Brazed Plate Heat Exchangers Market size is expected to grow at USD 1,120 million by 2024

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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