Non-Domestic Heat Exchange Unit Market

The non-domestic heat exchange unit market is forecasted to see continued growth from 2022 to 2030, with an expected increase in market volume to 105M units and market value to $113.7B. Key findings include rising consumption, production, imports, and exports trends, with notable growth in countries like Turkey and India. The article provides detailed analysis on market performance, trends, and projections for the near future.

Market Forecast

Driven by increasing demand for non-domestic heat exchange units worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 105M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.1% for the period from 2022 to 2030, which is projected to bring the market value to $113.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Non-Domestic Heat Exchange Units

For the third year in a row, the global market recorded growth in consumption of non-domestic heat exchange units, which increased by 2.7% to 83M units in 2022. The total consumption volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

The global non-domestic heat exchange unit market revenue expanded sharply to $70.7B in 2022, rising by 5.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market hit record highs at $76.5B in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (11M units), the United States (11M units) and Turkey (6.4M units), with a combined 34% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +19.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest non-domestic heat exchange unit markets worldwide were Japan ($4.2B), Mexico ($4.1B) and China ($3.6B), together comprising 17% of the global market. Thailand, Germany, the United States, Italy, Turkey, India, Poland and Brazil lagged somewhat behind, together accounting for a further 16%.

Turkey, with a CAGR of +21.2%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of non-domestic heat exchange unit per capita consumption in 2022 were Germany (74 units per 1000 persons), Turkey (74 units per 1000 persons) and Italy (67 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Thailand (with a CAGR of +18.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Non-Domestic Heat Exchange Units

In 2022, global non-domestic heat exchange unit production rose modestly to 73M units, increasing by 2.2% on 2021 figures. The total output volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 12% against the previous year. Over the period under review, global production hit record highs at 74M units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, non-domestic heat exchange unit production amounted to $70.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when the production volume increased by 15% against the previous year. Global production peaked at $79.7B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of non-domestic heat exchange unit production was China (18M units), accounting for 25% of total volume. Moreover, non-domestic heat exchange unit production in China exceeded the figures recorded by the second-largest producer, Turkey (6.3M units), threefold. The third position in this ranking was taken by Germany (6M units), with an 8.3% share.

In China, non-domestic heat exchange unit production expanded at an average annual rate of +5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+19.0% per year) and Germany (+12.5% per year).

Imports

World Imports of Non-Domestic Heat Exchange Units

Global non-domestic heat exchange unit imports rose significantly to 32M units in 2022, increasing by 12% against the year before. Over the period under review, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 44% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, non-domestic heat exchange unit imports reached $12.1B in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports By Country

The United States represented the largest importer of non-domestic heat exchange units in the world, with the volume of imports amounting to 14M units, which was near 43% of total imports in 2022. Brazil (3.8M units) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by India (8.7%) and Mexico (7.3%). Canada (1,296K units), China (742K units), Thailand (670K units), Germany (652K units) and Switzerland (484K units) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +16.8% from 2012 to 2022. At the same time, India (+26.6%), Germany (+17.0%), Canada (+7.7%), Thailand (+5.6%), Switzerland (+5.4%), Brazil (+1.3%) and China (+1.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +26.6% from 2012-2022. Mexico experienced a relatively flat trend pattern. While the share of the United States (+21 p.p.) and India (+6.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of China (-2.7 p.p.), Mexico (-10.7 p.p.) and Brazil (-13.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.5B), Germany ($1.2B) and China ($667M) were the countries with the highest levels of imports in 2022, together comprising 28% of global imports. Canada, Mexico, India, Thailand, Brazil and Switzerland lagged somewhat behind, together accounting for a further 12%.

Among the main importing countries, Mexico, with a CAGR of +8.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average non-domestic heat exchange unit import price amounted to $379 per unit, shrinking by -4.1% against the previous year. Over the period under review, the import price saw a abrupt setback. The pace of growth was the most pronounced in 2014 an increase of 11% against the previous year. Over the period under review, average import prices hit record highs at $754 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($1,785 per unit), while Brazil ($45 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+8.3%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Non-Domestic Heat Exchange Units

In 2022, global exports of non-domestic heat exchange units skyrocketed to 22M units, increasing by 15% on the previous year's figure. In general, exports showed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 28%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, non-domestic heat exchange unit exports rose remarkably to $12.7B in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China was the key exporting country with an export of around 7.7M units, which accounted for 36% of total exports. It was distantly followed by India (4.3M units) and the United States (3M units), together making up a 34% share of total exports. The following exporters - Italy (709K units), Germany (552K units), South Korea (523K units), Taiwan (Chinese) (350K units), Japan (342K units) and Mexico (327K units) - together made up 13% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +27.6%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest non-domestic heat exchange unit supplying countries worldwide were China ($1.7B), the United States ($1.3B) and Germany ($1.2B), together accounting for 33% of global exports. Italy, Japan, South Korea, Mexico, India and Taiwan (Chinese) lagged somewhat behind, together comprising a further 23%.

Mexico, with a CAGR of +19.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average non-domestic heat exchange unit export price stood at $587 per unit in 2022, standing approx. at the previous year. Overall, the export price showed a deep contraction. The global export price peaked at $1,606 per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($2,257 per unit), while India ($57 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+10.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform