Westford, USA, April 24, 2023 (GLOBE NEWSWIRE) -- As per the recent report by SkyQuest, Plate Heat Exchanger Market is anticipated to reach USD 7.61 billion by 2030, with a projected CAGR of 7.2% during the forecast period of 2023-2030. The market is expected to witness a remarkable growth in North America and Asia Pacific regions, owing to the escalating industrialization, increasing demand for energy-efficient systems, and growing concerns about environmental sustainability. The report highlights that the chemical industry is estimated to be the rapidly growing end-use industry for plate heat exchangers, with a CAGR of 7.2%.
Plate heat exchangers have a superior heat transfer coefficient of up to 10 times that of shell-and-tube heat exchangers, which can result in substantial energy savings in industrial processes. Hence, plate heat exchangers are gaining immense popularity in various sectors, such as food and beverage, chemical processing, and HVAC, where energy efficiency is paramount.
Browse in-depth TOC on "Plate Heat Exchanger Market"
- Pages - 215
- Tables - 65
- Figures - 80
Get a sample copy of this report:
https://www.skyquestt.com/sample-request/plate-heat-exchanger-market
Plate heat exchangers have become increasingly crucial in today's time due to their ability to offer energy-efficient solutions to several end-use industries like chemical, petrochemical, HVAC, and food & beverage. They play a significant role in promoting energy conservation and reducing carbon emissions, aligning with the rising demand for sustainable and eco-friendly technologies. The market is anticipated to grow substantially in the coming years, mainly driven by the surging demand for energy-efficient heat exchangers.
Prominent Players in Plate Heat Exchanger Market
- Alfa Laval AB
- GEA Group AG
- Danfoss A/S
- Kelvion Holding GmbH
- Xylem Inc.
- API Heat Transfer Inc.
- SWEP International AB
- Tranter Inc.
- HRS Heat Exchangers Ltd.
- Hisaka Works Ltd.
- Thermowave GmbH
- Sondex A/S
- Funke Heat Exchangers GmbH
- Barriquand Technologies Thermiques
- Schmidt-Bretten GmbH & Co. KG
- Koch Heat Transfer Company LP
- Doosan Corporation Heat Exchanger Business Group
- Vicarb S.A.
- Vahterus Oy
- Kaori Heat Treatment Co. Ltd.
Browse summary of the report and Complete Table of Contents (ToC):
https://www.skyquestt.com/report/plate-heat-exchanger-market
Chemical Application Segment to Drive Higher Sales Due to the Increasing Demand for Plate Heat Exchangers in Chemical Processes
Recent analysis indicates that the chemical application segment was the major driver behind the rapid growth of the Plate Heat Exchanger market in 2021, and this trend is projected to continue from 2022 to 2030. The increasing demand for plate heat exchangers in chemical processes, such as the heating and cooling of chemical solutions and processes, is the primary reason for this trend. SkyQuest's report highlights that the Chemical segment accounted for the largest market share of the plate heat exchanger market, with a share of 23.7%. It is also expected to have the highest CAGR of 7.2% during the forecast period.
Moreover, according to research analysis, North America is expected to become a major player in the Plate Heat Exchanger market from 2022 to 2030. SkyQuest predicts a CAGR of 4.82% for the region during the forecast period, driven by the increasing demand for energy-efficient and eco-friendly heat exchangers and key market players in the region. Government initiatives promoting energy efficiency and reducing carbon emissions, such as the US Energy Star program and Canada's energy efficiency regulations, are also expected to drive market growth further.
Gasketed Plate Heat Exchanger Type Segment to Exhibit Strong Growth Due to High Energy Efficiency, Small Size, and Low Cost
The Gasketed plate heat exchanger has emerged as the leading segment in the Plate Heat Exchanger market in 2021 and is projected to maintain its dominant position from 2022 to 2030. This trend can be attributed to its high energy efficiency, small size, and low cost compared to other heat exchangers. Additionally, the gasket plate heat exchanger's easy dismantling, cleaning, and reassembly features make it a preferred choice in industries requiring frequent cleaning.
Asia Pacific region has also emerged as a significant player in the Plate Heat Exchanger market and is expected to maintain its leadership by 2030. SkyQuest has projected considerable growth in this region, with a projected CAGR of 4.97% during the forecast period. The region's growth can be attributed to the increasing demand for energy-efficient heat exchangers in various end-use industries, such as chemical, petrochemical, and HVAC, in countries such as China, India, and Japan. Furthermore, the Indian government has launched the National Mission on Enhanced Energy Efficiency (NMEEE) to promote energy-efficient technologies and reduce carbon emissions. Similarly, the Chinese government has implemented several initiatives to encourage energy conservation and reduce industrial emissions.
A comprehensive analysis of the major players in the Plate Heat Exchanger market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Speak to Analyst for your custom requirements:
https://www.skyquestt.com/speak-with-analyst/plate-heat-exchanger-market
Key Developments in Plate Heat Exchanger Market
- Exchanger Industries Limited (EIL) is a globally recognized Canadian designer and manufacturer of heat transfer products for the energy, petrochemical, industrial, and clean power generation sectors while HRS is a leading manufacturer of heat exchangers and custom process systems for several industries, including food and beverage, pharmaceuticals, and environmental applications. Financial insights into the acquisition have not been disclosed.
- HRS Hevac Ltd (Hevac) and plates and gaskets supplier, HeatExchangerSpares.com (HES) is Heating Ventilation and Air Conditioning (HVAC) solutions provider. It was Recently acquired by Ormandy Rycroft Engineering (Ormandy), based in Bradford from Exchanger Industries Ltd (EIL), a Canadian heat exchanger manufacturer.
Key Questions Answered in Plate Heat Exchanger Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
Global Beryllium Hydroxide Market
Global Mining Lubricants Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
