Plate And Frame Heat Exchangers Market Size, Share & Trends Report

Plate And Frame Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Gasketed, Welded, Brazed), By Application (Chemical, HVAC & Refrigeration, Power Generation), And Segment Forecasts, 2020 - 2027

  • Published Date: Feb, 2020
  • Base Year for Estimate: 2019
  • Report ID: 978-1-68038-720-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 138

Report Overview

The global plate and frame heat exchangers market size was estimated at USD 3.32 billion in 2019 and is expected to register a CAGR of 6.9% over the forecast period. Technology innovations coupled with increasing focus on improving efficiency standards is anticipated to stimulate growth.

The market is expected to witness substantial growth owing to the rising need for heat exchangers in industrial, commercial, and engineering applications ranging from automotive to commercial building Heating, Ventilation, and Air Conditioning (HVAC). In addition, the rising demand for nuclear power coupled with the expansion of global energy infrastructure is anticipated to drive the product demand.

U.S. plate & frame heat exchangers market

Growing concern regarding fluctuating oil prices along with stringent environmental regulations regarding greenhouse gas emissions has spurred development in nuclear and renewable energy sectors. China, Russia, South Korea, and Slovakia have started adopting carbon pricing in the form of emission trading and carbon taxing. Ongoing participation of these economies to reduce emission levels in the energy industry has surged the demand for the plate and frame heat exchangers in recent times.

Global concentrated solar power industry has been witnessing significant growth over the past few years, owing to the technological advancements in the thermal storage system, commercialization of molten salt fluid technologies, and adjustability to moderate weather conditions. It is one of the most cost-efficient sources of power generation with reduced levels of CO2 emissions. Changing consumer shift toward renewable energy is anticipated to open new avenues for plate and frame heat exchanger manufacturers in the forthcoming years.

Most processes in petrochemical facilities involve high temperature and pressure, thus it necessitates optimization of the heat transfer process and enhances energy saving. Growing concerns regarding fouling in heat exchangers have encouraged companies to develop sensors for early warning and high-temperature coatings for enhanced durability. Such technological developments in plate heat exchangers are likely to drive the product demand over the forecast period.

Traditional heat exchangers require huge footprint, thus increasing the layout area and overall construction costs of the facility. Maintenance and disassembly of these equipment causes additional cost to the facility owners. Shell and tube units incur high maintenance costs owing to their large size and component weights, which are anticipated to restrict the market growth.

Product Insights

In terms of product segmentation, the plate and frame heat exchangers market is categorized into brazed, gasketed, welded and others. The welded plate and heat exchanger finds its application in oil and gas, automobile, pharmaceuticals, petrochemical, and paper manufacturing industries owing to high corrosion resistance and less chance of leakage.

Gasketed plate and frame heat exchanger accounted for 56.9% of the total revenue share in 2019, on account of widespread use of the product in power plants pertaining to lower maintenance and compact size. Rising gasketed heat exchanger demand particularly in automotive, petrochemical, and power generation is anticipated to surge the product demand in the forthcoming years.

Brazed heat exchanger applications in the heating sector include heat pumps, gas-fired boilers, and district heating substations. These exchangers provide efficient heat transfer with a small carbon footprint. Brazed heat exchangers can withstand high temperatures and pressures and are increasingly used in a range of applications including cooling, heating, evaporation, and condensing.

Application Insights

In terms of application, the market is categorized into chemical, food and beverage, HVAC and refrigeration, oil and gas, power generation, pulp and paper, and others. Growing environmental concerns regarding waste discharge from the mills is expected to drive product demand in the pulp and paper industry over the forecast period.

Space constraints is a major concern in drilling rigs and offshore platforms. The demand for plate and frame heat exchangers in oil and gas sector is anticipated to witness growth owing to their compactness and enhanced heat transfer efficiency. In addition, they are also used in the heat recovery process in the separation of oil from water and gas on account of their enhanced properties in corrosive environments and low space requirements.

Global plate & frame heat exchangers market

Large scale construction projects in nuclear, industrial, and commercial sectors are expected to drive the demand for metals over the forecast period. Basic and specialty chemicals play a significant role in the production of various industrial machinery and hydraulic systems. Plate heat exchangers are used in enhancing heat transfer of boilers and reactors, thus improving the overall efficiency of petrochemical production equipment.

Regional Insights

Asia Pacific is expected to witness a CAGR of 7.9% over the forecast period. Growing concerns regarding energy prices are expected to encourage companies to adopt cost-effective measures in their industrial activities. This necessitates the adoption of efficient equipment for various energy-intensive production processes.

New construction activities for Combined Heat and Power (CHP) plants and nuclear capacities is expected to drive the power generation industry in Europe over the forecast period. In addition, growing participation in sporting events has created an additional need for utilities, such as air conditioning, domestic hot water supply, and refrigeration systems, thereby stimulating the demand for plate heat exchangers.

Rising energy demand in various industrial sectors coupled with stringent environmental regulations in Europe have forced companies to adopt low carbon technologies in industrial operations. Favorable government initiatives to develop renewable power generation systems are expected to drive the nuclear and solar industry, thereby driving the product demand in the forthcoming years.

Plate and Frame Heat Exchangers Market Share Insights

Key market players include AIC S.A.; Danfoss, Alfa Laval; und Apparatebau GmbH; Fischer Maschinen API Heat Transfer, Inc.; Guntner GmbH & Co. KG; Hisaka Works Limited, and Kelvion Holding GmbH. Manufacturers are looking for options that would reduce the capital investments along with the related maintenance and operation costs to increase their sales.

The market is highly fragmented in nature with the presence of various global and regional players. Manufacturers opt for significant capacity expansions to cater to the rising product demand from emerging economies. Moreover, companies are also involved in extensive R&D activities along with mergers and acquisitions with leading manufacturers and distributors to strengthen their global market presence.

Report Scope

Attribute

Details

Base year for estimation

2019

Actual estimates/Historical data

2016 - 2018

Forecast period

2020 - 2027

Market representation

Revenue in USD million and CAGR from 2020 to 2027

Regional scope

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

Country scope

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

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

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 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global plate and frame heat exchangers market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million; 2016 - 2027)

    • Brazed

    • Gasketed

    • Welded

    • Others

  • Application Outlook (Revenue, USD Million; 2016 - 2027)

    • Chemical

    • Food & Beverage

    • HVAC & Refrigeration

    • Oil & Gas

    • Power Generation

    • Pulp & Paper

    • Others

  • Regional Outlook (Revenue, USD Million; 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

      • The U.K.

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Central & South America

      • Brazil

      • Argentina

    • Middle East

      • UAE

      • South Africa

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