Plate Heat Exchanger Market Set to Reach New Heights by 2033

In 2023, the market for plate heat exchangers is expected to reach a value of over 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.

The global plate heat exchanger market is being driven by an increase in demand from sectors like chemical processing, the food and beverage industry, etc. Demand for plate heat exchangers will increase as HVAC and refrigeration use expands.

Plate heat exchangers have become much more popular in recent years, and this trend is probably going to continue. This is a result of their efficiency, affordability, and simplicity of use and upkeep.

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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.

Few of the key players in this industry include 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, and among others.

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.

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: