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Global Heat Exchangers Market to Reach $23.2 Billion by 2027

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New York, July 15, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Heat Exchangers Industry” – https://www.reportlinker.com/p098251/?utm_source=GNW
6 Billion in the year 2020, is projected to reach a revised size of US$23.2 Billion by 2027, growing at a CAGR of 4.1% over the analysis period 2020-2027. Shell & Tube Heat Exchangers, one of the segments analyzed in the report, is projected to record a 4.3% CAGR and reach US$6.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cooling Towers segment is readjusted to a revised 3.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $4 Billion, While China is Forecast to Grow at 5.4% CAGR

The Heat Exchangers market in the U.S. is estimated at US$4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.4 Billion by the year 2027 trailing a CAGR of 5.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.

Air Coolers Segment to Record 3.6% CAGR

In the global Air Coolers segment, USA, Canada, Japan, China and Europe will drive the 3.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.4 Billion in the year 2020 will reach a projected size of US$3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.3 Billion by the year 2027.

Select Competitors (Total 454 Featured)

  • Air Products and Chemicals, Inc.
  • Alfa Laval AB
  • API Heat Transfer
  • Balcke-Dürr GmbH
  • Barriquand Technologies Thermiques
  • Danfoss
  • Doosan Corporation
  • Enerquip, Inc.
  • Funke Wärmeaustauscher Apparatebau GMB
  • Guntner U.S. LLC
  • Hamon Group
  • Harsco Industrial Air-X-Changers
  • Hisaka Works, Ltd.
  • HRS Heat Exchangers Ltd
  • Johnson Controls
  • Kelvion
  • Koch Heat Transfer Company
  • McDermott
  • Mersen
  • SmartHeat Inc.
  • SPX Cooling Technologies, Inc.
  • SPX FLOW, Inc.
  • SWEP International AB
  • Tranter Inc.
  • Vahterus Oy
  • Xylem Inc.

Read the full report: https://www.reportlinker.com/p098251/?utm_source=GNW

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
COVID-19 Outbreak Poised to Dent Market Prospects in the
Immediate Term
Prevailing Weak Global Economic Environment & Negative Tide in
GDP Forecasts Strongly Discourage the Heat Exchangers Market
in Short Term
EXHIBIT 1: World Economic Growth Projections (Real GDP, annual
% Change) for 2019, 2020 & 2021
EXHIBIT 2: As One of the Most Closely Watched Economic
Indicators, the PMI Growth Movement Keeps the Industry on the
Edge With Anxious Anticipation: Global PMI Index Points for
the Years 2018, 2019 & 2020
EXHIBIT 3: Business Climate Indicator in the Euro Area for the
Period June 2019 to May 2020
EXHIBIT 4: Business Confidence Index (BCI) Points for 3Q 2019,
4Q 2019, 1Q 2020, & 2Q 2020
Heat Exchangers and Boilers to Play Crucial Role amid COVID-19
Pandemic
An Introduction to Heat Exchangers
Product Groups
Product Types and Segments
End-Use Market: A Brief Note
Key End-Use Industries for Heat Exchangers
Heat Exchangers: The Most Important & Ubiquitous Process
Equipment in Industries
Global Heat Exchangers Market: Overview and Outlook
Playing Instrumental Role in Numerous Industries
Sophisticated Design Options for next-Generation, Eco-Friendly
Heat Exchangers
3D Printing Unfolds Exciting Design Opportunities for Heat
Exchangers
Segment Overview: Growing Need for Advanced Equipment Augurs
Well for Shell & Tube Heat Exchanger Market
Strong Demand from End-Use Verticals Enables Heat Exchanger
Market to Maintain Positive Trajectory in Long Term
Chemical Industry Commands Major Share
Oil & Gas Remains Major Application Segment for Heat Exchangers
Regional Analysis: Europe Secures Commanding Position in Global
Heat Exchanger Market
EXHIBIT 5: World Heat Exchangers Market (2020 & 2027):
Percentage Breakdown of Sales for Developed and Developing
Regions
EXHIBIT 6: World Heat Exchangers Market – Geographic Regions
Ranked by Value CAGR for 2020-2027: China, Asia-Pacific, Latin
America, Rest of World, USA, Canada, Europe, and Japan
Competitive Scenario
EXHIBIT 7: Leading Players in the Global Plate Heat Exchangers
Market (2020): Percentage Share Breakdown of Revenues for Alfa
Laval and Others
EXHIBIT 8: Leading Players in the Global Compact Heat
Exchangers Market (2020): Percentage Value Breakdown by
Company
Recent Market Activity
Select Global Brands

