Global sales of plate heat exchangers are set to be valued at over USD 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 USD 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.
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 USD 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.
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 Players in the Industry:
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.
Market Segmentation Analysis:
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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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