17-Jan-2020: The global welded plate and block
heat exchanger market size is anticipated to reach USD
1.2 billion by 2025, exhibiting a CAGR of 5.9% over the forecast period,
according to a new report published by Grand View Research, Inc. The market is
anticipated to be driven by the growing demand for the product in HVAC &
refrigeration, power generation, and petrochemical industries, especially in
emerging economies in Asia Pacific and CSA regions.
Welded plate &
block heat exchangers play a significant role in enhancing heat transfer
efficiency of industrial machinery. Growing demand for efficient thermal
management systems with low space requirements is expected to drive the demand
for plate & block heat exchangers over the forecast period.
Growth of
industrial sectors including food & beverages, chemicals, pulp & paper,
power generation, metal & mining, textiles, and oil & gas is leading to
an increase in the requirement for highly-efficient and compact heat
exchangers, which, in turn, is expected to drive the growth of the market over
the forecast period.
Based on end use,
HVAC & refrigeration segment is expected to be the largest segment in the
global market and the trend is expected to continue over the forecast period.
The segment is expected to reach USD 276.1 million by 2025. HVAC &
refrigeration end-use segment dominated the market in 2018 owing to increasing
consumer spending coupled with the growing demand for thermal management in
residential and commercial establishments.
Increasing
requirement for heat recovery applications in chemical, HVAC, and food &
beverage sectors is expected to drive the demand for welded plate & block
heat exchangers over the forecast period. Food & beverages segment was the
second-largest segment in the market in 2018 and is projected to grow at a CAGR
of 6.9% from 2019 to 2025. Growing concerns regarding the shelf life of
processed food and alcoholic beverages are expected to drive the product demand
over the forecast period.
Asia Pacific was
the largest market in 2018. The region is expected to be valued at USD 541.6
million by 2025, growing at an estimated CAGR of 7.8% over the forecast period.
Rapid urbanization and growing population in various countries including China
and India are expected to drive the industrial growth in the region. In the
U.S., growing refinery capacities and the establishment of new chemical plants
are expected to drive the market growth over the forecast period.
In
depth research report on Welded Plate and Block Heat Exchangers Market
Further key findings from the report suggest:
·
In terms of revenue, the U.S. market is projected to grow at
a CAGR of 1.8% over the forecast period
·
The European welded plate and block heat exchanger market was
valued at USD 248.3 million in 2018 and is projected to witness robust growth
over the forecast period owing to the rising construction and automobile
industries
·
CSA is expected to exhibit a remarkable growth rate of 8.3%
with increasing oil & gas activities in Venezuela and Brazil over the
forecast period.
Grand View Research
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)
·
Chemical
·
Food & Beverages
·
HVAC & Refrigeration
·
Petrochemicals
·
Power Generation
·
Pulp & Paper
·
Others
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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