Brazed plate heat exchangers comprise small-sized exchangers which are used to transfer heat between two fluids without having to bear the risk of the fluids getting mixed. These exchangers are used for both heating and cooling purposes. In many industries, cooling functions are used more than the heating functions so as to avoid overheating of volatile substances that can damage the equipment. Additionally, there are other advantageous properties of brazed plate heat exchangers including small footprint, low maintenance cost, and cost efficiency that make the global brazed heat exchangers market lucrative.
According to a survey report, in 2018, the global brazed plate heat exchangers market was valued at USD 859.1 million. The market is estimated to record a compound annual growth rate (CAGR) of 7.5 per cent till 2026. With the increasing utilization of the product in economizers, super-coolers, floor heating, oil coolers, condensers, refrigerant evaporators, and numerous other industrial applications, the global brazed plate heat exchangers market is estimated to propel.
On the basis of product, the global brazed plate heat exchangers market is segmented into single circuit and multi circuit. With respect to revenue, the multi-circuit product segment has dominated the market, capturing approximately 65 per cent of the total market share in 2018 and is likely to dominate during the forecast period. Multi-circuit brazed plate heat exchangers offer advantages including smaller footprint, low maintenance cost, and energy efficiency. The growing consumption of multi-circuit exchangers in HVAC applications is expected to drive their demand during the forecast period. Next, with respect to revenue, single circuit product segment was estimated at USD 298.3 million in 2018 and is likely to project a moderate growth rate over the forecast period. Single circuit brazed plate heat exchangers are experiencing moderate growth rate because of their increasing demand for use in heat pumps and water heating applications, which, in turn, would propel the market growth of single circuit brazed plate heat exchangers.
On the basis of application, the global brazed plate heat exchangers market is categorized into HVAC, industrial, and others. The HVAC application segment is likely dominate the market during the forecast period. In terms of global market, the United States is one of the largest markets for brazed plate exchangers given their growing urbanization and highly developed technology industries.
Europe is anticipated to be the global leader and account for 34 per cent revenue share by 2026. Within Europe, Germany, Italy, and France are anticipated to influence the growth of the global brazed plate heat exchangers market over the forecast period. The increasing governmental investments in infrastructure development are driving the product demand in the European region. Increasing infrastructure developments including buildings, offices, and industries are expected to trigger the demand for HVAC systems and, in turn, the demand for brazed plate heat exchangers. Similarly, new infrastructural advancements in numerous developing countries of North America and Asia Pacific are going to drive the market growth.
Some of the companies that dominate the global brazed plate heat exchangers include Alfa Laval AB, GEA Group Aktiengesellschaft, SWEP International AB, Danfoss A/S, Kelvion Holding GmbH, Hisaka Works Ltd., and SPX flow, Inc. making the market highly competitive and hence the players need to engage in constant innovation to maintain market position.