New York, NY, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Plate and Tube Heat Exchanger Market Share, Size, Trends, Industry Analysis Report, By Material Type (Titanium Alloy, Aluminium, Stainless Steel, Nickel Alloys and Copper); By End-User Industry; By Region; Segment Forecast, 2024- 2032" published by Polaris Market Research in its research repository.
The global plate and tube heat exchanger market size and share are currently valued at USD 637.60 million in 2023. It is anticipated to generate an estimated revenue of USD 1126.65 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is a Plate and Tube Heat Exchanger? How Big is Plate and Tube Heat Exchanger Market?
In a tube heat exchanger, the inlet and outlet are respectively positioned on both sides of a similar tube sheet, and the head is split into two enclosures by a separation. Each tube is liberated to dilate and diminish the discrete of the housing. Thus removing thermal strain, the framework is uncomplicated than the floating head heat exchanger. However, the tube procedures are difficult to clean, and the usage has pronounced restrictions only for clean fluids. The rapidly rising demand of plate and tube heat exchanger market can be attributed to the fact that the plate heat exchanger is comprised of coordination of rectangular thin metal heat transfer plates, and the plate is secured and collected on the bracket by a frame. The extreme interlinking of two adjoining sheets is rammed by gaskets, and the angles of the sheets have round holes to configure a fluid gateway.
The plate and tube heat exchanger market growth can be attributed to them being futuristic technology that is transfiguring heat transfer procedures in several sectors. These contemporary systems accelerate productivity and inventiveness in a plethora of industrial supplication by combining manifold heat exchange procedures or substances in solitary units. Their workability sanctions individualized solutions to meet the requirements of specific industries, offering formidable presentation in important areas involving HVAC, chemical processing, power generation, and more. These innovative heat exchangers, which categorize enhanced productivity and diminished environmental influence, welcome enhanced functional efficacy, economics, and viability in an assortment of industrial procedures.
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Plate and Tube Heat Exchanger Market Key Companies
- Alfa Laval
- API Heat Transfer
- Danfoss
- HFM Plate Heat Exchanger
- HRS Heat Exchanger
- Kelvion Holding GmbH
- SPX Flow
- Thermex
- Wabtec Corporation
- Xylem
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Key Highlights
- Their workability sanctions individualized solutions to encounter the requirements of specific industries, offering formidable presentation in important areas involving HVAC, chemical processing, power generation, and more, thus pushing market expansion.
- The plate and tube heat exchanger market analysis is primarily based on material type, end-user industry, and region.
- North America dominated the market in 2023.
Market Developments
- Growth Drivers:
Environmental sustainability: The requirement for energy efficacy has evolved due to environmental and administrative needs. The production centers are under more strain than ever to curtail their energy intake and carbon dioxide releases due to the Kyoto Protocol, which needs state gatherings to decrease their emissions of greenhouse gases. The plate and tube heat exchanger market size is expanding as plate and tube heat exchangers do not hand over heat utilizing non-renewable fossil fuels such as coal or natural gas; they are significantly less detrimental to the environment than optional heating and cooling systems.
Industrial usage: The strong industrial topography worldwide traversing manufacturing, oil, gas, and alternate structures has pushed the demand for effective heat exchange solutions. Plate and frame heat exchangers detect substantial usage in these industries because of their inventiveness, small design, and economical facets. The plate and tube heat exchanger market sales are soaring due to the capability to handle several fluids and acquire varied functional needs, rendering them appropriate for multiple administrations prevalent in the global market.
- Industry Trends:
Urbanization: In applications where headroom restraints and functional prices are condemnatory, deliberations involving urbanization, framework advancements, and small design of the plate and tube heat exchangers are impacting their inclination. The significance of plate and tube heat exchangers is realizing the altering demands of several sectors is additionally underscoring the escalating move towards viable practices and escalating consciousness of the benefits of heat recovery.
Technological advancements: Technological progressions speak for a notable driver and traits of the plate and tube heat exchangers. In the plate and tube heat exchanger market, continuing research and development endeavors concentrate on enhancing the design, substances, and holistic performance of these heat exchangers. Inventions in gasket and plate design, as well as substances with improvised heat transfer traits, create escalated efficacy and dependability, pushing the market growth.
