According to a recent report, the global plate & frame heat exchangers market size is projected to reach USD 5.67 billion by 2027 and is expected to register a CAGR of 6.9% during the forecast period. Increasing demand for heat recovery utilities in the food and beverage, chemical; Heating, Ventilation, and Air Conditioning (HVAC) sectors is anticipated to bolster the growth. Stringent environmental regulations related to greenhouse gas emissions and the rising concerns regarding oil price fluctuations are anticipated to upsurge the development in nuclear and renewable energy sectors. This is likely to bolster the demand for plate and frame heat exchangers in the aforementioned sectors over the forecast period.
The COVID-19 pandemic has affected every industry vertical due to disruption in the supply chain and financial difficulties. However, steady growth is anticipated to continue over the forecast period, as the world emerges from the Covid-19 shutdown. Widespread use of brazed plate heat exchangers in numerous applications such as district heating substations, heat pumps, and gas-fired boilers is expected to augment the plate & frame heat exchangers market growth. The increasing product penetration can be attributed to the efficiency of the heat exchangers to transfer heat with decreased carbon footprint.
Plate & Frame Heat Exchangers Market Report Highlights
• The gasketed plate and frame heat exchanger was the leading product segment in 2019 and accounted for an overall share of 56.9%, on account of widespread use of the product in power plants owing to lower maintenance and its compact size.
• Gasketed heat exchanger has demonstrated enormous demand particularly in petrochemical, automotive, and power generation sectors and is anticipated to witness a steady growth in the forthcoming years.
• In terms of application, oil and gas sector is projected to witness high demand for plate and frame heat exchangers due to their compactness and enhanced heat transfer capability.
• Asia Pacific is set to witness a CAGR of 7.9% by 2027, on account of the growing concerns regarding energy prices and the adoption cost-effective measures in industrial activities.
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Plate & Frame Heat Exchangers Market Segmentation
Grand View Research has segmented the global plate & frame heat exchangers market on the basis of 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
• Power Generation
• Pulp and Paper
Plate and Frame Heat Exchangers Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.K.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• South Africa
List of Key Players of Plate & Frame Heat Exchangers Market
• AIC S.A.
• Alfa Laval
• Apparatebau GmbH
• Fischer Maschinen API Heat Transfer, Inc.
• Guntner GmbH & Co. KG
• Hisaka Works Limited
• Kelvion Holding GmbH.
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