GVR Report cover 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, 2020 - 2025

  • Report ID: GVR-3-68038-563-2
  • Number of Pages: 125
  • Format: Electronic (PDF)

Industry Insights

The global Brazed Plate Heat Exchangers Market size was valued at USD 922.07 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 7.45% from 2020 to 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 Size, By Application

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 the 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.

Brazed Plate Heat Exchangers Market Trends

In brazed plate & frame heat exchangers, gasketed joints are eliminated by the brazing process which allows for high pressures and temperatures of the fluids. Brazed plate heat exchangers market is driven by its demand mainly from refrigeration and industrial applications. Brazed plate & frame heat exchangers are highly resistant to corrosion due to its stainless steel plate composition with copper brazing. Moreover, brazed plate heat exchangers are compact and efficient making them an excellent economic choice.

Brazed plate heat exchangers are up to five times more efficient than shell & tube heat exchangers. Furthermore, heat recovery can be improved significantly by simple exchange of existing shell-and-tubes for compact heat exchangers. Brazed plate heat exchangers use significantly lesser space as compared to shell and tube heat exchangers. The versatile, compact design of brazed plate heat exchangers means transportation, erection as well as installation costs are drastically reduced when compared to conventional tube designs.

Brazed plate heat exchangers are widely used in several end-use industries including Heating Ventilation, Air-conditioning and Refrigeration (HVACR), food & beverages, petrochemical, oil & gas, and chemical among others. Heat exchangers form an essential part of the HVAC systems. Increasing consumer spending coupled with growing demand for thermal management in commercial and residential establishments is anticipated to drive HVAC demand which in turn is expected to fuel the heat exchangers demand.

Brazed plate heat exchangers are also used in the oil & gas industry for several applications including natural gas evaporation or condensation systems, selective gas component extraction, biogas upgrading, and industrial usage of gases such as carbon dioxide or air. Owing to their high thermal efficiency coupled with compactness and shorter lead time, brazed plate heat exchangers are now being preferred over the traditional shell & tube heat exchangers.

Rising brazed heat exchangers demand particularly in refrigeration, air conditioning, chillers, and heat pump applications on account of cost effectiveness, lower carbon footprints, and higher energy efficiency is anticipated to drive the product growth. Typical brazed heat exchanger applications in the heating area include gas-fired boilers, heat pumps and district heating substations. These exchangers provide efficient heat transfer with a small carbon footprint. Brazed heat exchangers can withstand high pressures and temperatures and are increasingly used in a range of applications including heating, cooling, condensing, and evaporation.

Product Insights

Based on the product, the market is segmented into a 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, the 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 the application, the market is segmented into HVAC, industrial, and others. In terms of revenue, the 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 costs.

Global Brazed Plate Heat Exchangers Market Share, by Product,

The 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 accounted for the highest market share of 35.4% in terms of revenue in 2018. Rising public and private infrastructure investments are anticipated to drive the demand for heat exchangers in HVAC & refrigeration industry. Moreover, increasing demand from several end-use industries for heat exchangers that offer greater durability, enhanced efficiency, and less fouling is expected to drive the market growth over the forecast period.

Brazed Plate Heat Exchangers Market Trends by Region

Rising energy demand for space heating from commercial and residential buildings in Germany is expected to drive the HVAC sector in the country in the coming years, which, in turn, is anticipated to drive the demand for brazed plate heat exchangers over the forecast period. Stringent regulations to reduce CO2 and greenhouse gas emissions are expected to drive the product demand across various end-use industries.

The Asia Pacific brazed plate heat exchangers demand is likely to grow at a CAGR of 6.7% over the forecast period. Rapid industrialization in the developing economies of Asia Pacific coupled with rising investments in manufacturing, commercial, and industrial projects has contributed to the overall growth of the brazed plate heat exchangers market in the region.

The brazed plate heat exchangers market in China is anticipated to be driven by the growing investments in chemical, petrochemical, and HVAC sectors. Factors such as burgeoning population and the government's efforts to enhance the country's infrastructure are expected to favor the growth of power generation and HVAC & refrigeration sectors, thereby driving the demand for brazed plate heat exchangers over the forecast period.

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 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 consumer requirements.

Brazed Plate Heat Exchangers Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 990.11 Million

Revenue forecast in 2025

USD 1.42 Billion

Growth rate

CAGR of 7.45% from 2020 to 2025

Base year for estimation

2019

Historical data

2014 - 2018

Forecast period

2020 - 2025

Quantitative units

Revenue in USD Million, Volume in Units & CAGR from 2020 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, and region

Regional scope

North America; Europe; Asia Pacific; Middle East and Africa; Central and South America

Country scope

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

Key companies profiled

Alfa Laval AB; GEA Group Aktiengesellschaft; SWEP International AB; Danfoss A/S; Kelvion Holding GmbH; Hisaka Works Ltd.; SPX flow, Inc.; Funke Warmeaustauscher Apparatebau GmbH; AIC S.A.; API Heat Transfer, Inc.

Customization scope

Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Brazed Plate Heat Exchangers Market Segmentation

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.

Global Brazed Plate Heat Exchangers Market Segmentation

  • 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

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East and Africa

      • Saudi Arabia

      • UAE

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