The size of the plate-and-frame heat exchanger market will power at a compound annual growth rate of 5.7% during 2022-2030, to touch a value of USD 8912.9 million by 2030.
The gasketed-type category held significant share of around 40% owing to the fast technological advancements in many industries. These industries have a requirement for high levels of sanitation which is driving the growth of the industry.
The welded type was the fastest-growing category due to the extensive use of these alternatives in industries, such as HVAC & refrigeration, pharmaceuticals, power generation, pulp & paper, petrochemicals, and oil & gas. Some other factors include, their extraordinary resistance to corrosion, as well as reduced susceptibility to leakages under high pressures and temperatures.
The HVAC and refrigeration accounted for significant share of 50% owing to incessant expansion of construction activities in residential and commercial sectors.
Further, the HVAC and refrigeration sector benefits from surging use of cutting-edge central air conditioning systems, increasing urbanization rate, growing population and increasing consumer demand for energy-efficient buildings and appliances.
The plate-and-frame heat exchanger market was dominated by Europe as it accounted for 40% of revenue. It will register a CAGR of 6% in the years to come owing to the increasing product demand from the food & beverages, pulp & paper, power generation, and many other industries.
Further, the public investments in digital and transportation infrastructure are expected to contribute to economic growth and European region is known for their significant chemical manufacturing and exporting capabilities globally which help in boosting the growth of the industry.
With the surging construction activities, increasing requirement for energy-efficient cooling devices, advancements in the heat exchanger machines industry, the demand for plate-and-frame heat exchanger is on the rise.
