The global welded plate and block heat exchanger market size is likely to touch USD 1.2 billion by the end of 2025. The market is predicted to witness 5.9% CAGR from 2019 to 2025, as reported by Million Insights in its new report. Increasing demand for welded plate heat exchangers in power generation, petrochemicals, HVAC and refrigeration, and food & beverages industry, particularly in emerging regions is driving the product demand.
In industrial machinery, welded plate heat exchangers are used in enhancing the efficiency of heat transfer. Further, increasing demand for thermal management facility that occupies low space is gaining traction, thereby attributing to the growth of the market.
By end-use segment, HVAC and refrigeration category is predicted to occupy the largest share in the market from 2019 to 2025. It is estimated that the segment would account for USD 276.1 million by the end of 2025. The rise in consumer spending coupled with growing use in thermal management systems in both commercial and residential application is driving the segment growth.
The demand for heat recovery in various industries such as food and beverage, HVAC and chemical is gaining traction. In 2018, the food and beverages segment emerged as the second-largest segment and it is predicted to register 6.9% CAGR over the next six years. Concern regarding growing the shelf-life of different food products and beverages is driving the segment growth.
Market Share Insights
The market is characterized by the presence of both local and international players involved in procuring raw materials, designing, manufacturing, testing, and distributing welded plate heat exchangers. Merger and acquisition are among several other strategic initiatives adopted by market players. Strategic initiatives help market players in developing technically advanced products. Major players operating in the market are SPX Flow, Nexson Group, Danfoss, Tranter Inc., Tranter Inc., Barriquand Group, and WCR, Inc. among others.
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In 2018, Asia Pacific was the largest shareholder with over 38% of the share in the market. Further, the APACis projected to register a 7.8% CAGR over the forecast duration. Increasing construction activities in both commercial and industrial domains are driving the growth of the HVAC market, which, in turn, augmenting the product demand. In addition, favorable initiatives by the government in Japan and India to develop solar and thermal energy are driving the market growth.
On the other hand, North America is predicted to account for USD 191.9 million by the end of 2025. Further, the region is expected to register a 4.8% CAGR from 2019 to 2025. Rising demand from the oil and gas industry across Canada and the United States is propelling regional growth. In addition, the region is witnessing high demand for energy from both commercial and industrial sectors, thereby, positively driving the market demand.
CSA is predicted to witness robust growth with an 8.3% CAGR from 2019 to 2025. Countries such as Venezuela, Brazil, and Mexico are witnessing high demand from their oil and gas industries. Moreover, these countries are also seeing increased demand from the food and beverages industries.
Impact of COVID-19
The outbreak of COVID-19 has adversely affected the global market growth. The pandemic outbreak has led to the closure of heat exchangers manufacturing units as the government of various countries imposed lockdown. In addition, the weak supply chain disrupted manufacturing activities. Various end-user industries such as food & beverages, pulp & paper, HVAC & Refrigeration, petrochemicals, and others also witnessed sluggish demand for welded plate heat exchangers in the second quarter of 2019, thereby, slowing down the growth of the market.
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