This news is classified in: Traditional Energy Oil and Gas
Mar 19, 2020
The report "Brazed Plate Heat Exchangers Market by Application (Evaporator, Condenser, And Economizer), End-use Industry (HVACR, chemical, food & beverage, power, heavy industries, and others), and Region - Global Forecast to 2024" The BPHEs market is expected to grow from USD 799 million in 2019 to USD 1,120 million by 2024, at a CAGR of 7.0%. The major factors driving the BPHEs market include growth of the global construction sector and increasing use of HVACR systems in the sector along with technological developments in BPHEs.
BPHEs market in the HVACR industry projected to register the highest CAGR during the forecast period.
The global construction sector is growing rapidly, owing to the increasing focus and investments in the sector. This growth of the sector is expected to increase the demand of HVACR systems. BPHEs are used in HVACR systems, and hence, the BPHEs market in HVACR industry is expected to witness the highest growth rate.
Europe is the leading BPHEs market.
Europe is the largest market of BPHEs. This region has the presence of most global leaders operating in the BPHEs market. The European region has a big HVACR industry along with stringent energy efficiency regulations, which boosts the demand for BPHEs in region. In addition, the region has one of the largest chemical production sectors in the world, which helps the growth of BPHEs market in Europe.
