According to a report,“Welded Plate And Block Heat Exchangers Market Size, Share & Trends Analysis Report By End Use (Chemical, Food & Beverages, HVAC & Refrigeration, Petrochemicals), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., The global welded plate and block heat exchanger market size is anticipated to reach USD 1.2 billion by 2025, exhibiting a CAGR of 5.9% over the forecast period. The market is anticipated to be driven by the growing demand for the product in HVAC & refrigeration, power generation, and petrochemical industries, especially in emerging economies in Asia Pacific and CSA regions.
Welded plate & block heat exchangers play a significant role in enhancing heat transfer efficiency of industrial machinery. Growing demand for efficient thermal management systems with low space requirements is expected to drive the demand for plate & block heat exchangers over the forecast period.
Growth of industrial sectors including food & beverages, chemicals, pulp & paper, power generation, metal & mining, textiles, and oil & gas is leading to an increase in the requirement for highly-efficient and compact heat exchangers, which, in turn, is expected to drive the growth of the market over the forecast period.
Based on end use, HVAC & refrigeration segment is expected to be the largest segment in the global market and the trend is expected to continue over the forecast period. The segment is expected to reach USD 276.1 million by 2025. HVAC & refrigeration end-use segment dominated the market in 2018 owing to increasing consumer spending coupled with the growing demand for thermal management in residential and commercial establishments.
Increasing requirement for heat recovery applications in chemical, HVAC, and food & beverage sectors is expected to drive the demand for welded plate & block heat exchangers over the forecast period. Food & beverages segment was the second-largest segment in the market in 2018 and is projected to grow at a CAGR of 6.9% from 2019 to 2025. Growing concerns regarding the shelf life of processed food and alcoholic beverages are expected to drive the product demand over the forecast period.
Asia Pacific was the largest market in 2018. The region is expected to be valued at USD 541.6 million by 2025, growing at an estimated CAGR of 7.8% over the forecast period. Rapid urbanization and growing population in various countries including China and India are expected to drive the industrial growth in the region. In the U.S., growing refinery capacities and the establishment of new chemical plants are expected to drive the market growth over the forecast period.
Key Takeaways from the report:
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In terms of revenue, the U.S. market is projected to grow at a CAGR of 1.8% over the forecast period
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The European welded plate and block heat exchanger market was valued at USD 248.3 million in 2018 and is projected to witness robust growth over the forecast period owing to the rising construction and automobile industries
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CSA is expected to exhibit a remarkable growth rate of 8.3% with increasing oil & gas activities in Venezuela and Brazil over the forecast period.
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Regional Insights
Asia Pacific emerged as the leading regional market and accounted for 38.6% of the overall market share in 2018. The region is expected to witness significant growth rate of 7.8% from 2019 to 2025. Growing construction projects in industrial and commercial establishments are expected to drive HVAC market in the region. Favorable government initiatives in India and Japan to develop thermal and solar energy are expected to drive the demand for heat exchangers in power generation.
North America market is expected to reach USD 191.9 million by 2025 growing at an estimated CAGR of 4.8% over the forecast period. Increasing oil & gas E&P activities in the U.S. and Canada are expected to drive product demand in the region. Surging energy demand in various industrial and commercial sectors is expected to drive the growth of power and energy sectors over the forecast period.
Central and South America exhibited a robust growth rate in the global heat exchangers market with a projected CAGR of 8.3% from 2019 to 2025. Oil & gas activities in Mexico, Venezuela, and Brazil are expected to drive industrial growth in the region. Surging energy demand in various industrial and commercial sectors is expected to drive power generation demand in the CSA region. Food & beverages is another significant driver of economic growth in the region.
Welded Plate and Block Heat Exchangers Market Share Insights
The global plate & block heat exchangers market comprises both global as well as regional players that are engaged in the designing, manufacturing, and distribution of welded heat exchangers. Key players involved in manufacturing pumps include Alfa Laval AB, API Heat Transfer, Danfoss, and Kelvion Holding GmbH. Other notable players in the market include Nexson Group, Barriquand Group, SPX Flow, Hisaka Works Limited, Tranter Inc., and WCR, Inc.
The manufacturers of welded plate & block heat exchangers have been adopting various strategies such as new product developments and mergers & acquisitions. These strategies are assisting the players to increase market penetration and to cater to the changing technological requirements for different end-user applications in the region.
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