The global plate & frame heat exchanger market is projected to grow from USD 7.21 billion in 2025 to USD 10.50 billion by 2030, according to a new report by MarketsandMarkets. This represents a compound annual growth rate (CAGR) of 7.8% over the forecast period.
Growth is attributed to stricter energy efficiency regulations, industrial modernization, and sustainability goals. The technology’s compact design, thermal efficiency, and ease of maintenance are driving adoption across sectors such as power generation, chemical processing, food and beverage, and district heating.
The welded heat exchanger segment is forecasted to be the fastest growing due to its durability under high pressure and temperature, and resistance to corrosion and leakage. These features make welded models suitable for oil & gas, chemical, and power applications.
The HVAC & refrigeration segment is expected to record the highest growth among application areas. Rising demand for energy-efficient systems in residential, commercial, and industrial buildings is contributing to the segment’s expansion. Use cases include chilled water systems, heat recovery, and district cooling.
Asia Pacific held the second-largest share of the global market in 2024, driven by industrial growth and infrastructure development in countries such as China, India, Indonesia, and Vietnam. The region’s emphasis on energy efficiency in industrial and building sectors supports continued market expansion.
The report includes profiles of major companies such as ALFA LAVAL (Sweden), Danfoss (Denmark), Kelvion Holding GmbH (Germany), SPX Flow (US), XYLEM (US), API Heat Transfer (US), H. Guntner (UK) LTD. (UK), Boyd Corporation (US), Johnson Controls (Ireland), and Wabtec Corporation (US).
