Brazed Plate Heat Exchangers Market Size, Share & Trends Report

Brazed Plate Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Single Circuit, Multi Circuit), By Application (HVAC, Industrial), By Region, Competitive Landscape, And Segment Forecasts, 2019 - 2025

  • Published Date: Sep, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-563-2
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 125

Industry Insights

The global brazed plate heat exchangers market size was valued at USD 859.1 million in 2018 and is estimated to progress at a CAGR of 7.5% by 2025. Rising utilization of the product in economizers, floor heating, oil coolers, condensers, super-coolers, refrigerant evaporators, and various other industrial applications is expected to drive the market.

Brazed plate heat exchangers are small-sized exchangers used to transfer heat between two fluids without the risk of the fluids getting mixed. They are used for both heating and cooling purposes. Industries use cooling functions more than the heating functions to avoid overheating of volatile substances that can damage the equipment.Moreover, the market is flourishing owing to the advantageous properties of brazed plate heat exchangers including small footprint, low maintenance cost, and cost efficiency.

U.S. Brazed Plate Heat Exchangers Market

These exchangers comprise metal plates joined together to transfer heat from one fluid to another. The metal plates are vacuum brazed together using copper. Vacuum brazing is highly preferred owing to the strength of joints and no residual flux. These heat exchangers are highly used in HVAC industry and industrial applications and are expected to witness an increase in demand in the former.

The U.S. is one of the largest markets for brazed plate exchangers owing to increasing urbanization and highly developed technology industries. High infrastructure development including construction of buildings, hotels, and offices is expected to drive the market growth over the forecast period. In addition, the U.S. HVAC industry is expected to grow significantly owing to the rapid development of variable refrigerant flow (VRF) technology according to Bonneville Power Administration (BPA). This, in turn, is projected to boost the demand for brazed plate exchangers.

Industries that involve high production levels adopt multi-circuit exchangers on a large scale. The multi-circuit brazed plate heat exchangers segment is anticipated to dominate the U.S. market over the forecast period. This can be attributed to the ascending product demand from refrigeration and air conditioning applications. In terms of revenue, the segment was valued at USD 102.4 million in 2018 and is expected to progress significantly over the forecast period.

Product Insights

Based on product, the market is segmented into single circuit and multi circuit. In terms of revenue, the multi-circuit product segment dominated the market, accounting for 65.3% of the total market share in 2018 and it is estimated to hold the highest market share over the forecast period. Multi-circuit brazed plate heat exchangers offer advantages such as smaller footprint, low maintenance cost, and energy efficiency. Increasing consumption of multi-circuit exchangers in HVAC applications is expected to drive their demand over the forecast period.

In terms of revenue, single circuit product segment was estimated at USD 298.3 million in 2018 and is anticipated to witness moderate growth rate over the forecast period. Single circuit brazed plate heat exchangers are experiencing moderate growth rate owing to their increasing demand for use in heat pumps and water heating applications. This, in turn, is expected to drive the market growth of single circuit brazed plate heat exchangers over the forecast period.

Application Insights

Based on application, the market is segmented into HVAC, industrial, and others. In terms of revenue, HVAC application segment is likely to reach USD 377.0 million by 2025. Brazed plate exchangers are used in refrigerators and air conditioners. Technological advancements and ascending demand for smaller products have driven the manufacturers of HVAC products to adopt brazed plate heat exchangers owing to their smaller footprint, thereby boosting the product demand. Moreover, brazed plate heat exchangers are characterized by lower expenses since they consume less energy and incur low maintenance cost.

Global Brazed Plate Heat Exchangers Market

Industrial application segment accounted for 25.5% of the total market in 2018 and the segment is expected to grow at a CAGR of 6.3% over the forecast period. Brazed plate exchangers are used in numerous industries including chemical, petrochemical, oil & gas, power generation, and pharmaceuticals. Space remains an important factor for industries while installing machines and equipment. Brazed plate exchangers provide easy heat exchange between fluids without mixing them and consume low space due to their smaller size.

Regional Insights

Europe is estimated to lead the global market and account for 34.1% revenue share in 2025. Germany, Italy, and France are some of the European countries anticipated to influence the growth of the global brazed plate heat exchangers market over the forecast period. Growing investments by governments in infrastructure development are expected to drive the product demand in the region. Increasing infrastructure developments including buildings, offices, and industries are expected to trigger the demand for HVAC systems and, in turn, the demand for brazed plate heat exchangers.

New infrastructural advancements in numerous developing countries in North America and Asia Pacific are expected to drive the market growth over the forecast period. The U.S.’s spending on infrastructure has increased in the past decade, which indicates an increase in the product demand in HVAC and industrial applications. India is witnessing increasing investments in infrastructure development through National Investment & Infrastructure Fund’s (NIIF) support. In June 2018, the Asian Infrastructure Investment Bank announced an investment worth USD 200 million in NIIF. In 2017, the Indian infrastructure sector experienced over 91 mergers & acquisitions worth USD 5.4 billion.

Brazed Plate Heat Exchangers Market Share Insights

Alfa Laval AB; GEA Group Aktiengesellschaft; SWEP International AB; Danfoss A/S; Kelvion Holding GmbH; Hisaka Works Ltd.; and SPX flow, Inc. are the key participants in the market for brazed plate heat exchangers. The market is highly competitive and hence the players need to engage in constant innovation to maintain market position.

The companies are focusing on optimum business growth by introducing various strategies to set a benchmark. Many of the companies are investing heavily in the research & development in order to continue to bring in new products to the global market. Investing in R&D elevates aids in offering differentiated products according to the consumer requirements.

Report Scope:

Attribute

Details

Base year for estimation

2018

Actual/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, France, Italy, China, Japan, India, Brazil, Saudi Arabia, and UAE

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

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Segments Covered in the Report:

This report forecasts revenue growth at global, regional & country levels, and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global brazed plate heat exchangers market report on the basis of product, application, and region.

  • Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Single Circuit

    • Multi Circuit

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • HVAC

    • Industrial

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East and Africa

      • Saudi Arabia

      • UAE

Key questions answered by the report
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