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
Sustained Focus on Energy Efficiency in Modern Industrial
Environments to Rev Up Opportunities for Heat Exchangers
EXHIBIT 9: Growing Popularity of Energy Audits to Help Identify
Saving Opportunities & the Resulting Increased Spending on
Energy Efficiency to Benefit Demand for Energy Efficient Heat
Exchangers: Global Investments in Energy Efficiency (In US$
Billion) for the Years 2016 and 2019 by Region
EXHIBIT 10: Undeniable Productivity Benefits of Industrial
Energy Efficiency Measures to Spur the Commercial Value of
Energy Efficient Heat Exchangers: Global Investments in
Energy Efficiency (In US$ Billion) for the Years 2016 and
2019 by Industry
Energy Efficiency & Cost Savings Step Up Market Opportunities
for Compact Heat Exchangers
Energy Efficiency Benefits Drive Migration from Shell & Tube to
Plate Heat Exchangers
Despite Slowdown in Demand, Chemical Industry to Remain the
Dominant Consumer of Heat Exchangers
EXHIBIT 11: Projected Stability in Capital Spending in the
Chemical Industry Provides Opportunities for New and
Replacement Demand for Heat Exchangers: CAPEX in the World
Chemical Industry (In US$ Billion) for the Years 2018, 2021
and 2023
EXHIBIT 12: World Chemical Industry Revenues (in %) by Segment
for the Year 2021
Critical Role of Heat Exchangers in the Power Generation/
Utilities Sector Augurs Well
Continued Dominance of Coal & Move to Clean Coal Technologies
to Drive the Importance of Heat Exchangers in Enabling Plant
Efficiency & Emission Reduction
EXHIBIT 13: Focus on Heat Recovery & Utilization of Sensible
and Latent Heat from Flue Gas to Drive the Value of Heat
Exchangers in Coal Fired Power Plants Against the Backdrop of
Robust Outlook for Clean Coal Power: Global Thermal Power
Generated from Coal (In Billion Kilowatt-hours) by Region
for the Years 2018 and 2024
Focus on Renewable Energy: A Double Win for Heat Exchangers in
the Energy Sector
EXHIBIT 14: Targets for Electricity Production from Renewable
Energy Sources in Select Countries
EXHIBIT 15: Leading Countries with Renewable Energy as % of
total Energy
EXHIBIT 16: Robust Outlook for Renewables to Echo Downstream
Into the Heat Exchangers Market: World Renewable Energy
Production (In Billion Kilowatt Hours) by Energy Source for
the Years 2017, 2020, 2030 and 2040
Expected Revival of Nuclear Energy to Drive Opportunities in
the Heat Exchangers Market
EXHIBIT 17: With Over 500 Operational & Under Construction
Nuclear Reactors, Demand for Heat Exchangers in Nuclear Power
Plants is Poised for Growth in the Medium to Long Term
Period: Global Number of Nuclear Reactors in Operation &
Under Construction (In Units) by Geographic Region for the
Year 2018
Wild Oil Prices Bring the Pain Back to the O&G Industry But
Spurs the Emphasis on Productivity, Capital Efficiency &
Ability to Break-Even at the Lowest Price
EXHIBIT 18: As Oil Companies Scramble to be Better Prepared for
the Next Price Crash, Innovative Heat Exchangers Capable of
Providing Value Via Production Improvements & Efficiencies
Will be the Only Ones to Gain in the Volatile Market
Environment: Global Prices of Brent Crude (In US$ Per
Barrel) for the Years 2012 through 2021
Structural Shocks & the Ensuing Permanent Break in Oil Prices
to Push Demand for Underwater Heat Exchangers Further Beyond
2020
