Plate & frame heat exchangers: $5.5 Billion market by 2020 signifying firm annualized growth rate of 9.30% from 2015 to 2020.
Europe – the biggest market for plate & frame heat exchangers
Europe has always been a strong market for plate & frame heat exchangers and globally, this market has been a leader for plate & frame heat exchangers with respect to demand as well as production capacity. The region has the presence of most of the global leaders in heat exchanger manufacturing. Plate & frame heat exchangers consumption in the region is estimated to grow at a CAGR of around 6.50% 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 the other regions. The demand in this region is boosted mainly due to the surging energy demand form end-user industries.
“Asia-Pacific – the fastest growing” plate & frame heat exchangers market
Asia-Pacific, being the fastest growing plate & frame heat exchangers market globally, is estimated to grow at a CAGR of 13.90% for the next five years. Asia-Pacific is witnessing high industrial growth rate, which hints at an ever-increasing demand for plate & frame heat exchangers for its diverse applications. China is expected to witness strong growth in its plate & frame heat exchangers market due to increasing demand from chemical, food & beverage, and oil & gas industry. China dominates the plate & frame heat exchangers market in Asia-Pacific region, being a major consumer and the fastest growing country in terms of plate & frame heat exchangers demand. The demand for plate & frame heat exchangers from 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 countries, are showing increasing growth in demand for plate & frame heat exchangers. Moreover, increasing number of plate & frame heat exchangers manufacturers from Asian countries are putting vigorous efforts for developing a strong base of plate & frame heat exchangers market, with a target of reducing plate & frame heat exchangers imports.
