GVR Report cover Plate & Frame Heat Exchangers Market Size, Share & Trends Report

Plate & Frame Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Brazed, Gasketed, Welded), By End-use (Chemical, Power Generation), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-720-9
  • Number of Pages: 125
  • Format: Electronic (PDF)

Market Size & Trends

The global plate & frame heat exchangers market size was valued at USD 5.92 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. The increasing emphasis on energy efficiency in various industries is fostering a growing demand for these heat exchangers, known for their effectiveness in heat transfer processes. Versatility across industrial applications, stringent environmental regulations driving the adoption of sustainable solutions, ongoing technological advancements enhancing efficiency, and a global focus on renewable energy are all contributing to market growth. Additionally, factors such as urbanization, infrastructure development, cost-effectiveness, and the compact design of plate and frame heat exchangers are influencing their preference in applications where space constraints and operational costs play pivotal roles. The growing awareness of the benefits of heat recovery, coupled with the global shift toward sustainable practices, further underscores the significance of plate and frame heat exchangers in meeting the evolving needs of diverse industries.

U.S. Plate & Frame Heat Exchangers market size and growth rate, 2024 - 2030

The ongoing emphasis on energy efficiency in diverse industries in the U.S. has led to increased adoption of plate & frame heat exchangers that can effectively transfer heat between fluids. Plate and frame heat exchangers are favored for their ability to provide efficient thermal performance, making them a sought-after solution for applications across sectors such as HVAC, chemical processing, and food & beverage.

The push towards sustainable and environmentally friendly practices in the U.S. has significantly contributed to the rising demand for plate and frame heat exchangers. These heat exchangers play a crucial role in helping industries meet stringent environmental regulations by optimizing energy consumption and reducing greenhouse gas emissions. These aforementioned factors are expected to propel the demand for plate & frame heat exchangers market over the forecast period.

The robust industrial landscape globally spanning manufacturing, oil & gas, and other sectors, has fueled the demand for efficient heat exchange solutions. Plate and frame heat exchangers find extensive use in these industries due to their versatility, compact design, and cost-effectiveness. The ability to handle various fluids and adapt to different operational requirements makes them well-suited for the diverse applications present in the global market.

Furthermore, the increasing focus on renewable energy sources has created additional opportunities for plate & frame heat exchangers. Their use in renewable energy applications, such as solar and geothermal power generation, aligns with the broader national goals of reducing dependence on traditional energy sources and promoting sustainability. The demand for plate & frame heat exchangers is also influenced by factors like technological advancements in heat exchanger design and materials. Ongoing research and development efforts are leading to innovations that enhance the efficiency and performance of these heat exchangers, further driving their adoption.

Market Concentration & Characteristics

Market growth stage is medium, and pace of the market growth is accelerating. The market is characterized by a high degree of innovation owing to the rapid technological advancements. Moreover, the companies are further adopting various organic and inorganic growth strategies, such as product launches, geographical expansions, mergers & acquisitions, and collaborations, to strengthen their position in the global market.

Plate & Frame Heat Exchangers Market Concentration & Characteristics

The market exhibits distinctive characteristics driven by a confluence of factors that shape its dynamics. Firstly, the versatility of plate and frame heat exchangers is a defining feature. These heat exchangers find application across a wide range of industries, including HVAC, chemical processing, food & beverage, and oil & gas. This versatility stems from their ability to handle diverse fluids and accommodate various operational requirements, making them a preferred choice for different processes.

Another key characteristic is the market's responsiveness to the increasing emphasis on energy efficiency. As industries globally, and across sectors, prioritize energy conservation, plate and frame heat exchangers emerge as integral components for enhancing thermal management. Their efficiency in heat transfer processes contributes to reducing overall energy consumption, aligning with the sustainability goals of modern industries.

Technological advancements represent a significant driver and characteristic of the plate and frame heat exchangers market. Ongoing research and development efforts focus on improving the design, materials, and overall performance of these heat exchangers. Innovations in gasket and plate design, as well as materials with enhanced heat transfer properties, contribute to higher efficiency and reliability, driving market growth.

Cost-effectiveness and space efficiency are also notable characteristics influencing the market. The compact design of plate and frame heat exchangers makes them suitable for applications where space constraints are critical. Additionally, their cost-effectiveness makes them an attractive choice for industries seeking efficient yet economical heat transfer solutions. Furthermore, the market's adaptability to global trends, such as the shift towards renewable energy, reflects its dynamic nature. Plate and frame heat exchangers play a pivotal role in renewable energy applications, including solar and geothermal power generation, supporting the transition towards cleaner and sustainable energy sources.

