Heat Exchanger Market Paving the Way to US$ 6,463.9 Million by 2033, Fueled by Chemical & Pharmaceutical Sector Growth
The market for plate heat exchangers is anticipated to be worth US$ 4,113.9 million in 2023. From 2023 to 2033, the market for plate heat exchangers will increase at a 4.6% CAGR. By the end of 2033, the entire market size is expected to be US$ 6,463.9 million US$.
Growing demand from industries such as chemical processing,
food & beverage industries, etc. is driving the global plate heat exchanger
industry. Growing usage of HVAC & refrigeration will elevate plate heat
exchanger demand.
In recent years, the popularity of plate heat exchangers has
risen significantly and the trend is likely to continue. This is due to their
effectiveness, affordability, and ease of handling and maintenance.
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Plate heat exchangers use a series of thin plates to ensure
the transfer of heat. They are used in a wide variety of applications. This
includes heat recovery, refrigeration, and oil & gas production.
A growing number of commercial projects and companies demand
effective plate heat exchangers to maintain continuous service in various
applications. This will boost the global plate heat exchanger market.
Plate heat exchangers are widely used in chemical processes
and pharmaceutical sectors. In pharmaceutical production, various processes
require heat transfer. For this purpose, plate heat exchangers are being
utilized. Hence, growth of these industries will eventually boost
Key Takeaways from Plate Heat Exchanger
Market Study
Global sales of plate heat exchangers are set to increase
at 4.6% CAGR through 2033.
By product type, welded plate heat exchanger segment will expand at a value
CAGR of 5.0% through 2033.
By application, process heating segment is estimated to have
a dominant share of around 49.4% in 2023.
Based on end user, chemical processing segment will create an incremental
opportunity of nearly US$ 400.7 million through 2033.
The USA plate heat exchanger market is likely to exhibit a CAGR
of 4.2% from 2023 to 2033.
Plate heat exchanger demand in China will surge at 4.5% CAGR over the next
ten years.
Who is Winning?
The plate heat exchanger industry is moderately consolidated
with few global players acquiring around 40% to 45% of the
market shares. These players are likely to invest in new technology developments
and expansion of their distribution networks to maintain their market presence.
For instance,
In August 2021, API Heat Transfer announced the launch of a
new brazed plate heat exchanger, the AXP Series, which is designed for
high-efficiency applications in the HVAC and industrial markets.
Key Companies Profiled:
Alfa Laval AB
The Danfoss Group
Xylem Inc.
SPX Flow
GEA Group AG
Swep International AB
Hisaka Works Ltd.
API Heat Transfer
Chart Industries Inc.
Güntner GmbH & Co. KG
Tranter Inc
Find More Valuable Insights
The research report analyzes the demand for plate heat
exchangers. The global plate & heat exchanger market has been analyzed with
the COVID-19 impact, various macroeconomic factors, market trends, and market
background.
As per Future Market Insights (FMI), the market has been
analyzed based on product type, application, end-user, and region. The report
provides qualitative and quantitative information on various players in this
market. It also tracks the market by both supply-side and demand factors.
Global Plate Heat Exchanger Market Segmentation
By Product Type:
Gasketed Plate
Brazed Plate
Welded Plate
Fully Welded Plate
Semi Welded Plate
By Application:
Process Heating
Batch Heating
Heat Recovery Interchangers
By End User:
Food & Beverages
Chemical Processing
Oil & Gas
Pharmaceuticals
Energy & Power
HVAC & Refrigeration
Marine
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa
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