Plate and Frame Heat Exchanger Market To Be Driven By New Product Development Through Implementation of Various Technical Innovations Till 2022 | Million Insights

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According to new report available with Million Insights, the Plate and Frame Heat Exchanger market is expected to have a positive impact on account of growing gasketed heat exchanger demand, especially in petrochemical and power generation and automotive sector.

The global Plate and Frame Heat Exchanger Market size was estimated at USD 3.35 billion in 2014 and is projected to reach USD 5.99 billion by 2022. It is expected to experience a significant growth over the forecast period. This can be attributed to growing use in applications such as commercial, industrial and engineering sectors in addition to rising product utilization, especially in residential & commercial HVAC, automotive segments.

The industry is identified by growing emphasis on enhanced efficiency standards together with technological improvements and new developments. These factors are expected to reduce total ownership expenses and improve durability & efficiency levels of heat exchangers over the next eight years. Need for power generation coupled with infrastructural expansions in the energy sector is expected to serve the growth over the next seven years.

Plate and frame heat exchanger industry is identified by a regular procurement of raw material supplies such as stainless steel, EPDM rubber and chloroprene rubber. However, chloroprene rubber in addition to stainless steel has fluctuating prices of raw materials that are expected to hamper market growth. Technological advancements and innovations in the gasket, frame and plate designs are anticipated to increase the heat transfer efficacy, reduce operating costs, maintenance costs and investment. The market is expected to be driven by new product development through the implementation of various technical innovations

In 2014, frame heat exchanger and gasketed plate were the leading product segments capturing approximately 50.0% of the market revenue. Widespread application in power plants owing to compact size and lower maintenance has resulted in this high market penetration. It is widely used for cooling, heating, evaporation, condensation and heat recovery applications. The market is expected to have a positive impact on account of growing gasketed heat exchanger demand, especially in petrochemical and power generation and automotive sector.

Full Research Report On Global Plate and Frame Heat Exchanger Market Analysis available at: https://www.millioninsights.com/industry-reports/plate-and-frame-heat-exchanger-market

Increasing use in floor heating, economizers, refrigerant evaporators, oil coolers, condensers and super-coolers is expected to serve the brazed plate heat exchanger market significantly however, the market can face a few challenges with respect to competition from new market players thereby impacting the growth of plate heat exchanger industry from 2016 to 2024. Further, the conventional technology is being replaced with highly efficient substitutes which are expected to pose a major threat to market growth. On the other hand, welded plate heat exchanger is anticipated to experience high growth owing to its rising use in numerous industries such as petrochemical, automobile, paper manufacturing and pharmaceuticals on account of improved features in performance.

In 2014, HVAC contributed to over 20.0% of the overall market and is anticipated to witness high growth in the next eight years. Asia Pacific is expected to fuel demand in the sector on account of growing construction projects in Asia Pacific over the review period. Rising need for efficient thermal management in commercial and residential establishments coupled with increasing consumer spending is anticipated to propel HVAC demand from 2016 to 2024. HVAC systems form a key segment under heat exchangers. Rising awareness concerning energy management and conservation and cutback in energy bills is expected to propel demand for the product in HVAC sector.

Chemical industry constituted for nearly 20% of plate and frame systems market revenue in 2014. Key products in chemical industry include inorganic chemicals, petrochemicals and fertilizers. Petrochemical derivatives such as ethylene, base chemicals and polymers and methanol involve crucial conditions that involve well-organized and efficient thermal management systems in the manufacturing units. Production capacity expansions and mergers and acquisitions of chemical facilities in Asia Pacific and Europe are anticipated to fuel chemical market from 2016 to 2024.

Europe emerged as the largest regional segment and is thereby expected to grow at an estimated CAGR exceeding 6.3% over the forecast period. However, high growth regions such as Asia Pacific and CSA regions may pose a threat to the European market and capture a part of the overall market share over the forecast period. Recent improvements in nuclear and renewable energy segments are projected to enhance requirements in the power generation segment in Europe. Additionally, the plate and frame heat exchanger demand is expected to be driven by growing need for heat recovery applications in HVAC, food and beverage and chemical sectors over the forecast period.

In 2014, Asia Pacific constituted for nearly 20% of the overall industry. Need for commercial and industrial establishments coupled with growing construction projects are likely to propel HVAC market in the region. It is anticipated to witness the fastest growth over the review period. Supportive government policies and initiatives in Japan and India as an effort to develop solar and thermal energy are estimated to drive market demand in power generation sector for heat exchangers. Key industry players include Alfa Laval AB, Danfoss A/S, Tranter Inc., GEA Group, SPX Corporation, LLC, AIC S.A., SGL Carbon Technic, API Heat Transfer, Guntner GmbH & Co. KG and Kelvion Holdings GmbH.

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Market Segment:

Global Plate and Frame Heat Exchanger Product Outlook (Revenue, USD Million, 2012 – 2022)
        • Brazed plate heat exchanger
        • Gasketed plate & frame heat exchanger
        • Welded plate & frame heat exchanger
        • Others

Global Plate and Frame Heat Exchanger End-Use Outlook (Revenue, USD Million, 2012 – 2022)
        • Chemical
        • Food & beverage
        • HVAC & refrigeration
        • Oil & gas
        • Power generation
        • Pulp & paper
        • Others

Global Plate and Frame Heat Exchanger Regional Outlook (Revenue, USD Million, 2012 – 2022)
        • North America
            • U.S
            • Canada
        • Europe
            • Germany
            • France
            • Italy
        • Asia Pacific
            • China
            • India
            • Japan
        • Central & South America
        • Middle East and Africa

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/hvac

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