Heating Up Industries: Plate Heat Exchanger Market Projected to Reach US$6,463.9 million by 2033, Fueled by Chemical & Pharmaceutical Sector Growth

In 2023, the market for plate heat exchangers is expected to reach a value of about US$ 4,113.9 million. The market for plate heat exchangers will grow at a 4.6% CAGR from 2023 to 2033. The total market size is anticipated to reach US$6,463.9 million by the end of 2033.

Growing demand from industries such as chemical processing, food & beverage industries, etc. is driving the global plate heat exchanger industry. Growing usage of HVAC & refrigeration will elevate plate heat exchanger demand.

In recent years, the popularity of plate heat exchangers has risen significantly and the trend is likely to continue. This is due to their effectiveness, affordability, and ease of handling and maintenance.

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Plate heat exchangers use a series of thin plates to ensure the transfer of heat. They are used in a wide variety of applications. This includes heat recovery, refrigeration, and oil & gas production.

A growing number of commercial projects and companies demand effective plate heat exchangers to maintain continuous service in various applications. This will boost the global plate heat exchanger market.

Plate heat exchangers are widely used in chemical processes and pharmaceutical sectors. In pharmaceutical production, various processes require heat transfer. For this purpose, plate heat exchangers are being utilized. Hence, growth of these industries will eventually boost

Key Takeaways from Plate Heat Exchanger Market Study

Global sales of plate heat exchangers are set to increase at 4.6% CAGR through 2033.
By product type, welded plate heat exchanger segment will expand at a value CAGR of 5.0% through 2033.
By application, process heating segment is estimated to have a dominant share of around 49.4% in 2023.
Based on end user, chemical processing segment will create an incremental opportunity of nearly US$ 400.7 million through 2033.
The USA plate heat exchanger market is likely to exhibit a CAGR of 4.2% from 2023 to 2033.
Plate heat exchanger demand in China will surge at 4.5% CAGR over the next ten years.

Who is Winning?

The plate heat exchanger industry is moderately consolidated with few global players acquiring around 40% to 45% of the market shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.

For instance,

In August 2021, API Heat Transfer announced the launch of a new brazed plate heat exchanger, the AXP Series, which is designed for high-efficiency applications in the HVAC and industrial markets.

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Key Companies Profiled:
Alfa Laval AB
The Danfoss Group
Xylem Inc.
SPX Flow
GEA Group AG
Swep International AB
Hisaka Works Ltd.
API Heat Transfer
Chart Industries Inc.
Güntner GmbH & Co. KG
Tranter Inc

Find More Valuable Insights

The research report analyzes the demand for plate heat exchangers. The global plate & heat exchanger market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.

As per Future Market Insights (FMI), the market has been analyzed based on product type, application, end user, and region. The report provides qualitative and quantitative information on various players in this market. It also tracks the market by both supply-side and demand factors.

Global Plate Heat Exchanger Market Segmentation

By Product Type:

Gasketed Plate
Brazed Plate
Welded Plate
Fully Welded Plate
Semi Welded Plate

By Application:

Process Heating
Batch Heating
Heat Recovery Interchangers

By End User:

Food & Beverages
Chemical Processing
Oil & Gas
Pharmaceuticals
Energy & Power
HVAC & Refrigeration
Marine
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa

Explore This Report From Different Publications:
1) https://www.globenewswire.com/en/news-release/2023/04/24/2653096/0/en/Plate-Heat-Exchanger-Market-to-Hit-US-6-4-Billion-by-2033-Due-to-Rise-in-Its-Application-in-Chemical-Pharmaceutical-Sectors-Future-Market-Insights-Inc.html

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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.