Product Insights

Gasketed product led the market and accounted for 56.4% of the global revenue in 2023. Gasketed plate and frame heat exchangers offer several distinct advantages that contribute to their widespread adoption in various industries. Their modular design, featuring multiple thin plates with gaskets between them, facilitates efficient heat transfer in a compact space. This design not only allows for easy customization to meet specific process requirements but also enables convenient maintenance and cleaning. Additionally, the gaskets between the plates create tight seals, preventing cross-contamination of fluids and ensuring the integrity of the heat exchange process. This feature is especially crucial in industries with stringent hygiene and quality standards, such as the food and pharmaceutical sectors. The ease of disassembly and reassembly for inspection or maintenance purposes adds to their practicality, reducing downtime and operational disruptions.

Brazed plate & frame heat exchangers find extensive application in various industries due to their compact design, high thermal efficiency, and versatility. Commonly employed in HVAC systems for residential and commercial heating and cooling, these heat exchangers effectively transfer heat between refrigerants and air or water streams. In industrial settings, they play a crucial role in process heating and cooling applications, such as oil and gas processing, chemical manufacturing, and power generation. Their robust construction, which eliminates the need for gaskets, makes them well-suited for applications with high temperatures and pressure fluctuations, ensuring reliable and efficient performance.

End-use Insights

Chemical end-use accounted for largest market revenue share in 2023. Plate & frame heat exchangers are widely employed in the chemical industry for efficient heat transfer in various processes. Their compact design and high thermal efficiency make them particularly suitable for applications such as chemical processing, where precise temperature control is essential. These heat exchangers facilitate the exchange of heat between different fluids, allowing for optimal reaction conditions and energy conservation. Their corrosion-resistant materials ensure compatibility with a range of aggressive chemicals commonly encountered in industrial processes.

Global Plate & Frame Heat Exchangers market share and size, 2023

Plate & frame heat exchangers play a pivotal role in the HVAC and refrigeration industry, serving as efficient heat transfer solutions. Widely utilized in both residential and commercial settings, these heat exchangers contribute to the regulation of air and fluid temperatures. In HVAC systems, they efficiently transfer heat between air streams, supporting the heating and cooling processes necessary for indoor climate control. Their compact design and ability to handle varying thermal loads make them ideal for installations with space constraints, and their modular construction allows for scalability. Additionally, plate & frame heat exchangers are integral components in refrigeration systems, facilitating the condensation and evaporation of refrigerants to maintain desired temperatures in refrigerated spaces. The reliability, adaptability, and energy efficiency of plate and frame heat exchangers contribute significantly to the effectiveness of HVAC and refrigeration systems, ensuring comfortable indoor environments and efficient cooling processes in various applications.

Regional Insights

Asia Pacific accounted for the largest revenue share of nearly 31.7% in 2023. As industries in countries like China, India, Japan, and others undergo rapid expansion and modernization, there is an increasing need for efficient heat transfer solutions. Plate and frame heat exchangers, with their versatility and adaptability, find extensive application across diverse sectors including manufacturing, chemicals, energy, and HVAC. The region's focus on energy efficiency, driven by environmental concerns and regulatory measures, further boosts the demand for these heat exchangers. Additionally, the burgeoning urbanization, infrastructure development, and the rise in demand for HVAC systems in commercial and residential buildings contribute significantly to the expanding market.

Plate & Frame Heat Exchangers Market Trends, by Region, 2024 - 2030

In the Europe region, the demand for plate & frame heat exchangers is witnessing sustained growth, propelled by a combination of factors. The region’s commitment to environmental sustainability and stringent energy efficiency regulations is driving industries to adopt advanced heat transfer solutions. Plate & frame heat exchangers, known for their high thermal efficiency and versatility, are pivotal in meeting these requirements across various sectors, including manufacturing, chemical processing, and power generation. The emphasis on renewable energy sources and the modernization of HVAC systems in commercial and residential buildings further contribute to the increasing demand. The compact design and scalability of plate & frame heat exchangers make them well-suited for the spatial constraints often encountered in European industrial settings. As the region continues to prioritize green technologies and sustainable practices, plate and frame heat exchangers are poised to play a crucial role in enhancing energy efficiency and meeting the evolving needs of diverse industries across Europe.

