- Plate and frame heat exchangers are widely preferred due to their superior thermal efficiency, easy maintenance, compact structure, and ability to handle high pressures and temperatures
- Demand is primarily driven by growing energy efficiency requirements, equipment retrofitting in developed markets, and the rising need for process optimization in end-use industries
- Asia-Pacific is expected to lead the global market in 2025 in terms of revenue share, due to high industrial growth in countries such as China, India, and Southeast Asian nations
- North America is projected to register the fastest CAGR during the forecast period, supported by replacement demand, adoption of sustainable technologies, and growing investments in food & beverage and HVAC sectors
- The HVAC and refrigeration segment is expected to hold the largest market share of 29.3% in 2025, due to growing demand for temperature control in residential, commercial, and industrial buildings
