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.
In 2018, Asia Pacific emerged as the leading market and it is estimated to account for USD 541.6 million by the end of the forecast year, expanding at 7.8% CAGR from 2019 to 2025. The rise in consumer expenditure and increasing urbanization are attributing to the regional growth. On the other hand, North America is estimated to grow at a significant pace owing to the rise in construction of new chemical facilities in the U.S.
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Further key findings from the report suggest:
• The United States market is estimated to register 1.8% CAGR from 2019 to 2025.
• In 2018, the value of European market was USD 248.3 million and the region is estimated to witness significant growth due to the increasing automobile and construction activities.
• Central and South America is predicted to grow at 8.3% CAGR over the forecast duration, primarily because of rising oil and gas industry in Brazil and Venezuela.
Million Insights has segmented the global welded plate and block heat exchanger market on the basis of end use and region:
Welded Plate And Block Heat Exchanger End Use Outlook (Revenue, USD Million, 2014 - 2025)
• Food & Beverages
• HVAC & Refrigeration
• Power Generation
• Pulp & Paper
Welded Plate And Block Heat Exchanger Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa