Widespread application in power plants owing to compact size and lower maintenance has resulted in this high market penetration . It is widely used for cooling , heating , evaporation , condensation and heat recovery applications . The market is expected to have a positive impact on account of growing gasket heat exchanger demand , especially in petrochemical and power generation and automotive sector .
Increasing use in floor heating , economizers , refrigerant evaporators , oil coolers , condensers and super-coolers is expected to serve the brazed plate heat exchanger market significantly however , the market can face a few challenges with respect to competition from new market players thereby impacting the growth of plate heat exchanger industry from 2016 to 2024 . Further , the conventional technology is being replaced with highly efficient substitutes which are expected to pose a major threat to market growth . On the other hand , welded plate heat exchanger is anticipated to experience high growth owing to its rising use in numerous industries such as petrochemical , automobile , paper manufacturing and pharmaceuticals on account of improved features in performance . In 2014 , HVAC contributed to over 20.0 % of the overall market and is anticipated to witness high growth in the next eight years . Asia Pacific is expected to fuel demand in the sector on account of growing construction projects in Asia Pacific over the review period .
Browse Full Research Report @ https :// www . millioninsights . com / industry-reports / plate-and-frame-heat-exchanger-market
Rising need for efficient thermal management in commercial and residential establishments coupled with increasing consumer spending is anticipated to propel HVAC demand from 2016 to 2024 . HVAC systems form a key segment under heat exchangers . Rising awareness concerning energy management and conservation and cutback in energy bills is expected to propel demand for the product in HVAC sector .
Chemical industry constituted for nearly 20 % of plate and frame systems market revenue in 2014 . Key products in chemical industry include inorganic chemicals , petrochemicals and fertilizers . Petrochemical derivatives such as ethylene , base chemicals and polymers and methanol involve crucial conditions that involve well-organized and efficient thermal management systems in the manufacturing units . Production capacity expansions and mergers and acquisitions of chemical facilities in Asia Pacific and Europe are anticipated to fuel chemical market from 2016 to 2024 .
Europe emerged as the largest regional segment and is thereby expected to grow at an estimated CAGR exceeding 6.3 % over the forecast period . However , high growth regions such as Asia Pacific and CSA regions may pose a threat to the European market and capture a part of the overall market share over the forecast period . Recent improvements in nuclear and renewable energy segments are projected to enhance requirements in the power generation segment in Europe . Additionally , the plate and frame heat exchanger