The global brazed plate heat exchangers market was valued at USD 0.99 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.3% over the forecast period. This growth is driven by increasing usage across various applications, including floor heating systems, economizers, oil coolers, condensers, refrigerant evaporators, super-coolers, and a wide range of industrial processes.

The COVID-19 pandemic had a significant adverse impact on numerous end-use industries. Stringent government measures, such as the shutdown of major economies, brought much of global industrial activity to a standstill. Additionally, the enforcement of safety protocols curtailed manufacturing demand, negatively affecting market growth.

However, the pandemic also spurred major transformations in supply chains and heightened the focus on environmental sustainability, prompting companies to revise their strategies—thereby contributing to market expansion. Regulatory pressures, especially in the U.S., targeting carbon emissions are expected to further boost demand for brazed plate heat exchangers. Moreover, the steady rise in electricity costs over the past decade has accelerated the need for energy-efficient, low-power-consuming equipment, benefiting the market.

Multi-circuit exchangers, in particular, are increasingly used in high-output industrial operations. Over the forecast period, the U.S. is expected to lead the market, driven by rising demand in air conditioning and refrigeration. Brazed plate heat exchangers have gained favor among HVAC manufacturers due to their compact design and smaller footprint, aligning with the growing demand for space-saving equipment.

The HVAC-R industry is experiencing robust growth, fueled by infrastructure development and increased construction of residential, commercial, and industrial buildings—all of which elevate the need for HVAC-R systems, where brazed plate heat exchangers are key components.

Product Insights

In 2022, the multi-circuit product segment dominated the market, accounting for over 65.10% of global revenue. This segment's leadership is attributed to its economic benefits, reduced environmental impact, and improved energy efficiency—particularly in refrigeration, air conditioning, chillers, and heat pump applications. The brazing technique used in these heat exchangers removes the need for gasketed joints, enabling operation under high pressure and temperature conditions.

The growing demand for refrigeration in industrial settings is a key market driver. For example, in October 2021, Alfa Laval introduced the AC74 model to enhance energy efficiency and support the use of refrigerants with low global warming potential.

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Application Insights

The HVAC-R application segment led the market in 2022, contributing approximately 24.0% of the global revenue. Increased construction activity, including the development of supermarkets, residential complexes, swimming pools, and public infrastructure, is expected to further drive HVAC-R demand during the forecast period.

In the oil & gas sector, brazed plate heat exchangers are utilized for processes such as cooling without phase change and condensing vapor mixtures. These devices also play a crucial role in natural gas liquefaction and the refining process, especially in cracking units—boosting their adoption in the industry. The food & beverage sector is anticipated to register the highest CAGR over the forecast period.

Regional Insights

Europe led the global market in 2022, accounting for more than 33.60% of the total revenue. The region's growth is attributed to increased offshore production activities and ongoing oil & gas exploration projects, which are expected to sustain demand in the years ahead.

North America's market is also projected to expand, driven by the uptake of brazed plate heat exchangers in sectors such as chemicals, petrochemicals, oil & gas, and power generation. Notably, the U.S. achieved record natural gas production in 2021, highlighting the region’s capacity for large-scale energy projects.

Key Market Players

Prominent companies operating in the global brazed plate heat exchangers market include:

  • Alfa Laval
  • Danfoss
  • Kelvion Holding GmbH
  • SWEP International AB
  • Xylem Inc.
  • API Heat Transfer
  • AIC
  • Hisaka Works, Ltd.
  • Chart Industries, Inc.

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