The global gasketed plate heat exchanger market to witness massive growth owing to huge applicability of gasketed plate heat exchanger in the food & beverages and the pharmaceuticals industries.
Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, "Gasketed Plate Heat Exchanger Market by Type (Industrial GPHE, Wide Gap GPHE, Semi Welded GPHE), by Material (Stainless Steel, Titanium, Tungsten), by End User (Food and Beverage, Oil and Gas, HVAC and Refrigeration, Chemical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global gasketed plate heat exchanger market is predicted to gather $5.1 billion by 2031. The market accounted for $3.1 billion in 2021 is anticipated to rise at a CAGR of 5.2% during the 2022-2031 period. The report provides a comprehensive study of evolving market trends, regional scenarios, and the competitive landscape of the industry.
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Growth Drivers, Market Restraints, and Investment Opportunities
Extensive applications of gasketed plate heat exchanger in different industries including oil & gas exploration, food & beverage, and pharmaceuticals is anticipated to be the primary growth driver of the market. On the other hand, the possibility of leakages in heat exchanger owing to higher pressure drops might create hurdles in the growth of the market. Nonetheless, the growing need for gasketed plate heat exchanger from water purification and treatment plants is expected to create numerous growth opportunities in the market.
The industrial GPHE segment to be the most profitable by 2031
By type, the industrial GPHE segment accounted for the largest market share in 2021 with around two-thirds of the total share. Widespread use of gasketed plate heat exchanger in different industries including chemical manufacturing, biotechnology, pharmaceuticals manufacturing, food & beverages, and water & sewage is predicted to strengthen the segment’s growth. Moreover, the same segment is anticipated to have the highest CAGR of 5.6% during the forecast period.
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The stainless steel segment to be the most lucrative in the forecast period
By material, the stainless steel segment held the highest market share in 2021 and is predicted to garner around four-fifths of the total share in 2031. Moreover, the same segment is projected to have the highest CAGR of 5.4% during the analysis timeframe. Growing demand for petrochemicals and petroleum products such as binders and resins is expected to push the growth of the segment.
The food and beverage segment to dominate the market by 2031
By end user, the food and beverage segment accounted for the highest revenue in 2021 with around half of the total market revenue. Increasing demand for packaged products has led to improved demand for gasketed plate heat exchanger which is expected to propel the segment’s growth. Furthermore, the same segment is estimated to have the highest CAGR of 5.6% during the forecast period.
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Asia Pacific to gather a huge market share during the analysis timeframe
By region, the Asia-Pacific gasketed plate heat exchanger market gathered the maximum revenue in 2021 with around two-fifths of the total revenue in 2021. Increasing population and rapid urbanization in the region has led to an increase in use of water purification technologies in this region, thus helping the market to surge ahead. Moreover, the Asia-Pacific region is anticipated to have the highest CAGR of 5.6% during the forecast period.
Major Companies in the Industry:
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Danfoss
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Kelvion Holding GmbH
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Transcon Engineers Pvt. Ltd.
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Heatex Industries Ltd.
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Majestic Marine & Engineering Services
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Delta Cooling Towers P. Ltd.
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HRS Process Systems Ltd.
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Process Engineers and Associates
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Techtrans Engineers
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HYDAC International GmbH
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Xylem
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Tranter
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Alfa Laval
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Ved Engineering
The report has also studied these companies and the various strategies adopted by them, including mergers and acquisitions, to gain an upper hand over their peers in the industry.
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