Key Companies & Market Share Insights

Some of the key players operating in the market include Alfa Laval, Danfoss, Kelvion Holding GmbH, Xylem, Inc., and API Heat Transfer, Inc.

  • Alfa Laval business line is based on three major technologies, namely separation/filtration, heat transfer, and fluid handling. Products offered through heat transfer include numerous types of heat exchangers that are designed for different temperatures and pressure levels. The company offers a diverse range of plate & frame heat exchangers to meet various industrial needs. This versatility allows them to cater to different applications across multiple industries, from food & beverage to energy and petrochemicals.

  • Kelvion Holding GmbH business line is focused on the manufacturing and supply of heat exchangers to HVAC, chemical, oil & gas, power generation, and food & beverage industries. Heat exchangers offered by the company are broadly categorized as compact fin heat exchangers, shell & tube heat exchangers, plate heat exchangers, and single tube heat exchangers. Other products in the company’s product portfolio include transformer cooling systems and cooling towers.

Güntner GmbH & Co. KG; Kaori Heat Treatment Co. Ltd; Tranter Inc.; Ares Plate Heat Exchanger Ltd.; and Funke Wärmeaustauscher Apparantebau GmbH are some of the emerging market participants in the market.

  • Güntner GmbH & Co. KG, manufacturers refrigeration systems and provides its products to a wide range of industries including pharmaceutical, automotive, computer, manufacturing, and food along with numerous public sector institutions. It offers products through four business segments, namely industrial, HVAC, energy & process, and commercial. The company offers a wide range of condensers, air coolers, dry coolers, controls, adiabatic, and plate heat exchangers through its wide distribution network.

  • Tranter Inc. has multiple operating units that are engaged in manufacturing, engineering, sales, and services. It offers various types of heat exchangers including plate & frame, shell & plate, prime surface, mini-welded plate, and welded plate.

Key Plate & Frame Heat Exchangers Companies:

  • Alfa Laval
  • Danfoss
  • Kelvion Holding GmbH
  • Guntner GmbH & Co. KG
  • Xylem, Inc.
  • API Heat Transfer, Inc
  • Hisaka Works Limited
  • HRS Heat Exchangers
  • SPX Flow, Inc.
  • SWEP International AB

Recent Developments

  • In September 2023, Kelvion Holding GmbH expanded its production capabilities in Sarstedt, enabling the facility to manufacture an extra 150,000 heat exchangers annually.

  • In March 2023, Alfa Laval introduced the T21 gasketed plate-and-frame heat exchanger (GPHE) with the aim of fostering energy efficiency across various industries.

  • In May 2023, the Business Unit for Brazed and fusion Bonded Heat Exchangers at Alfa Laval revealed plans to enhance the manufacturing of brazed plate heat exchangers in response to growing demand during the ongoing global energy transition.

Plate & Frame Heat Exchangers Market Report Scope

Report Attribute


Market size value in 2024

USD 6.17 billion

Revenue forecast in 2030

USD 8.80 billion

Growth Rate

CAGR of 6.1% from 2024 to 2030

Base year for estimation


Historical data

2018 - 2022

Forecast period

2024 - 2030

Report updated

January 2024

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2030

Report coverage

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

Segments covered

Product, end-use, region

Regional scope

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

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Russia; China; India; Japan; South Korea; Australia; Brazil; Argentina; South Africa; UAE

Key companies profiled

Alfa Laval; Danfoss; Kelvion Holding GmbH; Guntner GmbH & Co. KG; Xylem, Inc.; API Heat Transfer, Inc.; Hisaka Works Limited; HRS Heat Exchangers; SPX Flow, Inc.; SWEP International AB

Customization scope

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

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Global Plate & Frame Heat Exchangers Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global plate & frame heat exchangers market report based on product, end-use and region:

Global Plate & Frame Heat Exchangers Market Report Segmentation

  • Product Outlook (Revenue, USD Billion, 2018 - 2030)

    • Brazed

    • Gasketed

    • Welded

    • Others

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • Chemical

    • Food & Beverage

    • HVAC & refrigeration

    • Oil & Gas

    • Power Generation

    • Pulp & Paper

    • Others

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • France

      • Germany

      • Italy

      • U.K.

      • Russia

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • Australia

      • India

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • South Africa

      • UAE

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