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Posted by freeamfva on September 9, 2024 at 11:03pm 0 Comments 0 Likes
Posted by Ebony on September 9, 2024 at 10:59pm 0 Comments 0 Likes
The global Plate & Frame Heat Exchanger Market size is expected to reach USD 8.80 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.6% over the forecast period. Rising demand in manufacturing facilities as an effective heating solution, minimal maintenance, durability, and life cycle cost is expected to drive the industry growth. The majority of processes in petrochemical plants operate at high temperatures and pressures, necessitating heat transfer process optimization and enhancing energy savings. The global industry is driven by added benefits, such as compact design and easier maintenance, coupled with growing demand in the chemical and petrochemical industries.
Petrochemical plants operate at high temperatures and pressures, thus promoting an optimized heat transfer process and enhancing energy savings. Rising concerns about fouling heat exchangers have enabled companies to design sensors for early warning, and high temperatures, such advancements in technology will drive the product demand. The presence of favorable government regulations in emerging countries, such as China, India, Brazil, and Mexico, about setting up new manufacturing facilities is expected to augment the demand for heat exchangers in various industries. Also, efficient equipment for various energy-intensive production processes is one of the key growth factors in the Asia Pacific.
The market is anticipated to increase due to the widespread usage of brazed plate heat exchangers in various applications, including water heaters, thermal power substations, and gas-fired boilers. The capability of heat exchangers to efficiently transmit heat while leaving a smaller carbon footprint is responsible for the growing product penetration in various applications. With the high level of competition and presence of several companies, there is a requirement for the key players to engage in a partnership. In May 2022, Alfa Laval and SSAB came together to develop and commercialize the world’s first heat exchanger, manufactured using fossil-free steel. The objective is to complete the first unit made of hydrogen-reduced steel by 2023.
List of Key Players in the Plate & Frame Heat Exchanger Market
Related Press Release@ Plate & Frame Heat Exchanger Market Report
Plate & Frame Heat Exchanger Market Report Highlights
Report Attribute |
Details |
Market size value in 2023 |
USD 5.91 billion |
Revenue forecast in 2030 |
USD 8.80 billion |
Growth Rate |
CAGR of 5.6% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2022 |
Forecast period |
2023 - 2030 |
Related Reports@
Brazed Plate Heat Exchangers Market
Plate & Frame Heat Exchanger Market Segmentation
Grand View Research has segmented the global plate & frame heat exchanger market based on product, end-user, and region:
Plate & Frame Heat Exchanger Product Outlook (Revenue, USD Million; 2018 - 2030)
Plate & Frame Heat Exchanger End-User Outlook (Revenue, USD Million; 2018 - 2030)
Plate & Frame Heat Exchanger Regional Outlook (Revenue, USD Million; 2018 - 2030)
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