Plate Heat Exchanger Market to Hit US$ 6.4 Billion by 2033 Due to Rise in Its Application in Chemical & Pharmaceutical Sectors | Future Market Insights, Inc.
Global sales of plate heat exchangers are set to be valued at over US$ 4,113.9 million in 2023. From 2023 to 2033, the worldwide plate heat exchanger market will expand at 4.6% CAGR. Total market size at the end of 2033 is likely to reach US$ 6,463.9 million.
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, 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.
"Rapid expansion of industries such
as food & beverages, oil & gas, energy, etc.
will continue to propel plate
& heat exchanger demand. Niche sectors like chemical
processing and pharmaceuticals, especially, are expected to provide extensive
growth opportunities to manufacturers over the forecast period" says
a Future Market Insights (FMI) analyst.
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.
Few of the key players in this industry include 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, and among others.
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.
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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