Plate And Frame Heat Exchangers Market Size, Share & Trends Analysis Report By Product, By Application And Segment Forecasts, 2020 - 2027
- February 2020 •
- 138 pages •
- Report ID: 5868804 •
- Format: PDF
The global plate & frame heat exchangers market size is projected to reach USD 5.67 billion by 2027. It is expected to exhibit a CAGR of 6.9% during the forecast period. Increasing demand for heat recovery utilities in the chemical; Heating, Ventilation, and Air Conditioning (HVAC); and food and beverage sectors is anticipated to bolster the growth.
Stringent environmental regulations pertaining to greenhouse gas emissions coupled with rising concerns regarding oil price fluctuations are expected to upsurge the development in nuclear and renewable energy sectors. This, in turn, is anticipated to bolster the demand for plate and frame heat exchangers in the aforementioned sectors over the forecast period.
Widespread use of brazed plate heat exchangers in various applications such as heat pumps, district heating substations, and gas-fired boilers is expected to augment the market growth. The increasing product penetration in various applications can be attributed to the efficiency of the heat exchangers to transfer heat with less carbon footprint.
The rapidly growing power generation and petrochemical industries in the European economies such as Italy and Germany are expected to bolster the market growth. Furthermore, increasing use in oil and gas, automotive, pharmaceutical, and petrochemical industries owing to low leakage risk and high corrosion resistance is likely to propel the growth of the market for plate and frame heat exchangers in the forthcoming years.
Further key findings from the report suggest:
• The gasketed plate and frame heat exchanger accounted for 56.9% of the global revenue share in 2019, on account of widespread use of the product in power plants owing to lower maintenance and compact size
• HVAC and refrigeration application is projected to witness a CAGR of 7.5% in terms of revenue from 2020 to 2027, owing to the increasing demand for efficient and compact heat recovery systems
• North America is estimated to witness a CAGR of 7.2% in terms of revenue from 2020 to 2027 on account of surging exploration and production activities in the oil and gas industry thereby resulting in increased product penetration in the region
• China accounted for 42.0% revenue share of the Asia Pacific market in 2019, owing to the increasing product penetration on account of rising fuel processing, automotive, and oil and gas industries in the economy
• Major market players adopt strategies such as mergers and acquisitions and new product development to improve market penetration and to aid the companies in gaining competitive edge