Plate Finned Heat Exchanger Market Size, Share, Growth and Industry Analysis by Type (Aluminum Type Plate Finned Heat Exchanger, Stainless Steel Type Plate Finned Heat Exchanger, And, Others) By Application (Air Separation Industry, Petrochemical Industry, Dynamical Machine, National Defense Industry, And, Others) Regional Forecast By 2031

Updated On: 22 April 2024

Plate Finned Heat Exchanger Market Report Overview

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The plate finned heat exchanger market size is anticipated to be worth USD 1406 million in 2020, as per our research, the market is projected to touch USD 2116.01 million by 2031 with a CAGR of 3.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A plate finned heat exchanger is a kind of heat exchanger that has a core which is made up of flat plates with alternating layers of fins. The finned design that is present in the heat exchanger will increase the heat transfer surface area. This will enable efficient heat exchange between two fluids. This equipment is commonly used in applications where space is limited, as the compact design allows for high heat transfer rates within a small footprint.

These exchangers also have plenty of applications in industries such as aerospace, automotive, HVAC, and oil and gas, where efficient heat transfer and compactness are highly essential. All the above-mentioned factors have played a crucial role in the plate finned heat exchanger market share.

COVID-19 Impact

"Downfall of Automotive and Aerospace Market During Pandemic Decreased Market Growth"

The outbreak of COVID-19 pandemic has had an adverse impact on the global economy.  Several sectors faced downfall during the pandemic period. The downfall of these sectors can be attributed to certain factors such as supply chain disruptions and manufacturing restrictions. These factors caused delays and shortages in the production of heat exchangers, including plate finned models.

Along with this, the reduced availability of raw materials further increased the challenges faced by manufacturers. These heat exchangers are used in both automotive as well as aerospace industries. Both of these sectors faced downfall during the period of COVID-19.  Therefore, the market suffered during the pandemic.

LATEST TRENDS

"Incorporation of Innovative Fin Designs to Increase Market Growth"

Manufacturers are bringing out many new innovations in the design and structure of the heat exchangers. There is high demand for compact and lightweight plate finned heat exchangers. Compact heat exchangers will meet the demand for space-saving solutions. Innovative fin designs are being incorporated.  

Industries are providing more emphasis on using eco-friendly materials and coatings in order to improve corrosion resistance and reduce environmental impact. Many technological advancements such as integration of digital monitoring and control systems, predictive maintenance, and remote operation have increased the efficiency of the equipments. These trends together are amplifying the scope for the market.

Plate Finned Heat Exchanger Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Aluminum type plate finned heat exchanger, stainless steel type plate finned heat exchanger, and, others. The aluminum type plate finned heat exchanger segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Air separation industry, petrochemical industry, dynamical machine, national defense industry, and, others. The air separation industry segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Rising Need for Energy-efficient Solutions to Accelerate Market Growth"

Numerous driving factors are shaping the market. Growing need for energy-efficient solutions has driven the demand for plate finned heat exchangers. These equipments offer high heat transfer rates and compact designs, enabling efficient heat exchange while minimizing energy consumption. Both the automotive and aerospace industries have space-constrained applications and there they incorporate these heat exchangers.

A lot of new advancements in material technologies are being made. They include improved corrosion resistance and durability. These qualities make the plate finned heat exchangers ideal for many applications. The adoption of heat exchangers also promotes energy conservation and reduce greenhouse gas emissions. These factors are accelerating the market growth and development.

"Growing Demand for Heat Recovery Systems in Industrial Procedures to Propel Market Growth "

In addition to energy efficiency, material advancements, and compactness a few other driving factors influence the demand of plate finned heat exchangers. Heat recovery systems have become an absolute necessity in industrial processes. These equipments enable the recovery and utilization of waste heat, which helps in cost savings and improved overall energy efficiency.

Furthermore, the increasing adoption of renewable sources of energy, such as solar and geothermal power has created a need for efficient heat exchange systems. Lately, automotive and electronics industries are also expanding. Many industries are now focusing on thermal management and cooling applications. All of the above-mentioned factors are increasing the plate finned heat exchanger market growth.

RESTRAINING FACTOR

"Complex Operating Conditions to Bring Down Market Growth"

There are some disadvantages when it comes to plate finned heat exchangers, that can challenge the market growth. High cost associated which is associated with the manufacturing and installation of these heat exchangers can become a major problem. These equipments also require intricate design and specialized materials.

Heat Exchangers cannot operate effectively under certain circumstances such as high temperatures or corrosive environments. This will reduce their effectiveness and durability. It is also very difficult to maintain the heat exchangers for a long period of time. Requirement of specialized engineering and expertise can further deteriorate the market growth.

Plate Finned Heat Exchanger Market Regional Insights

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"Asia Pacific to Dominate Market in Upcoming Years"

Asia Pacific is the leading region in the market during the forecast period both in terms of revenue and production. This region occupies nearly one-fourth of the market share. Asia Pacific is a significant market, driven by industries such as automotive, aerospace, and HVAC, which require compact and efficient heat exchange solutions.

This region also has a strong manufacturing base and emphasis on energy efficiency. Rapid urbanization, industrialization, and infrastructure development further contribute to the growth of Asia Pacific in this market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• - Linde Engineering (Germany)
• - CHART (U.S.)
• - Five Cryo (China)
• - Sumitomo Precision (Japan)
• - AKG (Germany)
• - Kobe Steel (Japan)
• - Triumph (U.K.)
• - API (U.S.)
• - Donghwa Entec (South Korea)
• - Lytron (United States)
• - Hongsheng (China)
• - Hangyang (China)
• - Yonghong (China)
• - Xinsheng (China)
• - Zhongtai Cryogenic (China)
• - Jialong (China)
• - Guanyun (China)
• - Fang Sheng (China)
• - KFAS (Kuwait)
• - Airtecc (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Latest trends that have been introduced in the market is also listed. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The key industry players present in the market have also been listed to provide to provide a good understanding of the competition prevailing in the market.