- Restraints
Dependability on conventional heat exchangers: The extensive inclination for conventional heat exchanger designs covering a gamut of industries is a mirror of belief in entrenched protocols and reliabilities. As specific kinds of heat exchangers, such as tube or plate heat exchangers, possess an achievement of frequently distributing presentations, businesses have long depended on them. This substantial prowess often deciphers into a heedful perspective when contemporary technologies are being contemplated.
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Segmentation Overview
- The Stainless Steel Segment Witnessed a Sharp Rise
Based on material, the stainless steel segment witnessed a sharp rise. The plate and tube heat exchanger market demand is on the rise due to the broad gamut of advantageous traits and attributes such as economical, undemanding obtainability, flexibility, and lightweight. Further, plates and tubes composed of stainless steel execute well fiscally and resist deterioration well. They are suitable for usages with less chloride ion heat exchange media, such as mineral oil, river water, clarified water, and edible oil.
- The Chemicals Segment Dominated the Market
Based on end users, the chemicals segment dominated the market. The plate and tube heat exchanger market trends include them being important to the efficacy and security of chemical production procedures as they control temperatures in the course of reaction, distillation, and condensation. Due to their flexibility to a broad gamut of chemical compositions and functioning temperatures, plate and tube heat exchangers are important for maintaining precise temperatures required for specific chemical reactions.
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Plate and Tube Heat Exchanger Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 1126.65 Million |
| Market size value in 2024 | USD 664.76 Million |
| Expected CAGR Growth | 6.8% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Alfa Laval, API Heat Transfer, Danfoss, HFM Plate Heat Exchanger, Kelvion Holding GmbH, SPX Flow, among others |
| Segments Covered | By Material Type, By End-User Industry, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Detail Press Release: Plate and Tube Heat Exchanger Market Size Worth $1126.65 Million By 2032 | CAGR: 6.8%
Regional Insights
North America: This region held the largest plate and tube heat exchanger market share due to the US Department of Energy describing that practically half of the energy utilized in the country reaches setting off the residential and commercial framework. HVACR systems and instruments take in the dominance of this energy. To encourage energy efficacy and diminish releases, there are several restrictions and initiatives in place, such as the Energy Policy and Conservation Act of 1975 (EPCA), DOE’s Appliance and Equipment Standards Program, and the Energy Efficiency Directive 2012/27/EU. These enterprises are growing in demand for effective HVACR instruments.
Asia Pacific: This region is anticipated to be the fastest growing region due to robust industrial growth in the field, which is pushing up the requirement for effective heat exchange solutions industries involving chemicals, manufacturing, power generation, and HVACR systems. Additionally, the advancement of contemporary heat exchange technology is pushed by increasing concentration on energy efficacy and stringent environmental limitations observed in nations such as Japan, China, India, and South Korea.
Browse the Detail Report “Plate and Tube Heat Exchanger Market Share, Size, Trends, Industry Analysis Report, By Material Type (Titanium Alloy, Aluminium, Stainless Steel, Nickel Alloys and Copper); By End-User Industry; By Region; Segment Forecast, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/plate-and-tube-heat-exchanger-market
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Key Questions Addressed in the Report:
- What is the anticipated industry size of the plate and tube heat exchanger market?
Ans: The anticipated industry size of the market is 1126.65 million by 2032
- Who are the top market players?
Ans: Some of the top market players are Alfa Laval, API Heat Transfer, and Danfoss
- Which region contributed notably towards the market?
Ans: North America contributed notably towards the plate and tube heat exchanger market.
- What will be the expected CAGR of the market in the forecast period?
Ans: The expected CAGR of the market in the forecast period is 6.8%
Polaris Market Research has segmented the plate and tube heat exchanger market report based on material type, end-user industry, and region:
By Material Type Outlook
- Titanium Alloy
- Aluminium
- Stainless Steel
- Nickel Alloys
- Copper
- Others
By End User Industry Outlook
- Oil & Gas
- Chemicals
- Petrochemicals
- HVAC & Refrigeration
- Power Generation
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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