Microchannel Heat Exchanger Market

Microchannel Heat Exchanger Market Size (2023-2028):

Microchannel Heat Exchanger (MCHE) Market size was estimated at USD 15.4 billion in 2022 and during the forecast period, it is supposed to reach USD 25.9 billion, expanding at a compound annual growth rate of 17.0%. 

MCHE is the type of heat exchanger in which the fluid flows in lateral detentions with typical dimensions of less than 1mm. MCHE can be made using metals or ceramics that are mostly used in commercial and residential air conditioning systems. MCHE is also used in refrigeration equipment as they are energy-driven and result in lower refrigeration charges.

Drivers & Restraints of the Microchannel Heat Exchanger Market:

• The major factor driving the microchannel heat exchanger market is the surge in demand for heat, air ventilation, cooling, and refrigeration in this industry

• In the global microchannel heat exchanger market, energy efficiency regulations and strict emission standards have boosted the economy

• In the market, the production of a low-cost microchannel heat exchanger might be restricting growth.

• In the global market, during the forecast period, the application of thermal management systems for environmental studies shows a growth opportunity in the market

• The condenser segment dominates the microchannel heat exchanger market, with a share of 90.0% and more. Its high utilization in heat transfer systems is significantly driving its demand.

• Condensing units like HVAC chillers, process freezers, industrial process tools, food & beverage process equipment, data center systems, rooftop systems, and others are promoting the business demand.

• The air conditioners in buildings are supposed to increase in the coming years as per recent studies around the world.

• The volatility of raw material prices is assumed to restrain market growth over the outlook period.

MICROCHANNEL HEAT EXCHANGER MARKET REPORT COVERAGE:

Market Segmentation:

Microchannel Heat Exchanger Market - By Type

• Condenser

• Evaporator

• Water Coil

The condenser type segment accounted for the largest share of the market due to the high demand for AC systems in automobiles, residential, and commercial systems. The high demand for the condenser is due to the increment in the Heating, ventilation, and air conditioning industry because of its compact design, less refrigerant requirement, and high heat transfer rate. On the other hand, the water coil segment is predicted or estimated to register the highest growth during the calculated period owing to the growing adaptability of the Microchannel Heat Exchanger market in this segment.

Microchannel Heat Exchanger Market - By Application:

• Automotive
• HVAC

1. Residential AC
2. Commercial AC
3. Precision Cooling

• Commercial Refrigeration

1. Stationary Refrigeration
2. Transport Refrigeration
3. Cold Storage

The Heating, ventilation, and air conditioning application segment is predicted to register the highest growth rate during the forecast period. It is lighter, efficient, and requires low refrigerant volume as compared to other heat exchangers. In addition, it is made of aluminum, which makes it less vulnerable to galvanic corrosion than the traditional round-tube plate fin coils. Microchannel Heat Exchangers are increasingly used in air conditioning systems and heat pumps for effective heat transfer. In previous years, the call for the Microchannel Heat Exchanger market is inclining in HVAC applications because of the rising need for lightweight systems and copper prices.

Microchannel Heat Exchanger Market – By Region:

• North America 

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa 

On the basis of region, the Asia Pacific has the largest populous countries like China and India. China, Japan, South Korea, Indonesia, and India are the major automotive producers in the Asia Pacific. China accounted for the largest share of the APAC market, owing to the presence of huge automotive and heating, ventilation, and air conditioning industries. India is the world’s fastest-growing economy with an estimated annual GDP expansion rate of more than 7.0% during the calculated period. Out of the 5 largest automobile-producing countries, 4 countries, namely, China, India, Japan, and South Korea, from the Asia Pacific. These countries experienced high growth in 2018 in overall AC demand. As a result, the overall scenario in the Asia Pacific is favorable for the growth of the Microchannel Heat Exchanger market.

Microchannel Heat Exchanger Market-Key Market Players:

1. Sanhua (China)

2. MAHLE (Germany)

3. Denso Corporation (Japan)

4. Modine (US)

5. Hanon Systems (South Korea)

6. Kangsheng Group (China)

7. Kaltra (Deutschland)

8. Climetal (Spain)

9. Danfoss (Denmark)

10. API Heat Transfer (US)