Boiler & Heat Exchanger Manufacturing in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: October 2023
NAICS 33241CARevenue
$1.0bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
2,991
Businesses
82
Wages
$XXX.Xm
Boiler & Heat Exchanger Manufacturing in Canada industry analysis
Canadian boiler and heat exchanger manufacturers have endured significant volatility. Manufacturers design, produce and install power boilers and heat exchangers for various industrial processes like refining, oil extraction, building climate control, manufacturing and power generation. Plummeting export volumes, the COVID-19 pandemic and supply chain disruptions contributed to significant volatility during the current period. Ultimately, revenue plunged at an expected CAGR of 4.3% to $1.0 billion through the current period, despite a 0.1% rally in 2023, where profit reached 14.6%.Energy-efficient heat transfer has grown increasingly important for buyers, especially in power generation markets. These buyers have increasingly shifted to sustainable energy production, forcing manufacturers to adapt. Many manufacturers have benefited from this market's increasing specialization; specialized producers often face less aggressive price-based competition. Steel prices also directly impact manufacturers; steel is a primary input given its high strength and thermal conductivity. Volatile prices have dampened profit; however, sharp price dips in 2023 have encouraged profit expansion.Manufacturers will rebound through the outlook period. For instance, exports will rebound amid a more favourable macroeconomic landscape and a depreciating Canadian dollar. Manufacturers will thrive as the Canadian economy recovers. Construction markets will drive this movement; consumers and businesses will implement increasingly energy-efficient heating and cooling systems, spurring growth. Similarly, rebounding consumer confidence and corporate profit will buoy revenue. Revenue will strengthen at an expected CAGR of 0.6% to $1.0 billion through the outlook period, where profit will reach 14.8%.
Trends and Insights
- Boiler and heat exchanger manufacturers rebounded after the pandemic. Strengthening activity in manufacturing, construction and power generation sectors have supported the industry’s recovery.
- Manufacturing industries provide diverse demand. Paper, food, machinery and automotive manufacturers purchase boilers and heat exchangers.
- Most companies locate in Ontario, Alberta and Quebec. These regions have diverse demand from manufacturing, construction, resource and utility companies.
- Manufacturers often specialize in niche markets. Specialization enables manufacturers to meet buyer-specific needs and forge stronger relationships with key customers.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 4.3 % over the past five years, to reach an estimated $1.0bn in 2023.
Trends and Insights
Companies benefit from market diversity
- More prominent manufacturers often establish product lines to operate through multiple, highly differentiated markets. For example, many companies will sell low-tech boilers to residential and nonresidential construction markets, while offering more complex solutions for energy producers, automakers and other manufacturers.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Construction markets will exhibit robust growth
- The construction sector will rebound, supporting manufacturers through the outlook period, particularly as interest rates subside, encouraging new construction and housing starts.
Biggest companies in the Boiler & Heat Exchanger Manufacturing in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
BWXT Canada Ltd. | 141.2 | 8.9 | 6.3 | |
Edmonton Exchanger | 46.3 | N/A | N/A | |
Exchanger Industries Limited | 28.6 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Heat exchangers and steam condensers, Power boilers and Nuclear reactor boilers. Heat exchangers and steam condensers is the largest segment of the Boiler & Heat Exchanger Manufacturing in Canada.
Trends and Insights
Heat exchangers and steam condensers are the most popular products
- Buyers use heat exchangers for efficient heat transfer between mediums in various processes, ranging from space heating and power production to oil refining and chemical processing. Manufacturers often produce four types of exchangers, including shell and tube heat, plate heat, regenerative heat and adiabatic wheel heat exchangers.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Metal Tank Manufacturing in Canada
Complementors
- Valve Manufacturing in Canada
- Heating & Air-Conditioning Equipment Manufacturing in Canada
- Heating & Air-Conditioning Contractors in Canada
International industries
- Boiler & Heat Exchanger Manufacturing in the US
- Boiler and Tank Manufacturing in Australia
- Radiator & Boiler Manufacturing in the UK
- Herstellung von Heizkörpern und -kesseln
- Engine Manufacturing in China
Table of Contents
About this industry
Industry definition
This industry manufactures boilers and heat exchangers. In addition to their manufacturing activities, companies also provide installation services for their products. These products include boilers, which are closed vessels where fluid is heated; heat exchangers, which enables thermal energy to be transferred between fluids while keeping them separate; and radiators, which are simpler forms of heat exchangers.
What's included in this industry?
Manufacturing heat exchangers and steam condensersManufacturing boilersManufacturing nuclear reactor steam supply systemsManufacturing aftercoolersManufacturing economizersInstalling industry productsCompanies
BWXT Canada Ltd.Edmonton ExchangerExchanger Industries LimitedPurchase this report to view all 4 major companies in this industry.
Related Terms
HVACBOILERHEAT EXCHANGERIndustry Code
NAICS 332410 - Boiler & Heat Exchanger Manufacturing in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Boiler and heat exchanger manufacturers rebounded after the pandemic. Strengthening activity in manufacturing, construction and power generation sectors have supported the in...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Manufacturing industries provide diverse demand. Paper, food, machinery and automotive manufacturers purchase boilers and heat exchangers.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Most companies locate in Ontario, Alberta and Quebec. These regions have diverse demand from manufacturing, construction, resource and utility companies.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Manufacturers often specialize in niche markets. Specialization enables manufacturers to meet buyer-specific needs and forge stronger relationships with key customers.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Major manufacturers look to innovate, creating products that better process fuel and fuel alternatives. These changes will allow companies to remain competitive as environmen...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of BWXT Canada Ltd.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Edmonton Exchanger's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Exchanger Industries Limited's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for BWXT Canada Ltd., and factors influencing its performance in the industry
- Description and key data for Edmonton Exchanger, and factors influencing its performance in the industry
- Description and key data for Exchanger Industries Limited, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Companies face moderate regulatory pressure. Manufacturers adhere to environmental and workplace standards.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Manufacturers must hire skilled workers, like engineers and metalworkers, to design, produce and install boilers and heat exchangers. Wage costs have expanded despite automat...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Boiler & Heat Exchanger Manufacturing industry in Canada in 2024?
The market size of the Boiler & Heat Exchanger Manufacturing industry in Canada is $1.0bn in 2024.
How many businesses are there in the Boiler & Heat Exchanger Manufacturing in Canada industry in 2023?
There are 82 businesses in the Boiler & Heat Exchanger Manufacturing industry in Canada, which has declined at a CAGR of 1.4 % between 2018 and 2023.
Has the Boiler & Heat Exchanger Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Boiler & Heat Exchanger Manufacturing industry in Canada has been declining at a CAGR of 4.3 % between 2018 and 2023.
What is the forecast growth of the Boiler & Heat Exchanger Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Boiler & Heat Exchanger Manufacturing industry in Canada is expected to grow.
What are the biggest companies in the Boiler & Heat Exchanger Manufacturing market in Canada?
The biggest companies operating in the Boiler & Heat Exchanger Manufacturing market in Canada are BWXT Canada Ltd., Edmonton Exchanger and Exchanger Industries Limited
What does the Boiler & Heat Exchanger Manufacturing in Canada include?
Manufacturing heat exchangers and steam condensers and Manufacturing boilers are part of the Boiler & Heat Exchanger Manufacturing industry.
Which companies have the highest market share in the Boiler & Heat Exchanger Manufacturing in Canada?
The company holding the most market share in Canada is BWXT Canada Ltd..
How competitive is the Boiler & Heat Exchanger Manufacturing industry in Canada?
The level of competition is moderate and increasing in the Boiler & Heat Exchanger Manufacturing industry in Canada.