Medley of Factors Dole Out Challenges & Opportunities in Equal
Measure for the Global Oil Refining Market
EXHIBIT 19: With Growth Skewed Towards Alternative Liquid
Fuels, Oil Refineries Face a High Risk Exposure as the Oil
Shake Up Marks the Transition Towards a Low Carbon Economy:
Global Liquid Fuel Cumulative Demand Growth (In ?000 Barrels
per Day) by Type for the Years 2018, 2021 & 2023
Healthy Market for Processed Food to Benefit Demand for Heat
Exchangers in the Food Processing Sector
EXHIBIT 20: As the Hidden Workhorses of Heating and Cooling in
the Food & Beverage Industry, Demand for Heat Exchangers
Benefits from the Growing Demand for Packaged Food: World
Retail Market for Food & Beverages (in US$ Trillion) for the
Years 2019 & 2023
Stringent Wastewater Treatment Laws Provide Fertile Ground for
Heat Exchanger Sales
EXHIBIT 21: Growing Industrial Effluent Discharge Coupled With
the Massive Water Reuse Opportunity Provided by the Emerging
Circular Economy Offers Lucrative Opportunities for Heat
Exchangers in the Wastewater Treatment Industry: Volume of
Industrial Wastewater Generated in the U.S & Europe (In 000
m3 (Cubic Meters)) for the Year 2018
Shortage of Freshwater Spurs Land Based Use of Seawater Heat
Exchangers
EXHIBIT 22: Declining Freshwater Availability Throws the
Technology Focus on Seawater Heat Exchangers: Per Capita
Availability of Water in Select Countries (In ’000 m3) for
Years 1975, 2000 & 2025
Water Shortages to Drive Demand for Air Coolers
Heat Exchangers Find Increased Acceptance in Marine Industry
Heat Exchangers Remain Critical Elements of Modern Data Centers
Mining Industry Trends Continue to Discourage Heat Exchangers
Market
EXHIBIT 23: Labor Presents the Most Significant Downside Risk
for the Mining Industry in the Form of Increased Production
Costs: Production Cost Breakdown of Mining Projects (In %)
for the Year 2020
Innovations in Cooling Tower Design and Technology Crucial to
Future Market Growth
Supportive Innovative Technologies of Heat Exchangers
Artificial Intelligence (AI) Makes Its Revolutionary Presence
Felt in the Heat Exchangers Market
EXHIBIT 24: Growing Prominence of Robotic & Intelligent Process
Automation in the Era of Smart Factories to Drive the
Commercial Value of AI Based Heat Exchanger Control &
Monitoring: Global Spending on Robotic Process Automation &
Intelligent Process Automation (In US$ Million) for the
Years 2016, 2018, 2020 and 2022
Next-generation Factory Assembled Cooling Towers to Positively
Impact Bottom Line of HVAC and Industrial Processes
Advancements in Plume Abatement Technologies and Drift
Eliminators Address Environmental Concerns and Drive Healthy
Demand
New Design and Material Innovations Increase Cooling Efficiency
Innovation in Heat Exchanger Flow Patterns, Fins & Grooves
Infuse Vigor in the Market
R&D Focus on Material Science Helps Leverage Benefits of Newer
Raw Materials
Select Innovations
Focus on Intelligent Maintenance & Continuous Monitoring of
Heat Exchangers Drives Opportunities for Replacement Demand
A Note on Industry Standards and Codes
Duct Cleaning and Air Conditioning Do Not Affect COVID-19
Transmission
Issues & Challenges
F-Gas Regulations
Low Awareness about Benefits of Building Energy Efficiency
Pricing and Distribution
Pricing Behavior by Product Segment
Steel as Raw Material Dominates
Pricing Behavior by End-Use Segment

