The Future Outlook of Heat Exchanger Procurement Intelligence
The heat exchanger category is expected to grow at a CAGR of 5.1% from 2023 to 2030. The increasing demand for energy-efficient solutions is expected to drive the category growth. In 2021, the International Energy Agency (IEA) predicted that energy-efficient heat exchanger technology will aid in reducing world energy demand by up to 40% by 2040. Energy-efficient solutions are becoming a crucial element in a variety of industries due to growing energy prices and climate change concerns. Industries including chemical processing, oil and gas, HVAC, food and beverage, power generation, etc. depend heavily on heat exchangers to increase energy efficiency and to lower energy consumption.
The government initiatives contributing towards energy conservation are anticipated to drive the category share. Governments across the globe have introduced policies and incentives to encourage industries to adopt energy-efficient technologies and decrease greenhouse gases emissions. For instance, by 2030, the European Union aims to reduce greenhouse gas emissions by approximately 55% to 60%. One of the regulations that the EU introduced to accomplish this goal and promote energy efficiency and renewable energy is the Energy Performance of Buildings Directive (EPBD) introduced in 2002 and implemented in January 2006. This directive encourages to modify an existing building to increase energy efficiency. Therefore, employing heat exchangers in HVAC systems for buildings will play a crucial role in achieving these goals.
The Europe and Asia-Pacific regions dominate the market share in this category. In 2022, these regions collectively accounted for 45% - 55% of the market share. In the Asia-Pacific region, China and India hold a significant portion owing to rising investment in various sectors such as chemical, petrochemical, and HVAC systems.
Order your copy of the Heat Exchanger Procurement Intelligence Report, 2023 - 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Companies are increasing their research and development efforts, to incorporate cutting-edge technology advancement into the development of new manufacturing techniques, materials, and designs to reduce operating costs and carbon footprint. Companies are adopting and incorporating improved technology such as tube inserts in heat exchangers. These technological advancements will accelerate the market growth of this category and increase energy efficiency, total life cycle cost, durability, and compactness of heat exchangers.
The three main cost components in this category are raw material costs, manufacturing costs as well as design and engineering costs. Other costs involved are inspection and testing, direct and indirect overhead costs, etc. Copper, aluminum and stainless steel are the major raw materials used in the production of heat exchangers and any fluctuation in their availability & price will have an impact on the end product. The manufacturing cost is affected by elements such as core and frame materials, interface tolerances, coatings, and other requirements. The type of core and frame material i.e., tubes, fin, and/or sheet metal significantly varies the cost of heat exchangers. The core and frame material price differences are dependent on the type of raw materials required to produce the heat exchanger and the amount of time spent on manufacturing the part. For instance, copper tube-fin heat exchangers are the cheapest to manufacture whereas stainless-steel tube-fin heat exchangers are more expensive due to its weight, higher punching time and necessity to do welding in comparison to copper.
Other drivers like interface tolerance specifications and coatings contribute to the manufacturing cost variation.
Countries such as China, India, and the U.S. are the most preferred sourcing destinations for this category due to China’s growing industrialization and population. For instance, China is the largest exporter of heat exchangers which accounted for a share of 100,772 shipments followed by India with 92,447 and Germany with 57,093 shipments till June 2023. Further, China is gradually reducing its reliance on coal for household heating to enhance its focus on decarbonization in the cooling and heating industry by improving air quality and switching to heat pumps. Selecting a full-service supplier i.e., a supplier equipped with the full range of heat exchangers required by companies is considered to be an important sourcing practice in this category. Other best sourcing practices include identifying the right material for the heat exchanger. Full-service suppliers incorporate OEM expertise, proprietary software, and datasets to identify the ideal number of plates, amounts of heat transfer, or pressure drop required for any heat exchanger. It aids in improving planned downtime efficiency and heat transfer performance.
Browse through Grand View Research’s collection of procurement intelligence studies:
• Lime Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Graphite Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Heat Exchanger Procurement Intelligence Report Scope
• Heat Exchanger Category Growth Rate: CAGR of 5.1% from 2023 to 2030
• Pricing growth Outlook: 4% - 6% (Annually)
• Pricing Models: Cost Plus Pricing
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier Selection Criteria: Raw material, End-user, Product type, Technical specifications, Operational capabilities, Regulatory standards, and mandates, Category innovations, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Key companies
• Alfa Laval
• Danfoss
• Kelvion Holding GmbH
• Xylem Inc.
• API Heat Transfer
• Mersen
• Hisaka Works, Ltd.
• Johnson Controls International
• HRS Heat Exchangers
• Koch Heat Transfer Company
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Unveiling the Potential: Harnessing Digital Payment Services Procurement Intelligence [Business]
The global digital payment category size was valued at USD 81.03 billion in 2022. Overall, the increasing popularity of online shopping and smartphones is driving the demand for digital payment services. The rapid use of digital payment systems by young people, particularly Generation Z, is what is driving the trend in digital payments. This generation prefers online banking over other banking methods, and they seek personalized, adaptable, and relevant customer experiences. Because payment services are developing and delivering better customer experiences, there is a demand for improved user experiences that supports business growth. The increasing popularity of online shopping is driving the demand for digital payment services, as online shoppers prefer convenience and security. Smartphones make it easy to make payments online and in-store, while contactless payments are becoming more popular due to their convenience and hygienic nature. The security of digital payment services is improving, making consumers more comfortable using these services. For instance, Civic is an e-KYC platform providing secure digital identity at reduced cost provides secure digital identity at reduced costs, while cloud technology drives research and development in digital payment offerings.
Companies are continuously focusing on developing technologies or partnering and collaborating with tech-based firms to prevent fraud and increase security. For instance,
• In November 2022, Mastercard partnered with Vesta to offer a fraud management platform to merchants in Latin America and the Caribbean. The partnership aimed to improve the consumer's digital experience and bolster trust in e-commerce by addressing the increasing need for online shopping and addressing evolving fraud threats in real time.
• In March 2022, LexisNexis Risk Solutions acquired BehavioSec, a Swedish company specializing in behavioral biometrics tech, to enhance its device and digital identity-focused offerings. BehavioSec's predictive biometrics solution uses behavior analysis for continuous authentication, establishing identity trust, and preventing fraud. The acquisition became part of LexisNexis Risk Solutions' Business Services group.
Information is secured using cryptography, a method that converts it into a format that is difficult for unauthorized parties to read or understand. It is utilized in digital payments to safeguard sensitive data, including passwords and credit card details. Payment Card Industry Data Security Standard (PCI DSS) is a collection of security standards created to protect sensitive payment information, whereas Secure Sockets Layer (SSL) is a security protocol used to encrypt data communicated over the internet. Two-factor authentication (2FA) is a security procedure that adds an additional layer of protection against fraud by requiring users to submit two forms of identity.
Order your copy of the Digital Payment Services Procurement Intelligence Report, 2023 - 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Digital Payment Services Sourcing Intelligence Highlights
• The number of both large and small companies operating in different areas has caused the digital payment services category to become highly fragmented on a worldwide scale. Players compete aggressively with one another to grow their customer base and offer superior customer service.
• Technology cost, transaction cost, and labor account for the largest cost component of the digital payment services business.
• Most providers offer services such as fraud prevention, account management, customer support, and risk management.
Browse through Grand View Research’s collection of procurement intelligence studies:
• Payroll Outsourcing Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Digital Procurement Systems Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
List of Key Suppliers
• Visa
• Mastercard
• PayPal
• Alipay
• China UnionPay
• Amazon Pay
• Stripe
• PayU
• Adyen
• Paytm
Digital Payment Services Procurement Intelligence Report Scope
• Digital Payment Services Category Growth Rate: CAGR of 20.8% from 2023 to 2030
• Pricing Growth Outlook: 8% - 10%(Annual)
• Pricing Models: Subscription fee pricing model and transaction fees pricing model
• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria: Sustainability, price, quality, reliability, flexibility, technical specifications, operational capabilities, regulatory standards and mandates, category innovations, and others.
• Report Coverage: Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
