The size of the plate-and-frame heat exchanger market will power at a compound annual growth rate of 5.7% during 2022-2030, to touch a value of USD 8912.9 million by 2030.
This considerable growth is due to increasing demand for these machines as a result of rapid industrialization and urbanization in developing countries. These machines are used in the manufacturing, automotive and construction sectors for heating, air conditioning, ventilation and purification.
This has encouraged investments from industries such as food & beverages, petrochemicals & chemicals, and HVAC & refrigeration. Further, the global expansion of nuclear energy infrastructure adds up to the rising demand for plate-and-frame heat exchangers.
These heat exchangers transfer heat between different fluids and they have closely spaced stainless steel plates, which are sealed with gaskets. The plates are particularly designed to form channels through which fluids can flow, enabling effective heat transfer.
The welded type was the fastest-growing category due to the extensive use of these alternatives in industries, such as HVAC & refrigeration, pharmaceuticals, power generation, pulp & paper, petrochemicals, and oil & gas. Some other factors include, their extraordinary resistance to corrosion, as well as reduced susceptibility to leakages under high pressures and temperatures.
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Further, the HVAC and refrigeration sector benefits from surging use of cutting-edge central air conditioning systems, increasing urbanization rate, growing population and increasing consumer demand for energy-efficient buildings and appliances.
Further, the public investments in digital and transportation infrastructure are expected to contribute to economic growth and European region is known for their significant chemical manufacturing and exporting capabilities globally which help in boosting the growth of the industry.