According to a new report by Vantage Market Research, the Plate Heat Exchangers Market is expected to reach USD 10.77 Billion by 2028, growing at a CAGR of 6.8% between 2021 and 2028. The market is expected to have high growth due to the rising need for heat exchangers in commercial, industrial, and engineering applications. In addition, high growth in demand for nuclear power coupled with the expansion of global energy infrastructure.
- The Gasketed segment is projected to grow at a CAGR of over 5.31% over the forecast period. The increasing adoption of gasketed heat exchangers mainly in sectors such as automotive, power generation, and petrochemical is expected to grow the product demand in coming years.
- The Chemical segment held a market share of around 28% in 2020. Higher adoption of heat exchangers in the chemical industry is driven by their application in complex series of processes of cooling, heating, condensing, separation, evaporation, and more, it also allows the process to be completed with safety and efficiency.
- Asia Pacific is expected to expand at a CAGR of over 4.38% from 2021 to 2028. The growth is driven by rising capital expenditure, rapid urbanization, and a large consumer base in industries like the chemical industry, sugar industries, and oil & gas refineries.
Some of the key players in Plate Heat Exchangers include Alstom SA, Zio-Podolsk, Mitsubishi Heavy Industries Ltd, Areva SA, SPX Corporation, Shanghai Electric Group Company, Larsen & Toubro Ltd, Dongfang Electric Corporation, Bharat Heavy Electrical Limited, BHI Company Limited, among others.
Plate Heat Exchangers have great adaptability as the required heat transfer area is gained by decreasing or by increasing the heat exchanger plates. The heat exchanger can also be divided into several units for the accommodation of simultaneous heating as well cooling of several fluids. In addition to this, they are small in size, Compact structure, and have low consumables. On the contrary, traditional heat exchangers have a requirement of a huge footprint, thus increasing layout area as well as overall construction costs of the facility. Maintenance and disassembly of equipment have an additional cost to facility owners. Shell and tube units have maintenance costs because of their large size and component weights, anticipated to restrict the market growth.
Europe is poised to record the highest CAGR. Europe is expected to have considerable growth in the region as strict environment protection police, the presence of many automotive companies, and processing industries are factors fuelling growth in the region.