4. GLOBAL MARKET PERSPECTIVE
Table 1: World Current & Future Analysis for Heat Exchangers by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 2: World Historic Review for Heat Exchangers by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 3: World 15-Year Perspective for Heat Exchangers by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World Markets for Years 2012, 2020 & 2027

Table 4: World Current & Future Analysis for Shell & Tube Heat
Exchangers by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 5: World Historic Review for Shell & Tube Heat Exchangers
by Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 6: World 15-Year Perspective for Shell & Tube Heat
Exchangers by Geographic Region – Percentage Breakdown of Value
Sales for USA, Canada, Japan, China, Europe, Asia-Pacific,
Latin America and Rest of World for Years 2012, 2020 & 2027

Table 7: World Current & Future Analysis for Cooling Towers by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 8: World Historic Review for Cooling Towers by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 9: World 15-Year Perspective for Cooling Towers by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 10: World Current & Future Analysis for Air Coolers by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 11: World Historic Review for Air Coolers by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 12: World 15-Year Perspective for Air Coolers by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 13: World Current & Future Analysis for Gasketed PHE by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 14: World Historic Review for Gasketed PHE by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 15: World 15-Year Perspective for Gasketed PHE by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 16: World Current & Future Analysis for Welded PHE by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 17: World Historic Review for Welded PHE by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 18: World 15-Year Perspective for Welded PHE by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 19: World Current & Future Analysis for Brazed PHE by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 20: World Historic Review for Brazed PHE by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 21: World 15-Year Perspective for Brazed PHE by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 22: World Current & Future Analysis for Other Product
Segments by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 23: World Historic Review for Other Product Segments by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 24: World 15-Year Perspective for Other Product Segments
by Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 25: World Current & Future Analysis for Chemicals by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 26: World Historic Review for Chemicals by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 27: World 15-Year Perspective for Chemicals by Geographic
Region – Percentage Breakdown of Value Sales for USA, Canada,
Japan, China, Europe, Asia-Pacific, Latin America and Rest of
World for Years 2012, 2020 & 2027

Table 28: World Current & Future Analysis for HVAC &
Refrigeration by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 29: World Historic Review for HVAC & Refrigeration by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 30: World 15-Year Perspective for HVAC & Refrigeration by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 31: World Current & Future Analysis for Oil & Gas by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 32: World Historic Review for Oil & Gas by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America and Rest of World Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2012 through 2019 and %
CAGR

Table 33: World 15-Year Perspective for Oil & Gas by Geographic
Region – Percentage Breakdown of Value Sales for USA, Canada,
Japan, China, Europe, Asia-Pacific, Latin America and Rest of
World for Years 2012, 2020 & 2027

Table 34: World Current & Future Analysis for Power Generation
by Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 35: World Historic Review for Power Generation by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 36: World 15-Year Perspective for Power Generation by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 37: World Current & Future Analysis for Food & Beverage
by Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 38: World Historic Review for Food & Beverage by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 39: World 15-Year Perspective for Food & Beverage by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

Table 40: World Current & Future Analysis for Other End-Uses by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2020 through 2027 and % CAGR

Table 41: World Historic Review for Other End-Uses by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America and Rest of World Markets –
Independent Analysis of Annual Sales in US$ Thousand for Years
2012 through 2019 and % CAGR

Table 42: World 15-Year Perspective for Other End-Uses by
Geographic Region – Percentage Breakdown of Value Sales for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America
and Rest of World for Years 2012, 2020 & 2027

III. MARKET ANALYSIS

UNITED STATES
COVID-19 Pandemic Impacts Cold Insulation Market
Increased Awareness to Spur Demand for Energy Efficient Heat
Exchangers
Shale Gas Revolution: A Fundamental Driver of Growth in the Use
of Heat Exchangers in Liquefaction Plants
EXHIBIT 25: Annual Production of Shale Gas (In Trillion Cubic
Feet) in the United States (2015, 2016, 2017, 2020, 2030, 2040
& 2050): A Measure of Addressable Opportunity for Exchangers
in Heat Recovery Applications in Shale Gas Processing
Wet Cooling Towers Dominate the Cooling Tower Market
Opportunities Exist for New Entrants in HVAC&R Heat Exchangers
Market
Table 43: USA Current & Future Analysis for Heat Exchangers by
Product Segment – Shell & Tube Heat Exchangers, Cooling Towers,
Air Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other
Product Segments – Independent Analysis of Annual Sales in US$
Thousand for the Years 2020 through 2027 and % CAGR

Table 44: USA Historic Review for Heat Exchangers by Product
Segment – Shell & Tube Heat Exchangers, Cooling Towers, Air
Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other Product
Segments Markets – Independent Analysis of Annual Sales in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 45: USA 15-Year Perspective for Heat Exchangers by
Product Segment – Percentage Breakdown of Value Sales for Shell &
Tube Heat Exchangers, Cooling Towers, Air Coolers, Gasketed
PHE, Welded PHE, Brazed PHE and Other Product Segments for the
Years 2012, 2020 & 2027

Table 46: USA Current & Future Analysis for Heat Exchangers by
End-Use – Chemicals, HVAC & Refrigeration, Oil & Gas, Power
Generation, Food & Beverage and Other End-Uses – Independent
Analysis of Annual Sales in US$ Thousand for the Years 2020
through 2027 and % CAGR

Table 47: USA Historic Review for Heat Exchangers by End-Use –
Chemicals, HVAC & Refrigeration, Oil & Gas, Power Generation,
Food & Beverage and Other End-Uses Markets – Independent
Analysis of Annual Sales in US$ Thousand for Years 2012 through
2019 and % CAGR

Table 48: USA 15-Year Perspective for Heat Exchangers by
End-Use – Percentage Breakdown of Value Sales for Chemicals,
HVAC & Refrigeration, Oil & Gas, Power Generation, Food &
Beverage and Other End-Uses for the Years 2012, 2020 & 2027

CANADA
Table 49: Canada Current & Future Analysis for Heat Exchangers
by Product Segment – Shell & Tube Heat Exchangers, Cooling
Towers, Air Coolers, Gasketed PHE, Welded PHE, Brazed PHE and
Other Product Segments – Independent Analysis of Annual Sales
in US$ Thousand for the Years 2020 through 2027 and % CAGR

Table 50: Canada Historic Review for Heat Exchangers by Product
Segment – Shell & Tube Heat Exchangers, Cooling Towers, Air
Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other Product
Segments Markets – Independent Analysis of Annual Sales in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 51: Canada 15-Year Perspective for Heat Exchangers by
Product Segment – Percentage Breakdown of Value Sales for Shell &
Tube Heat Exchangers, Cooling Towers, Air Coolers, Gasketed
PHE, Welded PHE, Brazed PHE and Other Product Segments for the
Years 2012, 2020 & 2027

Table 52: Canada Current & Future Analysis for Heat Exchangers
by End-Use – Chemicals, HVAC & Refrigeration, Oil & Gas, Power
Generation, Food & Beverage and Other End-Uses – Independent
Analysis of Annual Sales in US$ Thousand for the Years 2020
through 2027 and % CAGR

Table 53: Canada Historic Review for Heat Exchangers by End-Use –
Chemicals, HVAC & Refrigeration, Oil & Gas, Power Generation,
Food & Beverage and Other End-Uses Markets – Independent
Analysis of Annual Sales in US$ Thousand for Years 2012 through
2019 and % CAGR

Table 54: Canada 15-Year Perspective for Heat Exchangers by
End-Use – Percentage Breakdown of Value Sales for Chemicals,
HVAC & Refrigeration, Oil & Gas, Power Generation, Food &
Beverage and Other End-Uses for the Years 2012, 2020 & 2027

JAPAN
Table 55: Japan Current & Future Analysis for Heat Exchangers
by Product Segment – Shell & Tube Heat Exchangers, Cooling
Towers, Air Coolers, Gasketed PHE, Welded PHE, Brazed PHE and
Other Product Segments – Independent Analysis of Annual Sales
in US$ Thousand for the Years 2020 through 2027 and % CAGR

