The recent “North America Heat Exchanger Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report
The report on the “North America Heat Exchanger Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
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North America Heat Exchanger Market Analysis and Growth Forecast:
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.
Key Companies Covered in the North America Heat Exchanger Market Research are Alfa Laval AB, SPX Flow Inc, Danfoss AS, General Electric Company, Kelvion Holding GmbH and among other key market players.
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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.
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.
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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Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
What is new in 2024?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the market.
– Updated financial information and product portfolios of players operating in the market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
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