart 2. Monthly dynamics of the US dollar against the rupee, 2015-2020, Jan-May 2021, Rs. for USD.
Diagram 3. The share of imports in the market of heat exchangers in India in 2018-2020, in % of the market volume in value terms
Diagram 4. Dynamics of production of heat exchangers in India in 2018-2020, billion Rs.
Diagram 5. Index of industrial production of industrial refrigeration and heat exchange equipment in 2018-1 quarter. 2021, % to the corresponding period of the previous year
Diagram 6. Market structure by types of heat exchangers in value terms in India in 2020, %
Tables
Table 1. Forecasts of various sources for real GDP in India in 2021-2023 (data for January-June 2021), %
Table 2. Index of physical volume of production by selected industries in India in 2016-January-May 2021
Table 3. The degree of depreciation of fixed assets for a number of industries in India in 2017-2020, %
Table 4. STEP analysis of factors affecting the heat exchanger market
Table 5. Dynamics of export and import of heat exchangers in India in 2018-2020, in physical and value terms, units rev.
Table 6. Dynamics of the market volume of heat exchangers in India in 2018-2020, mln USD
Table 7. Brief characteristics of manufacturers of shell and tube heat exchangers in India
Table 8. Market forecast for heat exchangers in India for the period 2021-2026, mln USD
All reports