Europe to lead, whereas APAC to become fastest growing market for Plate & Frame Heat Exchangers
Plate & frame heat exchangers consumption has grown significantly in the recent times and is at an emerging stage in various countries. The global market of plate & frame heat exchangers has been witnessing many developments over the past few years, as it is preferred and widely accepted equipment for heat recovery process.
According to the research, the global market of plate & frame heat exchangers to reach $5.5 Billion market value, signifying firm annualized growth rate of 9.30% till 2020. Usage of plate & frame heat exchangers is significantly penetrating its end-use industries; this is due to the increasing focus of various regulatory bodies to reduce the energy consumption for meeting the future sustainability
Europe has always been a strong market for plate & frame heat exchangers and globally, this market has been a leader for plate & frame heat exchangers with respect to demand as well as production capacity. The region has the presence of most of the global leaders in heat exchanger manufacturing. Plate & frame heat exchangers consumption in the region is estimated to grow at a CAGR of around 6.50% from 2015 to 2020. This region has a relatively slow growth rate as a result of its dominant market size and slow economic activity as compared to the other regions. The demand in this region is boosted mainly due to the surging energy demand form end-user industries.
Asia-Pacific, being the fastest growing plate & frame heat exchangers market globally, is estimated to grow at a CAGR of 13.90% for the next five years. Asia-Pacific is witnessing high industrial growth rate, which hints at an ever-increasing demand for plate & frame heat exchangers for its diverse applications. China is expected to witness strong growth in its plate & frame heat exchangers market due to increasing demand from chemical, food & beverage, and oil & gas industry. China dominates the plate & frame heat exchangers market in Asia-Pacific region, being a major consumer and the fastest growing country in terms of plate & frame heat exchangers demand. The demand for plate & frame heat exchangers from chemical industry is expected to grow at a rapid pace in the next five years from 2015 to 2020.
After China, countries, including India, Japan and other Asian countries, are showing increasing growth in demand for plate & frame heat exchangers. Moreover, increasing number of plate & frame heat exchangers manufacturers from Asian countries are putting vigorous efforts for developing a strong base of plate & frame heat exchangers market, with a target of reducing plate & frame heat exchangers imports.
New product launches, mergers & acquisition are the popular approaches adopted by the key companies to expand their product line in order to maintain an instrumental position in the plate & frame heat exchangers market.
Alfa Laval AB, GEA Group, Danfoss A/S and SPX Corporation are among the dominant companies operating in global market of Plate & Frame heat exchangers.
This statistics are given by the report, ‘Plate & Frame Heat Exchangers Market by Type, Application & Geography - 2020’
PDF brochure of the research
The report provides an in-depth analysis of the plate & frame heat exchangers market landscape and its market trends along with revenue forecast and competitive analysis derived on the basis of real time analysis, annual financial information from SEC filings, annual reports, and interviews with industry experts and leaders such as CEOs, directors, and marketing executives.
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