The COVID-19 pandemic had a significant adverse impact on numerous end-use industries. Stringent government measures, such as the shutdown of major economies, brought much of global industrial activity to a standstill. Additionally, the enforcement of safety protocols curtailed manufacturing demand, negatively affecting market growth.

However, the pandemic also spurred major transformations in supply chains and heightened the focus on environmental sustainability, prompting companies to revise their strategies—thereby contributing to market expansion. Regulatory pressures, especially in the U.S., targeting carbon emissions are expected to further boost demand for brazed plate heat exchangers. Moreover, the steady rise in electricity costs over the past decade has accelerated the need for energy-efficient, low-power-consuming equipment, benefiting the market.

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Multi-circuit exchangers, in particular, are increasingly used in high-output industrial operations. Over the forecast period, the U.S. is expected to lead the market, driven by rising demand in air conditioning and refrigeration. Brazed plate heat exchangers have gained favor among HVAC manufacturers due to their compact design and smaller footprint, aligning with the growing demand for space-saving equipment.

The HVAC-R industry is experiencing robust growth, fueled by infrastructure development and increased construction of residential, commercial, and industrial buildings—all of which elevate the need for HVAC-R systems, where brazed plate heat exchangers are key components.

Product Insights

In 2022, the multi-circuit product segment dominated the market, accounting for over 65.10% of global revenue. This segment's leadership is attributed to its economic benefits, reduced environmental impact, and improved energy efficiency—particularly in refrigeration, air conditioning, chillers, and heat pump applications. The brazing technique used in these heat exchangers removes the need for gasketed joints, enabling operation under high pressure and temperature conditions.

Regional Insights

Europe led the global market in 2022, accounting for more than 33.60% of the total revenue. The region's growth is attributed to increased offshore production activities and ongoing oil & gas exploration projects, which are expected to sustain demand in the years ahead.

North America's market is also projected to expand, driven by the uptake of brazed plate heat exchangers in sectors such as chemicals, petrochemicals, oil & gas, and power generation. Notably, the U.S. achieved record natural gas production in 2021, highlighting the region’s capacity for large-scale energy projects.

Key Market Players

Alfa Laval

Danfoss

Kelvion Holding GmbH

SWEP International AB

Xylem Inc.

API Heat Transfer

AIC

Hisaka Works, Ltd.

Chart Industries, Inc.

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