Plate Heat Exchanger Market
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Plate Heat Exchanger Market size was valued at over USD 4.4 billion in 2023 and the industry is set to experience a CAGR of 8.3% through 2032. Increasing investments in heavy-duty industrial operations, growing energy usage in building heating & cooling systems along with regulatory measures toward limiting the emissions is set to influence the industry landscape.
For instance, in March 2024, the UNFCCC and the IEA unveiled a fresh collaboration phase aimed at advancing the energy pledges established during the COP28 climate conference aiming to work towards curbing global warming to 1.5 °C. Moreover, initiatives toward energy efficiency and growing need for compact & space-saving heat exchanger solutions are contributing to the industry growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Plate Heat Exchanger Market size in 2023: | USD 4.4 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 8.3 |
| 2023 Value Projection: | USD 9.1 Billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 235 |
| Tables, Charts & Figures: | 298 |
| Segments Covered: | Application, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The plate heat exchanger industry is undergoing significant transformations driven by increasing emphasis on energy efficiency across industries, rising need for compact & space-saving heat exchanger solutions and technological advancements in materials. Favorable policies by the regulators for industries, focus on limiting energy consumption and meeting environmental regulations are driving the industry growth.
For instance, in April 2023, the United Nations called for the formulation of new sustainable industrial policies to address global development disparities, meet climate goals, and achieve Sustainable Development Goals (SDGs). Moreover, rising need for heating and cooling solutions in both residential and commercial structures, combined with an emphasis on harnessing waste heat from industrial operations, is set to propel the industry expansion.
The chemical application and is set to witness significant growth and surpass USD 2.5 billion by 2032 owing to the growing demand for diverse chemical products, combined with a increasing focus on energy efficiency and sustainability. Stringent safety regulations and compliance requirements in chemical processing operations, coupled with integration of digital technologies such as sensors and data analytics into heat exchanger systems, enable real- enhanced control, real time monitoring, and predictive maintenance in customized chemical premises, will further influence the business landscape.
The Asia Pacific plate heat exchanger market is set to grow at USD 3 billion by 2032. Significant growth across sectors including petrochemicals, chemicals, energy, and manufacturing, particularly in emerging economies, continuous expansion of manufacturing facilities, along with increased investments in energy-intensive industries, will positively influence the industry landscape.
For example, according to the Japanese Ministry of Economy, Trade and Industry (METI), as of December 2023, Japan's overall crude oil imports reached approximately 12.4 billion liters in November 2023, an increase of 8.7% from previous month, where imports were around 11.4 billion liters. Moreover, rapid industrialization and urbanization are accelerating construction activities, creating a demand for energy-efficient heating & cooling systems across buildings will complement the industry outlook.
Major plate heat exchanger manufacturers are incorporating IoT sensors and data analytics for smart solutions along with pursuing mergers & acquisitions and strategic collaborations to diversify and gain a competitive edge. Innovation, R&D investments, and growth ventures drives efficiency and performance improvements, ensuring market leadership. ALFA LAVAL, SWEP International AB, Xylem, Kelvion Holding GmbH, Danfoss and SPX FLOW holds majority of the market share across plate heat exchanger industry.
The key market players operating across the industry include:
Market, By Application, 2019 – 2032 (USD Million)
The above information has been provided for the following regions and countries:
ALFA LAVAL, Accessen Group Co., Ltd., API Heat Transfer, BARRIQUAND Group, Beltecno, Danfoss, Dry Coolers, FUNKE W
Plate heat exchanger industry size recorded USD 4.4 billion in 2023 and is expected to register 8.3% CAGR from 2024 to 2032, owing to the rising investments in heavy-duty industrial operations, growing energy usage in building heating & cooling systems along with regulatory measures toward limiting the emissions.
Asia Pacific plate heat exchanger industry size is projected to be worth USD 3 billion by 2032 and is expected to expand at significant CAGR from 2024 to 2032, on account of the expansion of the petrochemicals, chemicals, energy, and manufacturing sectors and increasing investments in energy-intensive industries.
The chemical application segment size will account for USD 2.5 billion by 2032 and is projected to depict substantial growth between 2024 and 2032, owing to the high demand for diverse chemical products, combined with the increasing focus on energy efficiency and sustainability.