Table 56: Japan Historic Review for Heat Exchangers by Product
Segment – Shell & Tube Heat Exchangers, Cooling Towers, Air
Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other Product
Segments Markets – Independent Analysis of Annual Sales in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 57: Japan 15-Year Perspective for Heat Exchangers by
Product Segment – Percentage Breakdown of Value Sales for Shell &
Tube Heat Exchangers, Cooling Towers, Air Coolers, Gasketed
PHE, Welded PHE, Brazed PHE and Other Product Segments for the
Years 2012, 2020 & 2027

Table 58: Japan Current & Future Analysis for Heat Exchangers
by End-Use – Chemicals, HVAC & Refrigeration, Oil & Gas, Power
Generation, Food & Beverage and Other End-Uses – Independent
Analysis of Annual Sales in US$ Thousand for the Years 2020
through 2027 and % CAGR

Table 59: Japan Historic Review for Heat Exchangers by End-Use –
Chemicals, HVAC & Refrigeration, Oil & Gas, Power Generation,
Food & Beverage and Other End-Uses Markets – Independent
Analysis of Annual Sales in US$ Thousand for Years 2012 through
2019 and % CAGR

Table 60: Japan 15-Year Perspective for Heat Exchangers by
End-Use – Percentage Breakdown of Value Sales for Chemicals,
HVAC & Refrigeration, Oil & Gas, Power Generation, Food &
Beverage and Other End-Uses for the Years 2012, 2020 & 2027

CHINA
Market Overview
Although Weakening, China to Remain a Dominant Market for Heat
Exchangers in the Medium to Long Term Period
EXHIBIT 26: China?s Current Dominant Hold on Global
Manufacturing Output & Its Central Role in World Trade Makes
the Country a Major Market for Heat Exchangers in Asia: %
Breakdown of Global Manufacturing Output by Region for the
Years 1990, 2013, 2017 & 2025
Shell & Tube Heat Exchanger Segment to Post Solid Growth
Governmental Initiatives to Drive Growth
Rising Focus on Energy Saving, Environment Friendly Technology
Aalborg CSP Resumes Production of Heat Exchangers in China
After COVID-19 Lockdown
Table 61: China Current & Future Analysis for Heat Exchangers
by Product Segment – Shell & Tube Heat Exchangers, Cooling
Towers, Air Coolers, Gasketed PHE, Welded PHE, Brazed PHE and
Other Product Segments – Independent Analysis of Annual Sales
in US$ Thousand for the Years 2020 through 2027 and % CAGR

Table 62: China Historic Review for Heat Exchangers by Product
Segment – Shell & Tube Heat Exchangers, Cooling Towers, Air
Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other Product
Segments Markets – Independent Analysis of Annual Sales in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 63: China 15-Year Perspective for Heat Exchangers by
Product Segment – Percentage Breakdown of Value Sales for Shell &
Tube Heat Exchangers, Cooling Towers, Air Coolers, Gasketed
PHE, Welded PHE, Brazed PHE and Other Product Segments for the
Years 2012, 2020 & 2027

Table 64: China Current & Future Analysis for Heat Exchangers
by End-Use – Chemicals, HVAC & Refrigeration, Oil & Gas, Power
Generation, Food & Beverage and Other End-Uses – Independent
Analysis of Annual Sales in US$ Thousand for the Years 2020
through 2027 and % CAGR

Table 65: China Historic Review for Heat Exchangers by End-Use –
Chemicals, HVAC & Refrigeration, Oil & Gas, Power Generation,
Food & Beverage and Other End-Uses Markets – Independent
Analysis of Annual Sales in US$ Thousand for Years 2012 through
2019 and % CAGR

Table 66: China 15-Year Perspective for Heat Exchangers by
End-Use – Percentage Breakdown of Value Sales for Chemicals,
HVAC & Refrigeration, Oil & Gas, Power Generation, Food &
Beverage and Other End-Uses for the Years 2012, 2020 & 2027

EUROPE
Shell and Tube Heat Exchangers: Brief Note
Plate Heat Exchangers
Air Coolers
Cooling Towers
Analysis by End-Use Segment
Chemicals Industry
Oil & Gas
HVAC and Refrigeration
Other Applications
Regulatory Environment
Table 67: Europe Current & Future Analysis for Heat Exchangers
by Geographic Region – France, Germany, Italy, UK, Spain,
Russia and Rest of Europe Markets – Independent Analysis of
Annual Sales in US$ Thousand for Years 2020 through 2027 and %
CAGR

Table 68: Europe Historic Review for Heat Exchangers by
Geographic Region – France, Germany, Italy, UK, Spain, Russia
and Rest of Europe Markets – Independent Analysis of Annual
Sales in US$ Thousand for Years 2012 through 2019 and % CAGR

Table 69: Europe 15-Year Perspective for Heat Exchangers by
Geographic Region – Percentage Breakdown of Value Sales for
France, Germany, Italy, UK, Spain, Russia and Rest of Europe
Markets for Years 2012, 2020 & 2027

Table 70: Europe Current & Future Analysis for Heat Exchangers
by Product Segment – Shell & Tube Heat Exchangers, Cooling
Towers, Air Coolers, Gasketed PHE, Welded PHE, Brazed PHE and
Other Product Segments – Independent Analysis of Annual Sales
in US$ Thousand for the Years 2020 through 2027 and % CAGR

Table 71: Europe Historic Review for Heat Exchangers by Product
Segment – Shell & Tube Heat Exchangers, Cooling Towers, Air
Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other Product
Segments Markets – Independent Analysis of Annual Sales in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 72: Europe 15-Year Perspective for Heat Exchangers by
Product Segment – Percentage Breakdown of Value Sales for Shell &
Tube Heat Exchangers, Cooling Towers, Air Coolers, Gasketed
PHE, Welded PHE, Brazed PHE and Other Product Segments for the
Years 2012, 2020 & 2027

Table 73: Europe Current & Future Analysis for Heat Exchangers
by End-Use – Chemicals, HVAC & Refrigeration, Oil & Gas, Power
Generation, Food & Beverage and Other End-Uses – Independent
Analysis of Annual Sales in US$ Thousand for the Years 2020
through 2027 and % CAGR

Table 74: Europe Historic Review for Heat Exchangers by End-Use –
Chemicals, HVAC & Refrigeration, Oil & Gas, Power Generation,
Food & Beverage and Other End-Uses Markets – Independent
Analysis of Annual Sales in US$ Thousand for Years 2012 through
2019 and % CAGR

Table 75: Europe 15-Year Perspective for Heat Exchangers by
End-Use – Percentage Breakdown of Value Sales for Chemicals,
HVAC & Refrigeration, Oil & Gas, Power Generation, Food &
Beverage and Other End-Uses for the Years 2012, 2020 & 2027

FRANCE
Table 76: France Current & Future Analysis for Heat Exchangers
by Product Segment – Shell & Tube Heat Exchangers, Cooling
Towers, Air Coolers, Gasketed PHE, Welded PHE, Brazed PHE and
Other Product Segments – Independent Analysis of Annual Sales
in US$ Thousand for the Years 2020 through 2027 and % CAGR

Table 77: France Historic Review for Heat Exchangers by Product
Segment – Shell & Tube Heat Exchangers, Cooling Towers, Air
Coolers, Gasketed PHE, Welded PHE, Brazed PHE and Other Product
Segments Markets – Independent Analysis of Annual Sales in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 78: France 15-Year Perspective for Heat Exchangers by
Product Segment – Percentage Breakdown of Value Sales for Shell &
Tube Heat Exchangers, Cooling Towers, Air Coolers, Gasketed
PHE, Welded PHE, Brazed PHE and Other Product Segments for the
Years 2012, 2020 & 2027

Table 79: France Current & Future Analysis for Heat Exchangers
by End-Use – Chemicals, HVAC & Refrigeration, Oil & Gas, Power
Generation, Food & Beverage and Other End-Uses – Independent
Analysis of Annual Sales in US$ Thousand for the Years 2020
through 2027 and % CAGR

Table 80: France Historic Review for Heat Exchangers by End-Use –
Chemicals, HVAC & Refrigeration, Oil & Gas, Power Generation,
Food & Beverage and Other End-Uses Markets – Independent
Analysis of Annual Sales in US$ Thousand for Years 2012 through
2019 and % CAGR

