As per the recently published report by MarketsandMarkets™, The “Plate and Tube Heat Exchanger Market by Material Type (Stainless Steel, Titanium Alloy, Copper, Aluminum, Nickel Alloys), End-use Industry (Chemical, Petrochemical & Oil, Gas, HVAC & Refrigeration, Power Generation), & Region – Global Forecast to 2028″, is projected to reach USD 884 million by 2028, at a CAGR of 6.5% from USD 645 million in 2023. The growing industrialization in emerging regions, coupled with stringent environmental and energy efficiency regulations, will contribute to the rapid growth in the demand for plate and tube heat exchangers.
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- 310 Market data Tables
- 149 Figures
- 278 Pages and in-depth TOC on “Plate and Tube Heat Exchanger Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The key global players in the plate and tube heat exchanger market include Alfa Laval (Sweden), Kelvion Holding GmbH (Germany), API Heat Transfer (US), HRS Heat Exchanger (UK), SPX Flow (US), Danfoss (Denmark), HFM Plate Heat Exchanger (China), Xylem (US), Wabtec Corporation (US), Thermex (UK) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the plate and tube heat exchanger market.
Recent Developments in Plate and Tube Heat Exchanger Market Industry
- In September 2023, to meet the increased demand from various end-use industries, the kelvion expanded its production capacities in Sarstedt. The facility can now produce an additional 150,000 heat exchangers per year.
- In May 2022, Alfa Laval announced a joint venture with SSAB group (Global Swedish Steel Company) to produce the first heat exchanger made using fossil-free steel. The aim of this collaboration is to have the first unit made with hydrogen-reduced steel in 2023. This partnership will help Alfa Laval AB’s journey to becoming carbon neutral by 2030.
- In July 2021, Exchanger Industries, a Canadian market leader and manufacturer of heat exchanger products, acquired HRS Heat exchangers Limited. This acquisition helps EIL accelerate its expansion in power generation, storage, and biofuel applications.