Plate and Frame Heat Exchanger Market Share, Segmentation and Vendor Landscape
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<strong>Plate</strong> <strong>and</strong> <strong>Frame</strong> <strong>Heat</strong> <strong>Exchanger</strong> <strong>Market</strong> <strong>Share</strong>, <strong>Segmentation</strong> <strong>and</strong><br />
<strong>Vendor</strong> L<strong>and</strong>scape<br />
“The global <strong>Plate</strong> <strong>and</strong> <strong>Frame</strong> <strong>Heat</strong> <strong>Exchanger</strong> <strong>Market</strong> report includes in-depth<br />
analysis of industry by recent technologies, trends, opportunities, challenges,<br />
key players <strong>and</strong> business strategies considering types, segment <strong>and</strong> future<br />
outlook.”<br />
The global <strong>Plate</strong> <strong>and</strong> <strong>Frame</strong> <strong>Heat</strong> <strong>Exchanger</strong> <strong>Market</strong> size was estimated at USD 3.35 billion in 2014 <strong>and</strong> is<br />
projected to reach USD 5.99 billion by 2022. It is expected to experience a significant growth over the forecast<br />
period. This can be attributed to growing use in applications such as commercial, industrial <strong>and</strong> engineering<br />
sectors in addition to rising product utilization, especially in residential & commercial HVAC, automotive<br />
segments. The industry is identified by growing emphasis on enhanced efficiency st<strong>and</strong>ards together with<br />
technological improvements <strong>and</strong> new developments. These factors are expected to reduce total ownership<br />
expenses <strong>and</strong> improve durability & efficiency levels of heat exchangers over the next eight years. Need for<br />
power generation coupled with infrastructural expansions in the energy sector is expected to serve the growth<br />
over the next seven years.<br />
<strong>Plate</strong> <strong>and</strong> frame heat exchanger industry is identified by a regular procurement of raw material supplies such as<br />
stainless steel, EPDM rubber <strong>and</strong> chloroprene rubber. However, chloroprene rubber in addition to stainless steel<br />
has fluctuating prices of raw materials that are expected to hamper market growth. Technological<br />
advancements <strong>and</strong> innovations in the gasket, frame <strong>and</strong> plate designs are anticipated to increase the heat<br />
transfer efficacy, reduce operating costs, maintenance costs <strong>and</strong> investment. The market is expected to be<br />
driven by new product development through the implementation of various technical innovations. In 2014,<br />
frame heat exchanger <strong>and</strong> gasketed plate were the leading product segments capturing approximately 50.0%<br />
of the market revenue. Widespread application in power plants owing to compact size <strong>and</strong> lower maintenance<br />
has resulted in this high market penetration.<br />
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It is widely used for cooling, heating, evaporation, condensation <strong>and</strong> heat recovery applications. The market is<br />
expected to have a positive impact on account of growing gasketed heat exchanger dem<strong>and</strong>, especially in<br />
petrochemical <strong>and</strong> power generation <strong>and</strong> automotive sector.<br />
Increasing use in floor heating, economizers, refrigerant evaporators, oil coolers, condensers <strong>and</strong> supercoolers<br />
is expected to serve the brazed plate heat exchanger market significantly however, the market can<br />
face a few challenges with respect to competition from new market players thereby impacting the growth of<br />
plate heat exchanger industry from 2016 to 2024. Further, the conventional technology is being replaced with<br />
highly efficient substitutes which are expected to pose a major threat to market growth. On the other h<strong>and</strong>,<br />
welded plate heat exchanger is anticipated to experience high growth owing to its rising use in numerous<br />
industries such as petrochemical, automobile, paper manufacturing <strong>and</strong> pharmaceuticals on account of<br />
improved features in performance.<br />
In 2014, HVAC contributed to over 20.0% of the overall market <strong>and</strong> is anticipated to witness high growth in the<br />
next eight years. Asia Pacific is expected to fuel dem<strong>and</strong> in the sector on account of growing construction<br />
projects in Asia Pacific over the review period. Rising need for efficient thermal management in commercial<br />
<strong>and</strong> residential establishments coupled with increasing consumer spending is anticipated to propel HVAC<br />
dem<strong>and</strong> from 2016 to 2024. HVAC systems form a key segment under heat exchangers. Rising awareness<br />
concerning energy management <strong>and</strong> conservation <strong>and</strong> cutback in energy bills is expected to propel dem<strong>and</strong><br />
for the product in HVAC sector.<br />
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Chemical industry constituted for nearly 20% of plate <strong>and</strong> frame systems market revenue in 2014. Key<br />
products in chemical industry include inorganic chemicals, petrochemicals <strong>and</strong> fertilizers. Petrochemical<br />
derivatives such as ethylene, base chemicals <strong>and</strong> polymers <strong>and</strong> methanol involve crucial conditions that<br />
involve well-organized <strong>and</strong> efficient thermal management systems in the manufacturing units. Production<br />
capacity expansions <strong>and</strong> mergers <strong>and</strong> acquisitions of chemical facilities in Asia Pacific <strong>and</strong> Europe are<br />
anticipated to fuel chemical market from 2016 to 2024.<br />
Europe emerged as the largest regional segment <strong>and</strong> is thereby expected to grow at an estimated CAGR<br />
exceeding 6.3% over the forecast period. However, high growth regions such as Asia Pacific <strong>and</strong> CSA regions<br />
may pose a threat to the European market <strong>and</strong> capture a part of the overall market share over the forecast<br />
period. Recent improvements in nuclear <strong>and</strong> renewable energy segments are projected to enhance<br />
requirements in the power generation segment in Europe. Additionally, the plate <strong>and</strong> frame heat exchanger<br />
dem<strong>and</strong> is expected to be driven by growing need for heat recovery applications in HVAC, food <strong>and</strong> beverage<br />
<strong>and</strong> chemical sectors over the forecast period.
In 2014, Asia Pacific constituted for nearly 20% of the overall industry. Need for commercial <strong>and</strong> industrial<br />
establishments coupled with growing construction projects are likely to propel HVAC market in the region. It is<br />
anticipated to witness the fastest growth over the review period. Supportive government policies <strong>and</strong><br />
initiatives in Japan <strong>and</strong> India as an effort to develop solar <strong>and</strong> thermal energy are estimated to drive market<br />
dem<strong>and</strong> in power generation sector for heat exchangers. Key industry players include Alfa Laval AB, Danfoss<br />
A/S, Tranter Inc., GEA Group, SPX Corporation, LLC, AIC S.A., SGL Carbon Technic, API <strong>Heat</strong> Transfer, Guntner<br />
GmbH & Co. KG <strong>and</strong> Kelvion Holdings GmbH.<br />
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