Plate heat exchanger generally uses metal plates to transfer heat between two fluids. It operates in same way as shell and tube heat exchanger, using a series of arranged plates instead of tubes. Plate heat exchanger can be of various type such as gasketed plate, brazed plate and welded plate. Among these, brazed plate heat exchanger is expected to witness significant market growth due to growing use in floor heating, refrigerant evaporators, condensers, oil coolers, etc.
Plate heat exchanger are used in various applications such as food & beverages, petroleum/ chemical processing, hydrocarbon processing, polymers, pharmaceutical, industrial, energy & power, HVAC and marine. Among these, plate heat exchanger are widely used in refrigerant or in food & beverages processing owing to its compact steel construction. Moreover, rising demand for effective thermal management in commercial and residential establishments is anticipated to drive HVAC demand over the forecast period.
Energy infrastructure expansion along with growing demand from power generation segment is expected to be a factor which give traction to the growth of plate heat exchanger market over the forecast period. Low maintenance and operation cost is expected to be another factor which is expected to drive the growth of plate heat exchanger market over the forecast period. Additionally, plate heat exchanger are highly efficient and requires less space compare to others which further expected to upsurge the demand of plate heat exchanger market during the forecast period. That apart, the different advantages of plate heat exchanger such as easy to remove and clean, avoid cross contamination, asymmetrical flow gap available for the most costeffective solution and less fouling will also add to the growth of market.
High initial cost since titanium plates are expensive is expected to be a barrier that hinder the growth of plate heat exchanger market. Moreover, challenges such as finding leakage is difficult and pressure drop caused by plate cooler is higher are also expected to hamper the growth of plate heat exchanger market over the forecast period. Additionally, skilled labors are require for dismantling and assembling of plate which will further act as a restraining factor for the growth of plate heat exchanger market. Furthermore, increasing competition from new participants is also anticipated to be a factor restraining the growth of plate heat exchanger market in the upcoming future.
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During the forecast period, North America will be closely followed by Europe in terms of anticipated growth. Both these market are expected to witness rich growth in the plate heat exchanger market, owing to high demand as well as production capacity. Asia Pacific in particular is expected to witness significant growth in the plate heat exchanger market, due to increasing demand from food & beverages, oil & gas and chemical industry. Japan and other ASEAN countries, anticipated to grow with a significant CAGR, due to increasing demand of plate heat exchanger from these countries. The Middle East and Africa region is projected to support growth of the plate heat exchanger market over the forecast period, due to expected rapid industrialization in upcoming years.