Plate Heat Exchangers Market is segmented by Type (Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers), by End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Plate Heat Exchangers Market is segmented by Type...
The Plate Heat Exchangers Market is estimated to grow at a healthy CAGR of 5.7% during the forecast period to reach a value of US$ 4.7 Billion in 2027.
Plate heat exchangers consist of a series of parallel plates that are placed one above the other to form a series of channels through which fluids can flow. In general, these plates are corrugated to increase turbulence; hot fluid flows in one direction in alternating chambers, while cold fluid flows in true counter-current flow in the other. Heat exchangers are classified as gasket plates, all-welded plates, or brazed plates based on the design and number of plates.
Market Dynamics
The demand for plate heat exchangers is highly influenced by the organic growth of various end-use industries such as petrochemical & chemical, power generation, oil & gas, and HVAC & refrigeration. The impact of the COVID-19 pandemic on demand for plate heat exchangers varied according to industry. Oil & gas, for instance, emerged as the most vulnerable industry, with demand falling by more than -15.1% in 2020. The pharmaceutical industry, on the other hand, witnessed a healthy growth of 4.8% in 2020. Lockdowns and production halt at petrochemical & chemical, oil & gas, and nuclear power plants around the world impacted the demand for plate heat exchangers.
In 2021, the market experienced an excellent rebound, driven by the combined effects of recovery in the economic activity and resumption of manufacturing in different industries such as oil & gas, petrochemical & chemical, and power generation.
Plate Heat Exchangers Market Features
Market Size in 2027
US$ 4.7 Billion
Market Growth (2022-2027)
5.7% CAGR
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2027
Segments Covered
By Type (Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers),
By End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others),
Region (North America, Europe, Asia-Pacific, and Rest of the World).
Asia-Pacific is expected to remain the largest and fastest-growing market during the forecast period.
Segments Analysis
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories-
By Type
Gasket Plate Heat Exchangers
All-Welded Plate Heat Exchangers
Brazed Plate Heat Exchangers
By End-Use Industry Type
Oil & Gas
Petrochemical & Chemical
Food & Beverages
Power Generation
HVAC & Refrigeration
Water & Wastewater
Pharmaceuticals
Marine & Shipbuilding
Others
By Region
North America
Europe
Asia-Pacific
Rest of the World
By End-Use Industry Type
The market is segmented as oil & gas, petrochemical & chemical, food & beverages, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. Petrochemical & chemical is projected to remain the largest and fastest-growing segment of the market during the forecast period. Plate heat exchangers are in high demand in the petrochemical & chemical industry due to their high heat transfer coefficient, adaptability, compact structure, access to harsh liquids, and greater efficiency in heat recovery.
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By Type
The market is segmented into gasket plate heat exchangers, all-welded plate heat exchangers, and brazed plate heat exchangers. The gasket plate heat exchanger is projected to maintain its dominance during the forecast period. The growth of the segment can be attributed to the benefits offered by gasket plate heat exchangers, which include precise heat transfer, overall low cost, less fouling, low energy consumption, and easy capacity expansion. They also provide less stress, wear, and corrosion.
The welded plate heat exchanger is estimated to experience the fastest growth during the forecast period. They are highly durable and ideal for transferring corrosive fluids, can withstand high temperatures across a single compact unit, provide greater heat recovery, and require low investment and installation costs.
Regional Analysis
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing plate heat exchangers market during the forecast period. China is likely to remain the demand generator for the regional market. Growing renewable energy sources, increasing expansion of nuclear power plants, expected increase in oil & gas production, and the presence of leading manufacturers of various petroleum products, and their exploration in China are likely to drive the country’s market.
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Key Players
The supply chain of this market comprises several nodes including raw material suppliers, component manufacturers, plate heat exchanger manufacturers, distributors, and OEMs/end-users. The following are some of the key players in the plate heat exchangers market:
Alfa Laval AB
Johnson Controls International PLC
Kelvion Holdings GmbH
Danfoss (Sondex A/S)
SPX Flow, Inc.
Thermax Ltd.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’splate heat exchangers market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Plate Heat Exchangers Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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The plate heat exchangers market is estimated to grow at a healthy CAGR of 5.7% over the next five years to reach a value of US$ 4.7 billion in 2027. Plate heat exchangers can be used in various industries owing to their advantages, such as high heat transfer coefficient, good efficiency due to turbulent flow on both sides, and ease of maintenance, repair, and service.
Alfa Laval AB, Johnson Controls International PLC, Kelvion Holdings GmbH, SPX Flow, Inc., Danfoss Sondex A/S, Thermax Ltd., and Swep International AB are some of the key players in the market.
Asia-Pacific is estimated to be the dominant region in the plate heat exchangers market in the coming years. Increasing demand for renewable energy resources is expected to rise in oil & gas production, and growing investments in the region's petrochemical & chemical, HVAC, and F&B industries are expected to drive the regional market growth over the next five years.
Gasket plate heat exchanger is likely to maintain its dominance in the market in the next five years. The growth can be attributed to the benefits offered by gasket plate heat exchangers, which include precise heat transfer, overall low cost, less fouling, low energy consumption, and easy capacity expansion. They also provide less stress, wear, and corrosion.
