The Brazed Plate Heat Exchangers Market size is expected to grow from USD 799 million in 2019 to USD 1,120 million by 2024, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. The major driving factors for the market are growth of global construction sector and increasing use of HVACR systems in this sector.
Browse 73 market data Tables and 34 Figures spread through 106 Pages and in-depth TOC on "Brazed Plate Heat Exchangers Market by Application (Evaporator, Condenser, And Economizer), End-use Industry (HVACR, chemical, food & beverage, power, heavy industries, and others), and Region - Global Forecast to 2024”
SWEP (Sweden) is focusing on the new product launch strategy to maintain its leading position in the BPHEs market. For example, the company has launched DV650 evaporator in January 2020. DV650 is the biggest BPHE within the company’s True Dual range of heat exchangers. It is mainly designed to target chillers and heat pump applications with a higher temperature approach.
Alfa Laval (Sweden) is progressing in the market by adopting the expansion strategy. In June 2019, the company established a BPHEs manufacturing plant in the US. This manufacturing plant will cater to the increasing demand in North America. It also provides quick response time and reduced lead times for its customer base in the US, which will help the company to increase its revenue from the North American region.
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BPHEs market in the HVACR industry projected to register the highest CAGR during the forecast period.
The global construction sector is growing rapidly, owing to the increasing focus and investments in the sector. This growth of the sector is expected to increase the demand of HVACR systems. BPHEs are used in HVACR systems, and hence, the BPHEs market in HVACR industry is expected to witness the highest growth rate.
Europe is the leading BPHEs market.
Europe is the largest market of BPHEs. This region has the presence of most global leaders operating in the BPHEs market. The European region has a big HVACR industry along with stringent energy efficiency regulations, which boosts the demand for BPHEs in region. In addition, the region has one of the largest chemical production sectors in the world, which helps the growth of BPHEs market in Europe.
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