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.
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The major players in the market include Alfa Laval (Sweden), Kelvion (Germany), SWEP (Sweden), Danfoss (Denmark), Xylem (US), API Heat Transfer (US), Chart Industries (US), Hisaka Works (Japan), Kaori (Taiwan), Paul Mueller Company (US), Baode Heat Exchanger (China), Barriquand Group (France), Boyd Corporation (US), Diversified Heat Transfer (US), Funke (Germany), HRS Heat Exchangers (UK), HYDAC (Germany), Onda (Italy), Secespol (Poland), and Weil-McLain (US).
These players have adopted various
growth strategies to further expand their presence in the market. New product
launch, expansion, and acquisition have been the leading strategies adopted by
the major players in the last five years, to strengthen their competitiveness
and broaden their customer base in the global BPHEs market.
HVACR is projected to be the fastest–growing end-use industry during the
forecast period.
On the basis of end-use industry, the BPHEs market
is segmented into HVACR, chemical, food & beverage, power, heavy
industries, and others. The HVACR industry is expected to grow rapidly owing to
increasing demand from the global construction sector. The global construction
sector is growing, owing to globalization, urbanization, rising standard of
living, increasing purchasing power parity (PPP), infrastructural development, and increasing need for
construction of megacities in emerging countries.
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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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