DALLAS — The global plate and frame heat exchangers market is forecast to reach $5.5 billion by 2020, representing an annualized growth rate of 9.3 percent from 2015 to 2020, according to a new market research report published by MarketsandMarkets.
Europe is the biggest market for plate and frame heat exchangers globally, and has been a leader with respect to demand as well as production capacity. The region is where most of the global leaders in heat exchanger manufacturing are located. Plate and frame heat exchangers consumption in the region is estimated to grow at a compound annual growth rate (CAGR) of around 6.5 percent 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 other regions. The demand in this region is boosted mainly due to the surging energy demand from end-user industries.
Asia-Pacific is the fastest growing plate and frame heat exchangers market globally, and is estimated to grow at a CAGR of 13.9 percent for the next five years. Asia-Pacific is witnessing a high industrial growth rate, which hints at an ever-increasing demand for plate and frame heat exchangers for its diverse applications. China is expected to witness strong growth in its heat exchangers market due to increasing demand from the chemical, food and beverage, and oil and gas industry. China dominates the plate and frame heat exchangers market in the Asia-Pacific region, being a major consumer and the fastest growing country in terms of demand. The demand for plate and frame heat exchangers from the 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 nations are showing increasing growth in demand for plate and frame heat exchangers. Moreover, an increasing number of heat exchanger manufacturers from Asian countries are making vigorous efforts to develop a strong local market, with a target of reducing heat exchanger imports.
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Publication date: 6/1/2015