The Brazed Plate Heat Exchangers (BPHEs) 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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Brazed Plate Heat Exchangers (BPHE) are compact and efficient devices used for transferring heat between two fluids. They consist of a series of thin, corrugated plates stacked together and brazed (welded) at the edges. The brazing process ensures a strong and leak-proof construction. The fluids flow through alternating channels in the plates, allowing for efficient heat transfer.
Brazed Plate Heat Exchangers are commonly used in various applications, such as HVAC (Heating, Ventilation, and Air Conditioning) systems, refrigeration units, industrial processes, and renewable energy systems. They offer advantages like high heat transfer rates, low pressure drops, space-saving design, and cost-effectiveness. Due to their efficiency and compact size, they are popular choices for heat transfer needs in many industries.
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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.
SWEP (Sweden) is focusing on the new product launch strategy to maintain its leading position in the BPHEs market. For example, the company has launched DV650 evaporator in January 2020. DV650 is the biggest BPHE within the company’s True Dual range of heat exchangers. It is mainly designed to target chillers and heat pump applications with a higher temperature approach.
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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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