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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
What is the projected market size of the North America plate heat exchanger industry?
The market size of North America plate heat exchanger is projected to reach over USD 1.6 billion by 2032, with an estimated CAGR of 8.1% from 2024 to 2032. The growth is driven by increasing energy demand, stringent emission control regulations, and substantial investments in large-scale industrial operations.
How is the chemical segment expected to perform in the North America plate heat exchanger market by 2032?
The chemical segment is expected to exceed USD 470 million by 2032. Growth is fueled by increasing demand for diverse chemical products and the adoption of advanced heat exchanger solutions, incorporating digital technologies like sensors and data analytics, to enhance control, real-time monitoring, and predictive maintenance.
What is the expected market size of the U.S. plate heat exchanger market?
The U.S. plate heat exchanger market is projected to grow to reach over USD 1.2 billion by 2032. This growth is supported by the expansion of emerging sectors such as petrochemicals, chemicals, energy, and manufacturing, alongside a growing focus on reducing emissions and energy consumption.
Which key players are leading the North America plate heat exchanger market?
Major companies leading the North America plate heat exchanger market include ALFA LAVAL, API Heat Transfer, Danfoss, SWEP International, Xylem, Paul Mueller Company, SPX FLOW, Kelvion Holding, and Funke, among others.