The global plate and frame heat exchanger market is expected to drive product significance over the forecast period reaching USD 5.99 billion by 2022, according to a new report by Grand View Research, Inc. Growing awareness towards energy efficiency coupled with construction space constraints is expected to drive the market over the forecast period. Surging demand for thermal management in district heating applications is expected to drive product significance in commercial and residential sectors over the long term.
Technological advancements along with surging requirement for heat recovery utilities in chemical, food & beverage and HVAC sectors is expected to steer plate and frame heat exchangers market growth. Growing energy efficient utilities need along with expanding power generation infrastructure in economies including India, Vietnam, China and Thailand is anticipated to drive market growth.
Welded systems emerged as the leading product segment and accounted for over 20% of total market revenue in 2014. Owing to its widespread use in oil & gas, automobile, pharmaceuticals, petrochemicals and paper manufacturing industries, the segment is expected to gain share over other counterparts over the next seven years. This product segment is anticipated to increase penetration in oil & gas industry owing to reduced chance of leakage and enhanced corrosion resistance.
Further key findings from the study suggest: