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  • Plate Heat Exchangers Market Analysis | 2024-2030

    Plate Heat Exchangers Market Analysis | 2024-2030

    Plate Heat Exchangers Market Analysis | 2024-2030
    Report code - SR2048 Published On : Jan,2024 No. of Pages: 130
    Plate Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growt See more...

    Market Highlights

    The Plate Heat Exchangers Market is estimated to register at a healthy CAGR of 5.6% during the forecast period to reach a value of US$ 5.7 Billion in 2030.

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    Plate heat exchangers consist of a series of parallel plates that are placed one above the other to allow the formation of a series of channels for fluids to flow between them. Generally, these plates are corrugated to increase the turbulence, the hot fluid flows in one direction in alternating chambers while the cold fluid flows in true counter-current flow in the other alternating chamber. Depending upon the design and number of plates they are classified as gasket plate, all-welded plate, and brazed plate heat exchangers.

    The demand for plate heat exchangers is highly subjected to the organic growth of various end-use industries, such as petrochemical & chemical, power generation, oil & gas, HVAC & refrigeration. The impact of the COVID-19 pandemic on the demand for plate heat exchangers varies from industry to industry. For instance, oil & gas emerged to be the biggest victims with demand falling by -16.6% in 2020. The pharmaceutical industry, on the other hand, witnessed a healthy growth of 3.2% in 2020. Worldwide lockdowns and production halts of petrochemical & chemical, oil & gas, and nuclear power production plants impacted the demand for plate heat exchangers.

    In 2021, the market experienced a rebound at an excellent rate, driven by the combined effects of recovery in major industries, such as oil & gas, petrochemical & chemical, and power generation due to the diversification and restoration of the supply chain of the major manufacturers.

    Some Recent Market JVs and Acquisitions:

    • In 2021, Exchanger Industries Limited (“EIL”), one of the leading Canadian designers and manufacturers of heat transfer products acquired the HRS heat exchanger Ltd. The HRS heat exchanger Ltd. offers plate heat exchangers, corrugated tube heat exchangers, and scraped surface heat exchangers.

    • In 2021, Enrequip acquired American Heating Company and expanded its heat exchangers product line. Enrequip’s updated product portfolio includes a variety of sanitary and industrial heating and cooling solutions, from shell and tube heat exchangers to industrial thermal fluid heaters and tank heating coils.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Type Analysis

    Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers

    Gasket plate heat exchanger is expected to remain the dominant, whereas all-welded plate heat exchangers are likely to experience the fastest growth during the forecast period.

    End-Use Industry-Type Analysis

    Oil & Gas, Petrochemical & Chemical, Food & Beverage, 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.

    Regional Analysis

    North America, Europe, Asia Pacific, and The Rest of the World

    Asia-Pacific is expected to remain the largest as well as the fastest-growing region during the forecast period.

     

    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 all-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. They can withstand high temperatures across a single compact unit, provide a greater heat recovery, and require low investment and installation costs.

    By End-Use Industry Type

    The market is segmented as oil & gas, petrochemical & chemical, food & beverage, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. Petrochemical & chemical is projected to remain the largest and the 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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    Regional Analysis

    In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing region in the plate heat exchangers market during the forecast period. China is likely to remain the demand propeller in 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 market is fairly populated, with the presence of some local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the plate heat exchangers market:

    • Alfa Laval AB
    • Johnson Controls International PLC
    • Linde plc
    • Kelvion Holdings GmbH
    • Danfoss (Sondex A/S)
    • Chart Industries, Inc.

    Research Methodology

    This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s plate heat exchangers market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating 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 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?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    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

    Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The plate heat exchangers market is estimated to grow at a CAGR of 5.6% over the next six years to reach a value of US$ 5.7 billion in 2030. Plate heat exchangers can be used in various industries owing to their advantages, such as a larger coefficient of heat transfer, the most efficient due to the turbulent flow on both sides, and easy maintenance, repair, and service.

    Asia-Pacific is estimated to grow at the fastest rate in the coming six years, majorly driven by strong growth in petrochemical & chemical, and power generation industries in the region.

    The gasket plate heat exchanger is likely to maintain its dominance in the market in the next six years. The growth is attributable to the different advantages offered by gasket plate high heat transfer including precise heat transfer; low overall cost; less fouling, stress, wear, and corrosion; minimum energy consumption, and easy-to-expand capacity.

    Alfa Laval AB, Johnson Controls International PLC, Linde plc, Kelvion Holdings GmbH, Danfoss (Sondex A/S), and Chart Industries, Inc. are some of the key players in the market.