SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- The global plate & frame heat exchangers market size is projected to reach USD 5.67 billion by 2027, according to a new report by Grand View Research, Inc. 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.
Key suggestions from the report:
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
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.
Grand View Research has segmented the global plate and frame heat exchangers market based on product, end use, and region:
Plate and Frame Heat Exchangers Product Outlook (Revenue, USD Million, 2016 - 2027)
Plate and Frame Heat Exchangers End-use Outlook (Revenue, USD Million, 2016 - 2027)
Food and Beverage
HVAC and Refrigeration
Oil and Gas
Pulp and Paper
Plate and Frame Heat Exchangers Regional Outlook (Revenue, USD Million, 2016 - 202
Brazed Plate Heat Exchangers Market – Rising urbanization and infrastructure developments have resulted in an increased demand for heat management systems. As a result, the demand for this market is likely to boost over the forecast period.
Shell & Tube Heat Exchangers Market – The market is anticipated to be driven by the ascending demand for shell and tube heat exchangers in chemical, power generation, and petrochemical industries, specifically in the emerging economies in Asia Pacific and CSA.
Welded Plate And Block Heat Exchanger Market– The market is anticipated to be driven by the growing demand for the product in HVAC & refrigeration, power generation, and petrochemical industries, especially in emerging economies in Asia Pacific and CSA regions.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.