The global Plate & Frame Heat Exchanger Market size is expected to reach USD 8.80 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.6% over the forecast period. Rising demand in manufacturing facilities as an effective heating solution, minimal maintenance, durability, and life cycle cost is expected to drive the industry growth. The majority of processes in petrochemical plants operate at high temperatures and pressures, necessitating heat transfer process optimization and enhancing energy savings. The global industry is driven by added benefits, such as compact design and easier maintenance, coupled with growing demand in the chemical and petrochemical industries.
Petrochemical plants operate at high temperatures and pressures, thus promoting an optimized heat transfer process and enhancing energy savings. Rising concerns about fouling heat exchangers have enabled companies to design sensors for early warning, and high temperatures, such advancements in technology will drive the product demand. The presence of favorable government regulations in emerging countries, such as China, India, Brazil, and Mexico, about setting up new manufacturing facilities is expected to augment the demand for heat exchangers in various industries. Also, efficient equipment for various energy-intensive production processes is one of the key growth factors in the Asia Pacific.
The market is anticipated to increase due to the widespread usage of brazed plate heat exchangers in various applications, including water heaters, thermal power substations, and gas-fired boilers. The capability of heat exchangers to efficiently transmit heat while leaving a smaller carbon footprint is responsible for the growing product penetration in various applications. With the high level of competition and presence of several companies, there is a requirement for the key players to engage in a partnership. In May 2022, Alfa Laval and SSAB came together to develop and commercialize the world’s first heat exchanger, manufactured using fossil-free steel. The objective is to complete the first unit made of hydrogen-reduced steel by 2023.
List of Key Players in the Plate & Frame Heat Exchanger Market
- Alfa Laval
- Danfoss
- Kelvion Holding GmbH
- Guntner GmbH & Co. KG
- Xylem, Inc.
- API Heat Transfer, Inc.
- Hisaka Works Limited
- HRS Heat Exchangers
- SPX Flow, Inc.
- SWEP International AB
Related Press Release@ Plate & Frame Heat Exchanger Market Report
Plate & Frame Heat Exchanger Market Report Highlights
- The gasketed product segment led the global industry in 2022 due to its extensive use in power plants owing to its compact size and low maintenance
- A growing number of applications, including cooling, heating, evaporation, and condensing, use brazed heat exchangers as they can tolerate high temperatures and pressures with less impact on the environment
- The product demand in the oil & gas industry is predicted to increase due to product’s improved performance in corrosive environments and minimal space requirements
- Europe led the global industry in 2022 and accounted for the maximum share of 31.8% of the overall revenue
- The TS45, Alfa Laval’s newest gasketed plate heat exchanger, has just been introduced and is expected to have an even more significant impact on various applications and industries
Plate & Frame Heat Exchanger Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 5.91 billion
Revenue forecast in 2030
USD 8.80 billion
Growth Rate
CAGR of 5.6% from 2023 to 2030
Base year for estimation
2022
Historical data
2018 - 2022
Forecast period
2023 - 2030
Related Reports@
Brazed Plate Heat Exchangers Market
Plate & Frame Heat Exchanger Market Segmentation
Grand View Research has segmented the global plate & frame heat exchanger market based on product, end-user, and region:
Plate & Frame Heat Exchanger Product Outlook (Revenue, USD Million; 2018 - 2030)
- Brazed
- Gasketed
- Welded
- Others
Plate & Frame Heat Exchanger End-User Outlook (Revenue, USD Million; 2018 - 2030)
- Chemical
- Food & Beverage
- HVAC & Refrigeration
- Oil & Gas
- Power Generation
- Pulp & Paper
- Others
Plate & Frame Heat Exchanger Regional Outlook (Revenue, USD Million; 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Russia
- UK
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- UAE
Plate and Frame Heat Exchangers market outlook to 2027 report includes the latest predictions of global Plate and Frame Heat Exchangers market along with geography, therapy area and applications.
The report specifically focuses on different types of Plate and Frame Heat Exchangers with a special attention of their emergence over the forecast period to 2027.
Browse Plate and Frame Heat Exchangers Market Research Report https://www.oganalysis.com/industry-reports/211758/plate-and-frame-heat-exchangers-market The research report provides objective measures to tap into the future opportunities that will be available over the next six years.
Impact of domestic market conditions, price variations, competition, government policies, healthcare spending, technological and local market conditions are assessed for country level forecasts.
While growth will remain steady in the developed markets, Asian and other emerging markets will be key for Plate and Frame Heat Exchangers market growth from 2021 to 2027.
Accordingly, detailed discussion about broader implications of key strategies, product launches and other latest Plate and Frame Heat Exchangers market developments are included in the research work.
17 February 2020 - The global Plate and Frame Heat Exchanger Market size was estimated at USD 3.35 billion in 2014 and is projected to reach USD 5.99 billion by 2022.
This can be attributed to growing use in applications such as commercial, industrial and engineering sectors in addition to rising product utilization, especially in residential & commercial HVAC, automotive segments.The industry is identified by growing emphasis on enhanced efficiency standards together with technological improvements and new developments.
The market is expected to be driven by new product development through the implementation of various technical innovationsIn 2014, frame heat exchanger and gasketed plate were the leading product segments capturing approximately 50.0% of the market revenue.
Widespread application in power plants owing to compact size and lower maintenance has resulted in this high market penetration.
The market is expected to have a positive impact on account of growing gasketed heat exchanger demand, especially in petrochemical and power generation and automotive sector.Increasing use in floor heating, economizers, refrigerant evaporators, oil coolers, condensers and super-coolers is expected to serve the brazed plate heat exchanger market significantly however, the market can face a few challenges with respect to competition from new market players thereby impacting the growth of plate heat exchanger industry from 2016 to 2024.
Key products in chemical industry include inorganic chemicals, petrochemicals and fertilizers.
The global plate and frame heat exchanger market size was estimated at USD 3.35 billion in 2014 and is projected to reach USD 5.99 billion by 2022.
This can be attributed to growing use in applications such as commercial, industrial and engineering sectors in addition to rising product utilization, especially in residential & commercial HVAC, automotive segments.The industry is identified by growing emphasis on enhanced efficiency standards together with technological improvements and new developments.
These factors are expected to reduce total ownership expenses and improve durability & efficiency levels of heat exchangers over the next eight years.
The market is expected to be driven by new product development through the implementation of various technical innovationsIn 2014, frame heat exchanger and gasketed plate were the leading product segments capturing approximately 50.0% of the market revenue.
On the other hand, welded plate heat exchanger is anticipated to experience high growth owing to its rising use in numerous industries such as petrochemical, automobile, paper manufacturing and pharmaceuticals on account of improved features in performance.In 2014, HVAC contributed to over 20.0% of the overall market and is anticipated to witness high growth in the next eight years.
Rising need for efficient thermal management in commercial and residential establishments coupled with increasing consumer spending is anticipated to propel HVAC demand from 2016 to 2024.
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For more information on this report, please visit: https://www.upmarketresearch.com/home/enquiry_before_buying/3209 The following manufacturers are covered in this report:AerofinVAU Thermotech GmbH & Co. KGAccessen GroupAKGAlfa LavalCOSMOTECPolytetra GmbHSentry Equipment CorpAViTEQ Vibrationstechnik GmbH Spiral Plate Heat Exchangers Production by RegionNorth AmericaEuropeChinaJapanRest APACLatin America Get Best Discount On This Report @ https://www.upmarketresearch.com/home/request_for_discount/3209 Global Spiral Plate Heat Exchangers Market: Product Segment AnalysisLiquid/LiquidLiquid/GasGas/Gas Spiral Plate Heat Exchangers Breakdown Data by ApplicationChemical IndustryMetallurgical IndustryMechanical IndustryElectric Power IndustryPapermaking Industry Get Free Exclusive PDF Sample Copy of This Report @ https://www.upmarketresearch.com/home/requested_sample/3209 The report categorizes the market into segments by companies, end-use, type and potential regions.
