The brazed plate heat exchangers market size was valued at US$ 1.12 billion in 2022 and is expected to reach US$ 2.11 billion by 2030; it is estimated to record a CAGR of 8.3% from 2022 to 2030.Increasing focus on compact and lightweight designs is likely to remain key trend in the market.
The growing adoption of brazed plate heat exchangers in the food & beverages industry, the expanding pharmaceutical industry, and the rising use of brazed plate heat exchangers in the HVACR industry are driving the market. The market is projected to expand at a significant pace during the forecast period, due to the growing number of renewable energy projects. Moreover, government initiatives to promote the use of renewable energy technologies and the increasing adoption of new technologies among industries are creating lucrative opportunities for the market.
Brazed plate heat exchangers are devices that perform a variety of functions in a heating or cooling system, including condensers, evaporators, oil or gas coolers, and other heat or cooling transfer functions. Brazed plate heat exchangers are compact, efficient and maintenance-free devices built for task optimization, with a number of distinct features that provide improved thermal performance and optimal dependability. Brazed plate heat exchangers are widely employed in a variety of industries, particularly large-scale residential heat networks. They play an essential role in providing air conditioning processes and production, refrigeration, data center cooling, and home heating.
Brazed plate heat exchangers (BPHEs) are widely used in the food & beverages industry for a variety of applications, including heating, cooling, and sterilization. BPHEs are commonly used to heat and cool a variety of liquids, such as milk, juice, water, and syrup. They are also used to heat and cool fermentation tanks and other vessels. Moreover, as of October 2022, the German food industry's revenues climbed 17.3% year over year to US$ 21.2 billion from 2021, as reported by the Federation of German Food and Drink Industries (BVE). Food makers in Germany made US$ 14.1 billion in sales in 2021, an increase of 18.5% over the same period in 2020. Thus, the growing food & beverage industry propelled the market growth in the country.
The governments of various nations are providing incentives for the use of renewable energy technologies. This is creating opportunities for brazed plate heat exchangers, which can be used to heat and cool buildings using geothermal energy, solar energy, and other renewable energy sources. The Canadian Net-Zero Emissions Accountability Act mandates that, in terms of targets, the federal government attain net-zero greenhouse gas (GHG) emissions by the year 2050. In addition, Canada has committed to establishing a Clean Energy Standard under the Canadian Environmental Protection Act, promoting the development of renewable energy sources, and linking areas to clean power in order to mandate that all electricity generation be net-zero by 2035. In order to encourage significant investments in clean growth and clean electricity, the federal budget for 2023 allocated US$ 70 million to these areas. It included a significant increase in investment tax incentives. Thus, the rising focus on renewables is propelling the growth of the market as the brazed plate heat exchanger is widely used in renewables for heating purposes.
Key segments that contributed to the derivation of the brazed plate heat exchangers market analysis are product, application, and end-use industry.
The geographic scope of the brazed plate heat exchangers market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market in Asia Pacific is projected to expand during the forecast period due to the growing adoption of brazed plate heat exchangers in Australia, India, South Korea, China, and Japan to perform cooling or heating purposes in industries. Moreover, manufacturers in these countries are expanding their presence to deliver high-quality refrigeration systems for their customers through mergers and acquisitions. For instance, in May 2023, Johnson Controls International Plc announced it had entered into a definitive agreement to acquire Gordon Brothers Industries (GBI), Australia's largest industrial refrigeration (IR) solutions provider of refrigeration system design, construction, services, and parts. This acquisition will strengthen the presence of Johnson Controls International Plc in Australia and allow access to a variety of products and services, such as energy-efficient equipment with low global warming potential refrigerants. GBI's team will be trained to design, engineer, select, and price the equipment offered by Johnson Controls for its industrial refrigeration, HVAC, and heating ventilation systems. Thus, the rise in such agreements is bolstering the brazed plate heat exchangers market growth in the country.
The regional trends and factors influencing the Brazed Plate Heat Exchangers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Brazed Plate Heat Exchangers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.12 Billion |
| Market Size by 2030 | US$ 2.11 Billion |
| Global CAGR (2022 - 2030) | 8.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Brazed Plate Heat Exchangers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Brazed Plate Heat Exchangers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The brazed plate heat exchangers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the brazed plate heat exchangers market are listed below:
The “Brazed Plate Heat Exchangers Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Brazed Plate Heat Exchangers Market
The global brazed plate heat exchangers market is estimated to register a CAGR of 8.3% during the forecast period 2022–2030.
Europe dominated the brazed plate heat exchangers market in 2022.
The growing adoption of brazed plate heat exchangers in the food & beverages industry is the major factors that propel the global brazed plate heat exchangers market.
Increasing focus on compact and lightweight designs to play a significant role in the global brazed plate heat exchangers market in the coming years.
The key players holding majority shares in the global brazed plate heat exchangers market are Alfa Laval AB, API Heat Transfer Inc, Baode Heat Exchanger Equipment Co Ltd, Chart Industries Inc, Danfoss AS, Hisaka Works Ltd, Kelvion Holding GmbH, Paul Mueller Co, SWEP International AB, and Xylem Inc.
The global brazed plate heat exchangers market is expected to reach US$ 2.11 billion by 2030.