Global sales of plate heat exchangers are set to be valued at over US$ 4,113.9 million in 2023. From 2023 to 2032, 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 6% CAGR through 2033.
- By product type, welded plate heat exchanger segment will expand at a value CAGR of 0% through 2033.
- By application, process heating segment is estimated to have a dominant share of around 4% in 2023.
- Based on end user, chemical processing segment will create an incremental opportunity of nearly US$ 7 million through 2033.
- The USA plate heat exchanger market is likely to exhibit a CAGR of 2% from 2023 to 2033.
- Plate heat exchanger demand in China will surge at 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.
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, and Tranter Inc 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.
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