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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 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.
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.
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.
ALFA LAVAL, Accessen Group Co., Ltd., API Heat Transfer, BARRIQUAND Group, Beltecno, Danfoss, Dry Coolers, FUNKE W