Plate Heat Exchanger Market Share, Size and Forecast Report, 2022 to 2030

Plate Heat Exchanger Market Overview:

The global plate heat exchanger market is expected to grow at a CAGR of 7.5% during the forecast period of 2022 to 2030.

According to estimates, the U.S.'s growing industrialization, high electricity demand, and investments in renewable energy generation will increase regional demand for the products. Oil and gas businesses in the United States are expected to increase their spending in exploration and production activities, which would likely accelerate sector growth. Due to improvements in the thermal storage system, the commercialization of molten salt fluid technologies and the industry's adaptability to mild weather conditions, concentrated solar power has seen tremendous expansion over the past several years. In facilities that process food, plate heat exchangers are utilized for esterification, sterilization, and fast heating of food items such sauces, eggs, dairy products, and oils. Over the forecast period, addressing sustainability about hygiene and corrosion resistance in food processing facilities are anticipated to drive demand for plate & frame heat exchangers in the food & beverage industry.

Plate Heat Exchanger Market Dynamics:

Market dynamics comprises of market drivers, challenges, and opportunity

Market Driver

The need for plate heat exchangers is anticipated to increase due to the rapid expansion of industrialization, a noticeable increase in HVACR deployment, and other industrial activities.

Due to the widespread use of these heat exchangers in a variety of applications, such as solvent condensation, multiple material combinations, benzene heat recovery, cooling of water circuits, and others, the chemical industry in Asia, particularly in China, is anticipated to grow quickly.

Besides gasketed, brazed, and fully welded plate heat exchangers, major manufacturers also provide a variety of one-of-a-kind types that have been specially tailored for certain processes. As a result, they are true experts in this area and provide both pre-made and custom solutions for various purposes. These elements are predicted to boost product demand and expand the plate heat exchanger market globally.

Increased utilization in the oil and gas, automotive, pharmaceutical, and petrochemical industries, as well as low leakage risk, strong corrosion resistance, are likely to propel the industry.

Market Challenges

The cost associated with the manufacturing of the instruments for plate heat exchanger is quite expensive. This high cost of manufacture is a significant barrier to market expansion.

Market Opportunities

In contrast, it is projected that significant expenditures in the food and beverage, petrochemical, chemical, and HVACR industries as well as strict environmental rules will open up profitable market prospects. Durable plate heat exchangers suitable for innumerable applications in a wide range of sectors are available from manufacturers on the market.

Plate Heat Exchanger Market Regional Outlook:

In terms of geography, plate heat exchanger market is extending to North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

In terms of revenue, the U.S. dominated the international market in 2021. This is linked to an increase in construction spending in the United States as well as increased investments in the energy and oil & gas industries, which are fueling the demand for the products.

According to projections, Asia Pacific would experience the strongest growth between 2022 and 2030. It is anticipated that rise in investments in the region's manufacturing sector will increase demand for HVAC & refrigeration systems. Furthermore, intensifying investments in the chemical industry are anticipated to have a favorable effect on the Asia Pacific market. Middle East & Africa (MEA) is mostly known for its expanding petrochemical and HVAC sectors. It is anticipated that concentrating solar power (CSP) projects in nations like South Africa, Egypt, and Morocco will increase the demand for goods in Africa.

Plate Heat Exchanger Market Key Players and Market Share Analysis:

To increase market penetration and meet the shifting technological needs of diverse end-use sectors, makers of plate heat exchangers employ a variety of methods, such as acquisitions, mergers, joint ventures, new product developments, and geographic expansions. Manufacturers have been compelled to improve online markets for services and spare part availability as a result of the COVID-19 epidemic. For instance, in 2021 ALFA LAVAL constructed a brand-new factory in San Bonifacio, Italy, to manufacture brazed heat exchangers. More capacity will be available at the new site to meet the growing client demand. The following companies are some of the major players in the plate heat exchanger market:

Tranter Inc., Industrial Heat Transfer Inc., Heat Exchanger USA, Kelvion Holdings GmbH, Mason Manufacturing LLC, UK Exchangers Ltd., Guntner GmbH & Co. KG, Thermotec GmbH, HOLTOP, ALFA LAVAL AB, API Heat Transfer, SPX Corporation, WCR Inc., JC Equipments Pvt Ltd., Kelvion Holding GmbH, HRS Process Systems Ltd., REX Heat Exchanger, and among others.

Plate Heat Exchanger Market Segmentation Outlook:

Plate heat exchanger market is segmented on the basis of product type, application, end user, and by region.

By Product Type:

Brazed Plate

Fully Welded Plate

Gasketed Plate

Semi Welded Plate

Welded Plate

By Application:

Batch Heating

Heat Recovery Interchangers

Process Heating

By End User:

Energy & Power

Food & Beverages

HVAC

Hydrocarbon Processing

Industrial

Marine

Petroleum/Chemical Processing

Pharmaceutical

Polymers

By Region:

North America        

Asia Pacific

Europe

Latin America

Middle East

Africa