The demand for plate heat exchangers is highly influenced by the organic growth of various end-use industries such as petrochemical & chemical, power generation, oil & gas, and HVAC & refrigeration. The impact of the COVID-19 pandemic on demand for plate heat exchangers varied according to industry. Oil & gas, for instance, emerged as the most vulnerable industry, with demand falling by more than -15.1% in 2020. The pharmaceutical industry, on the other hand, witnessed a healthy growth of 4.8% in 2020. Lockdowns and production halts at petrochemical & chemical, oil & gas, and nuclear power plants around the world impacted the demand for plate heat exchangers.
In 2021, the market experienced an excellent rebound, driven by the combined effects of recovery in the economic activity and resumption of manufacturing in different industries such as oil & gas, petrochemical & chemical, and power generation. Overall, the plate heat exchangers market is estimated to grow at a healthy CAGR of 5.7% during the forecast period to reach a value of US$ 4.7 Billion in 2027.
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