?Anju Devi is the promoter and whole-time director, having provided consultancy services at LLOYD Electric. She has been with KRN Heat Exchangers since its founding in 2017.

?Santosh Kumar Yadav is the promoter, CEO, chairman, and managing director with over 19 years of experience in manufacturing heat exchangers and refrigeration units. He previously headed operations at LLOYD Electric and has been with the company since its inception.

Key components in cooling systems like air conditioners and fan coils, responsible for absorbing indoor heat and transferring it to the refrigerant in copper tubes.

Evaporator Coils 

Essential in HVAC&R systems, they release heat to the outside, enabling refrigerant to condense from vapor to liquid, expelling heat in the process.

Condenser Coils 

Distribute heat and flow evenly across parallel tubes, produced with advanced CNC machinery for high precision and quality.

Headers/Copper Parts 

Used in heat exchanger components like shells and tubes, precisely customized using hydraulic and CNC punching machines.

Sheet Metal Parts 

The global heat exchanger market reached a value of USD 16.8 billion in 2023, growing steadily at a compound annual growth rate (CAGR) of 6.4% from 2019 to 2023. A heat exchanger is a device used to transfer heat between two or more fluids, and it plays a critical role in industries such as chemical manufacturing, oil & gas, power generation, metallurgy, and HVAC (Heating, Ventilation, Air Conditioning, and Refrigeration). The demand for heat exchangers globally is primarily driven by rising industrialization, energy-efficient technologies, and the growing need for better thermal management solutions across industries.

In India, the heat exchanger market reached USD 689 million in 2023, reflecting strong growth with a CAGR of 10% from 2019 to 2023. This higher growth rate is due to rapid industrialization and urbanization, coupled with a strong focus on infrastructure development. India’s government has invested heavily in infrastructure projects, which has increased the demand for HVAC systems, where heat exchangers are essential components. Chemical manufacturing and the oil & gas industry are the top consumers of heat exchangers in India, while the power and energy sector, HVAC, and metallurgy also contribute significantly. These five industries accounted for 80% of the heat exchanger market's revenue in 2023.

Shell & Tube Heat Exchangers: This is the largest segment in the Indian market. These heat exchangers are highly versatile and used in industries like oil & gas, power generation, and chemical processing. They consist of a series of tubes, one set containing the fluid that needs to be heated or cooled, and the other set containing the fluid responsible for the heat transfer.

Finned Tube Heat Exchangers: Another major product segment, finned tube heat exchangers, generated USD 146 million in revenue in 2023 and grew at a CAGR of 10.7% between 2020 and 2023. Finned tube heat exchangers are compact in design and used for energy-efficient cooling applications. Their compact nature makes them a popular choice because they require less space and are cost-effective compared to other types of heat exchangers. The segment is expected to reach USD 326 million by 2029, driven by the rising need for efficient cooling systems across various industries.

HVAC Systems and Data Centers: In HVAC systems, heat exchangers are vital for heating, cooling, heat recovery, dehumidification, and moisture control. The Indian HVAC market alone generated an annual turnover of USD 9.1 billion in 2023. This growth is supported by the government’s substantial investment in infrastructure, with USD 1.45 trillion earmarked for the next five years. Additionally, data centers, which are critical to the information technology industry, heavily rely on heat exchangers in their HVAC systems to maintain optimal operating temperatures. Without these systems, data centers would struggle to keep their servers cool, which is essential for smooth operations.

Industrial Growth: Rapid urbanization, industrialization, and infrastructure development are increasing the demand for heat exchangers, particularly in energy-intensive sectors like oil & gas, chemical manufacturing, and power generation.

Government Investment: The Indian government’s investment in infrastructure is driving demand for HVAC systems and, consequently, heat exchangers. These investments are set to boost the heat exchanger market significantly in the coming years.

Energy Efficiency: As companies focus more on reducing energy consumption, the demand for heat exchangers that can provide energy-efficient cooling and heating solutions is growing, especially in industries like data centers and manufacturing.

Supply Chain Dependency: The heat exchanger industry in India is dependent on raw material imports. Any disruption in this supply chain, due to import restrictions or rising tariffs, could negatively impact production and increase costs.

Technological Advancements: The industry also needs to keep pace with the latest advancements in heat exchanger technology to remain competitive, especially as industries move towards more sustainable and energy-efficient solutions.

In conclusion, the heat exchanger market, both globally and in India, is on a growth trajectory due to rising demand in key industries, the need for energy efficiency, and increasing government investments in infrastructure. Finned tube heat exchangers are expected to see the highest growth, thanks to their compact size and efficiency. The Indian market, in particular, stands to benefit from these trends, although supply chain challenges and the need for technological adaptation remain important considerations for sustained growth.

Engineering sector is highly promising, driven by rapid technological advancements, infrastructure development, and increased investment in automation and innovation. Key trends include the growing demand for smart manufacturing, renewable energy infrastructure, and sustainable solutions in industries such as construction, automotive, aerospace, and energy. The integration of AI, IoT, robotics, and Industry 4.0 technologies is transforming production processes, enhancing efficiency, and reducing costs. Governments worldwide are emphasizing infrastructure modernization and green energy projects, creating additional growth opportunities. However, challenges like supply chain disruptions, skilled labor shortages, and fluctuating raw material prices remain concerns for the sector. Overall, the engineering industry is expected to experience steady growth, supported by rising demand for precision engineering and sustainable development initiatives.

Engineering

The company plans to allocate ₹ 24,919.59 Lakhs towards investment in its wholly-owned subsidiary, KRN HVAC Products Private Limited, which was incorporated on April 07, 2023, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan. This investment will be used to set up a production facility for manufacturing bar and plate heat exchangers, oil coolers with blowers, motors, and roll band evaporators. This initiative aims to enhance service to existing customers, better meet the needs of large clients, and expand into new sectors, particularly to cater to the increasing demand from railways for electric engines, compressor manufacturers, and refrigerator producers.

Heat Exchangers

KRN Heat Exchanger and Refrigeration Ltd

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