Brazed Plate Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Single-circuit, Multi-circuit), By Application (HVAC-R, Food & Beverage), By Region (Europe, APAC), And Segment Forecasts, 2023 - 2030

Report Overview

The global brazed plate heat exchangers market size was valued at USD 0.99 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% over the forecast period. Rising utilization in floor heating, economizers, oil coolers, condensers, refrigerant evaporators, super-coolers, and various other industrial applications is expected to drive the market. The COVID-19 pandemic has had a severe impact on various end-use industries, and stringent government actions, such as the shutdown of major economies, have brought most industries to a halt. The implementation of safety regulations reduced demand from the manufacturing industries, affecting the industry's growth.

Furthermore, strong changes brought about by the pandemic in the industry’s supply chain, as well as the growing desire for a sustainable environment, are forcing enterprises to adjust their tactics, thereby driving market growth. Stringent carbon emission regulations, particularly in the U.S., are expected to increase product demand. In addition, increasing electricity prices over the last decade are likely to boost the demand for low-power-consuming equipment, including brazed plate heat exchangers. Multi-circuit exchangers are often used in industries with high production levels. Over the projected period, the industry is expected to dominate the U.S. region.

This is due to rising product demand from air conditioning and refrigeration applications. Owing to the reduced footprint and rising demand for smaller items, brazed plate heat exchangers have become more popular among HVAC equipment makers. This has increased product demand. The HVAC-R industry is witnessing significant growth owing to increasing infrastructure development. The increasing construction of residential buildings, offices, and industries has resulted in high demand for HVAC-R products. Brazed plate heat exchangers are a very important component of HVAC-R products.

Brazed plate heat exchangers are experiencing heavy growth owing to their smaller size and low power consumption. Manufacturing in the U.S. contributes USD 2.3 trillion to the GDP, employs 12 million people, and sustains hundreds of local economies. Despite accounting for only 8% of direct employment and 11% of the U.S. economy, the sector contributes significantly to the economy, accounting for 20% of capital investment, 35% of productivity growth, 60% of exports, and 70% of company R&D expenditures. Infrastructure development coupled with rapid industrialization is anticipated to boost product demand in the country over the forecast period.

Product Insights

The multi-circuit product segment led the industry in 2022 and accounted for the largest share of more than 65.10% of the global revenue. Brazed plate heat exchanger demand is expected to increase due to economic effectiveness, reduced carbon footprints, and increased energy efficiency, especially in applications for refrigeration, air conditioning, chillers, and heat pumps. The brazing method eliminates gasketed joints in a brazed plate and frame heat exchangers, allowing for high fluid pressures and temperatures. The market is primarily driven by the demand for refrigeration in industrial applications. For instance, in October 2021, Alfa Laval launched Alfa Laval AC74 to improve energy efficiency and enable the use of refrigerants with a low global warming potential.

They are highly corrosion-resistant due to the stainless-steel plate composition with copper brazing. Brazed plate heat exchangers are up to five times more efficient than shell & tube heat exchangers. Furthermore, heat recovery can be improved significantly by a simple exchange of existing shell-and-tubes for compact heat exchangers. Brazed plate heat exchangers use significantly lesser space owing to their versatile and compact design as compared to shell and tube heat exchangers. The single-circuit product segment is expected to progress at a lucrative CAGR over the forecast period. The product is frequently utilized in water heating and heat pump applications. The rising demand for water heating applications as a result of increased building, office, and industrial construction is likely to drive segment growth.

Application Insights

The HVAC-R application segment led the industry in 2022 and accounted for the largest share of around 24.0% of the global revenue. Growing construction projects such as new supermarkets, apartments, swimming pools, and public buildings are expected to augment the demand for HVAC-R over the forecast period. In the oil & gas industry, brazed plate heat exchangers are required for cooling water or air without phase change and condensing, which involves condensing vapor or vapor mixture. Furthermore, the product is used in the liquefaction of natural gas and refining process in cracking units, thereby driving the product demand in the oil & gas industry. The food & beverage segment is expected to expand at the fastest CAGR over the forecast period.

Brazed plate heat exchangers are used in the processing of prepared dishes, vegetables & fruits, preservatives & jams, beverages, confectionaries, seafood, and meat. Growing awareness about corrosion resistance in food processing facilities and hygiene is expected to drive the demand for brazed plate heat exchangers over the forecast period. The adoption of brazed plate heat exchangers in hydroelectric dams in the form of coolers for minimizing the downtime of the turbines, generators, and transformers is anticipated to drive the segment. Furthermore, these devices are used in the power generation industry in the form of oil coolers, exhaust gas heat exchangers, and header tank heat exchangers. Thus, the rising energy demand is anticipated to have a positive impact on industry growth.

Regional Insights

The Europe region led the industry in 2022 and accounted for over 33.60% of the global revenue. Increasing production activities in offshore areas and exploration are expected to fuel industry growth over the forecast period. Furthermore, recent oil & gas projects in the European region are expected to positively influence the market in the coming years. The demand for heat exchangers in North America is likely to be driven by the increased product adoption in key application sectors, including chemical, petrochemical, oil & gas, and power generation. The U.S. produced a record amount of natural gas in 2021.

In addition, the country maintained a decisive 23.1% of the world’s natural gas production during the year, outpacing both Russia (17.4%) and the entire Middle East (17.7%). Moreover, increasing oil & gas exploration activities in the U.S. and Canada are expected to drive the demand for heat exchangers in the region. The Asia Pacific region is estimated to register the fastest CAGR from 2023 to 2030. The region is characterized by several developing countries, such as China, India, Thailand, and Indonesia, as well as developed countries, such as Japan and Australia.

In 2020, the APAC region generated 45% of the world’s chemical manufacturing, 7% of the world’s GDP, and more than 69% of all chemical industry jobs worldwide. In addition, increasing investments in the chemical sector are expected to positively impact the regional market. The availability of substantial oil & gas reserves in Brazil, Argentina, Venezuela, and Colombia is projected to benefit the market. Furthermore, the significant potential for tight oil & gas in Argentina’s Vaca Muerta region is likely to boost demand for new oil & gas refineries over the forecast period. This, in turn, is predicted to increase the demand for brazed plate heat exchangers.

Key Companies & Market Share Insights

The industry comprises both global as well as regional players that are engaged in designing, manufacturing, and distributing heat exchangers. In March 2022, Alfa Laval launched the AC65 brazed plate heat exchanger to meet the growing demand for next-generation heat exchangers. In February 2022, Alfa Laval launched AC540 brazed plate heat exchangers, such as ACK540, ACH540, CBP540, and ACP540, which were manufactured in San Bonifacio, Italy. Some of the prominent players in the global brazed plate heat exchangers market include:

• Alfa Laval

• Danfoss

• Kelvion Holding GmbH

• SWEP International AB

• Xylem Inc.

• API Heat Transfer

• AIC

• Hisaka Works, Ltd.

• Charts Industries, Inc.

Brazed Plate Heat Exchangers Market Report Scope

Global Brazed Plate Heat Exchangers Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global brazed plate heat exchangers market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Single-circuit

  • Multi-circuit

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • HVAC-R

  • Chemical & Petrochemical

  • Food & Beverage

  • Power Generation

  • Heavy Industry

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • France

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • UAE