North America Plate Heat Exchanger Market Size - By Application, Share, Growth Forecast, 2024 - 2032

North America Plate Heat Exchanger Market Size

North America Plate Heat Exchanger Market was valued at USD 808.3 million in 2023 and is estimated to grow at CAGR of 8.1% from 2024 to 2032. Increasing substantial investments in large-scale industrial operations coupled with rising energy demand for climate control in buildings further contribute to industry growth. Authorities are implementing stringent emission control regulations, that led to the deployment of energy efficient systems further shaping the business landscape.
 

For instance, in July 2024, the Canadian government amended the energy efficiency regulation, which aims to align testing standards for various products with U.S. standards. It includes transitional provisions for voluntary early compliance and introduces stricter energy efficiency standards for some products to support achieving net-zero emissions by 2050.
 

North America Plate Heat Exchanger Market Trends

North America plate heat exchanger industry  is set to grow owing to growing focus on energy efficiency across industries, increased demand for compact heat exchanger solutions, and advancements in material technology. Favorable regulatory policies, efforts to reduce energy consumption, need to comply with environmental norms and introduction of enhance technologies will complement the industry landscape. Furthermore, rising demand for heating and cooling systems in residential and commercial buildings, as well as an increased emphasis on utilizing waste heat from industrial processes will complement the industry growth.
 

North America Plate Heat Exchanger Market Analysis

Chemical segment is set to cross over USD 470 million through 2032, on account of increasing demand for diverse chemical products and a growing focus on sustainability and energy efficiency. Additionally, the adoption of advanced heat exchanger solutions is being driven by the integration of digital technologies, like sensors and data analytics, into heat exchanger systems primarily across chemical facilities. In addition, the deployment facilitates enhanced control, real-time monitoring, and predictive maintenance unveiling new opportunities for product installation.
 

Oil & gas application is anticipated to witness significant growth owing to rising demand for energy efficient solutions and components along with increasing exploration of hydrocarbons across the region. Rising need for energy efficiency and lower operational costs, coupled with stricter environmental regulations, have led to growing emphasis on advanced heat recovery systems. Additionally, an upsurge in shale oil and gas exploration and accelerating investments in refining and processing infrastructure together with digitalization and IoT integration, aiming to optimize PHE performance and maintenance, which in turn will boost the North America heat exchanger industry outlook.
 

U.S. plate heat exchanger market is likely to exceed USD 1.2 billion by 2032. Emerging sectors are witnessing significant growth including petrochemicals, chemicals, energy, and manufacturing. Continuous expansion of manufacturing facilities and flourishing investments in energy-intensive industries together with growing inclination toward reducing emissions will complement the industry landscape. For instance, in February 2024, annual investments in new manufacturing facilities reached around USD 225 billion. This surge in private investment directly surges from bipartisan commitments to infrastructure and semiconductor production, coupled with decisive actions to boost American-made clean energy and manufacturing.
 

North America Plate Heat Exchanger Market Share

Leading manufacturers of plate heat exchangers are adopting IoT sensors and data analytics to provide advanced solutions. They are also engaging in mergers, acquisitions, and strategic partnerships to diversify their portfolios and enhance their competitive advantage. By focusing on innovation, R&D investments, and growth initiatives, these companies are improving efficiency and performance, thereby reinforcing their market leadership. ALFA LAVAL, SWEP, Xylem, Kelvion, Danfoss, and SPX FLOW collectively hold majority of the market share of the North America plate heat exchanger industry.
 

North America Plate Heat Exchanger Market Companies

Major players operating across the industry include:

• ALFA LAVAL
• American Plate Exchanger
• API Heat Transfer
• Barriquand Group
• Danfoss
• Dry Coolers
• Funke
• HRS Heat Exchangers
• Kelvion Holding
• Paul Mueller Company
• SPX FLOW
• SWEP International
• Thermofin
• Tranter
• WCR
• Wessels Company
• Xylem
   

North America Plate Heat Exchanger Industry News

• In July 2024, SWEP unveiled a new line of brazed plate heat exchangers, specifically engineered for use with low-global warming potential and natural refrigerants. This development comes in response to increasingly strict regulations on synthetic fluorinated gases, which have prompted SWEP's global clientele to reconsider their heating, ventilation, air conditioning, and refrigeration (HVACR) system designs. To address these evolving needs, SWEP has created three innovative models—D190, FI190, and PI190—characterized by their modern design, compact size, and versatility, suitable for systems utilizing low-GWP and natural refrigerants.
   
• In March 2024, APV, part of SPX FLOW's process solutions, has introduced the Plate Heat Exchanger Automated FastFrame, enhancing usability and durability for food and beverage operators. This innovation integrates into dairy, egg, juice, and processed food applications, significantly reducing the time to open and close the plate heat exchanger from hours to minutes. Key features include button-activated operation, consistent plate pack tightening, user-friendly controls, and reduced maintenance downtime.
   

This North America plate heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032 for the following segments:

Click here to Buy Section of this Report

Market, By Application

• Oil & gas
• Chemical
• Power generation & metallurgy
• Marine
• Mechanical industry
• Central heating & refrigeration
• Food processing
• Others

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico