(MENAFN Editorial) According to report published by Grand View Research, the global plate and frame heat exchanger market will reach USD 5.99 billion by 2022. Rising demand from automobile sector and HVAC applications in commercial and residential buildings can drive the market over the forecast period According to a report published by Grand View Research, Inc.; the global plate and frame heat exchanger market is anticipated to reach a valuation of around USD 5.99 billion by 2022. Rising demand from automobile sector and HVAC applications in commercial and residential buildings can drive the market over the forecast period (2012 to 2022).
Rising demand from industries including energy, chemical, and Heating, ventilation, and air conditioning (HVAC) can boost the market growth during the forecast period. Technological innovations and increasing focus on improving efficiency standards can create positive outlook for the plate and frame heat exchanger market.
Innovation in the plate, frame, and gas kit design designs can enhance heat transfer efficiency and reduce operational and maintenance costs. These innovative hybrid plate and frame heat exchanger designs find applications in food and beverage and pharmaceutical industries due to their advanced flexible mechanical characteristics making them operational in a varying thermal conditions. This factor is anticipated to bode well for the global market over the forecast period.
Moreover, rising use of plate and frame heat exchangers in nuclear power plants and concentrated solar power (CSP) is anticipated to boost the global market during the projected period. Corrugated plate pattern in plate-fin heat exchangers (PFHE) provides improved heat transfer efficiency therefore improving effectiveness of the CSP systems. Growing efforts to reduce crude oil dependency and green gas emission and growth of nuclear and renewable energy can bode well for the global market.
Full Research Report On Plate And Frame Heat Exchanger Market Analysis: https://www.grandviewresearch.com/industry-analysis/plate-and-frame-heat-exchanger-market
However, instable prices of raw materials, chloroprene rubber and stainless steel are anticipated to hinder the revenue growth of the global market to an extent in the forthcoming years.
The worldwide plate and frame heat exchanger market can be segmented on the basis of product, end-use, and regions. Based on product, the market can be categorized into gasketed, brazed, welded, and other plate and heat exchangers. As per end-use, the market can be categorized into chemical, power generation, food and beverage, HVAC and refrigeration, oil and gas, pulp and paper, and others. The HVAC and refrigeration segment is anticipated to register the highest growth of around 8.0% CAGR from 2015 to 2022.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East and Africa. In 2014, Europe acquired the largest market share of around 37.5% in terms of volume. Growing adoption in chemical industries and refineries due to strict government guidelines is the major driving factor for the regional growth. In addition, novel developments in renewable and nuclear energy are likely to further boost the growth in the forthcoming years.
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Asia Pacific is likely to showcase rapid growth at a CAGR of around 8.4% from 2015 to 2022. Increasing construction activities in commercial and industrial projects are anticipated to increase demand for HVAC in the region. This factor can boost the regional plate and flame heat exchanger market growth over the forecast period. In addition, supportive government initiatives in countries like Japan and India for the development of thermal and solar energy are anticipated to further augment the product demand from power generation plants. In addition, rising requirement of energy efficient utilities and escalating power generation infrastructure in India, China, and Thailand can further support market growth.
China is anticipated to register high regional demand over the forecast period due to increasing demand for plate and frame heat exchangers in industries such as oil and gas, chemical, and petrochemicals. Additionally, growing sizes of refineries along with expansion of various new chemical plants is also expected to boost the regional market in the years to come.
In North America, the U.S. held over 76% of the overall market share and it is likely to grow at a stable CAGR during the forecast period. This growth can be accredited to increasing demand for electricity during summers leading to additional setups for nuclear power facility.
Leading companies operating in the plate and frame heat exchanger market include Tranter Inc.; API Heat Transfer; Danfoss A/S; API Heat Transfer; and Guntner GmbH & Co. KG. The market is moderately fragmented and is extremely competitive in nature due to the existence of many local and multinational companies. Technological innovations and development of new products is likely to intensify the market competition in the near future.
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