Table 81: France 15-Year Perspective for Heat Exchangers by

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Artificial Intelligence

IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry

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Up to $187M CAD to be invested to progress expansion of chip packaging capacity and capabilities and to strengthen R&D at IBM Canada’s Bromont plant
BROMONT, QC, April 26, 2024 /PRNewswire/ — IBM (NYSE: IBM), the Government of Canada, and the Government of Quebec today announced agreements that will strengthen Canada’s semiconductor industry, and further develop the assembly, testing and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high performance computing, automotive, aerospace & defence, computer networks, and generative AI, at IBM Canada’s plant in Bromont, Quebec. The agreements reflect a combined investment valued at approximately $187M CAD.

“Today’s announcement is a massive win for Canada and our dynamic tech sector. It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we’re putting Canada at the forefront of that opportunity,” said the Right Honourable Justin Trudeau, Prime Minister of Canada
In addition to the advancement of packaging capabilities, IBM will be conducting R&D to develop methods for scalable manufacturing and other advanced assembly processes to support the packaging of different chip technologies, to further Canada’s role in the North American semiconductor supply chain and expand and anchor Canada’s capabilities in advanced packaging.
The agreements also allow for collaborations with small and medium-sized Canadian-based enterprises with the intent of fostering the development of a semiconductor ecosystem, now and into the future.
“IBM has long been a leader in semiconductor research and development, pioneering breakthroughs to meet tomorrow’s challenges. With the demand for compute surging in the age of AI, advanced packaging and chiplet technology is becoming critical for the acceleration of AI workloads,” said Darío Gil, IBM Senior Vice President and Director of Research. “As one of the largest chip assembly and testing facilities in North America, IBM’s Bromont facility will play a central role in this future. We are proud to be working with the governments of Canada and Quebec toward those goals and to build a stronger and more balanced semiconductor ecosystem in North America and beyond.”
IBM Canada’s Bromont plant is one of North America’s largest chip assembly and testing facilities, having operated in the region for 52 years. Today, the facility transforms advanced semiconductor components into state-of-the-art microelectronic solutions, playing a key role in IBM’s semiconductor R&D leadership alongside IBM’s facilities at the Albany NanoTech Complex and throughout New York’s Hudson Valley. These agreements will help to further establish a corridor of semiconductor innovation from New York to Bromont. 
“Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada’s Bromont plant has led the world in this process for decades,” said Deb Pimentel, president of IBM Canada. “Building upon IBM’s 107-year legacy of technology innovation and R&D in Canada, the Canadian semiconductor industry will now become even stronger, allowing for robust supply chains and giving Canadians steady access to even more innovative technologies and products. This announcement represents just one more example of IBM’s leadership and commitment to the country’s technology and business landscape.”
Chip packaging, the process of connecting integrated circuits on a chip or circuit board, has become more complex as electronic devices have shrunk and the components of chips themselves get smaller and smaller. IBM announced the world’s first 2 nanometer chip technology in 2021 and, as the semiconductor industry moves towards new methods of chip construction, advances in packaging will grow in importance. 
“Semiconductors are part of our everyday life. They are in our phones, our cars, and our appliances. Through this investment, we are supporting Canadian innovators, creating good jobs, and solidifying Canada’s semiconductor industry to build a stronger economy. Canada is set to play a larger role in the global semiconductor industry thanks to projects like the one we are announcing today. Because, when we invest in semiconductor and quantum technologies, we invest in economic security.”  — The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This investment by IBM in Bromont will ensure that Quebec continues to stand out in the field of microelectronics. An increase in production capacity will solidify Quebec’s position in the strategic microelectronics sector in North America.” — The Honourable Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in semiconductors, AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information. 
Media ContactLorraine BaldwinIBM [email protected] 
Willa HahnIBM [email protected]
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Artificial Intelligence

HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS

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HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.

MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group. 
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence.  We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation    
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website

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*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.  
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia.  For more information, please visit www.jrautomation.com.   
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
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Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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