The new report by Expert Market Research titled, ‘Global Microchannel Heat Exchanger Market Report and Forecast 2023-2028’, gives an in-depth analysis of global microchannel heat exchanger market analysis, assessing the market based on its segments like type, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 13.2%
- Forecast Market Size (2028): USD 34.60 Billion
Globally, the microchannel heat exchanger market is being driven by rising energy efficiency requirements and stringent emission standards. Growing demand for lightweight electrical products is also propelling the industry forward. Increased demand for the product in the developing HVAC industry is also driving the market. The HVAC industry will be most likely the most common application for microchannel heat exchangers. HVAC devices such as air conditioners and refrigerator heat pumps are increasingly incorporating the product. Water coil and condenser types are expected to grow rapidly in the coming years.
Microchannel Heat Exchanger Industry Definition and Major Segments
Microchannel heat exchangers, also known as micro-scale heat exchangers or microstructured heat exchangers, are multi-pass parallel-flow heat exchangers. It includes manifolds, multi-port tubes, and fins. These are typically utilised in air conditioning, heat pump, and engine applications where space is limited to heat or cool fluids by transferring heat.
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By application, the market is divided into:
- Automotive
- HVAC
- Residential AC
- Commercial AC
- Precision Cooling
- Commercial Refrigeration
- Stationary Refrigeration
- Transport Refrigeration
- Cold Storage
- Others
By type, the market is divided into:
- Condenser
- Evaporator
- Water coil
By region, the industry is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Microchannel Heat Exchanger Market Trends
The market is anticipated to increase as a result of the increasing implementation of energy efficiency rules and stringent emission requirements in the automotive and power industries and the high demand for microchannel heat exchangers in vehicle HVAC systems. The rise of electric vehicles is expected to increase demand for thermal management systems, which in turn, will increase demand for microchannel heat exchangers in automotive HVAC applications.
The automotive industry is developing a demand for mini-sized components due to space constraints and small vehicle sizes. Based on application, the global microchannel heat exchanger market has been gaining traction in the HVAC industry because it is lighter, more efficient, and requires less refrigerant volume than other heat exchangers. For efficient heat transfer between refrigerant and air, MCHE is widely used in air conditioning systems and heat pumps. With the growing demand for lightweight systems and rising copper prices, the global microchannel heat exchanger market has grown in a variety of HVAC applications in recent years.
However, variable raw metal prices and extremely complicated and expensive production are expected to restrain the global microchannel heat exchanger market’s growth during the forecast period.
The Asia Pacific region is the industry’s leading regional market. India and China, in particular, account for a sizable portion of the Asia Pacific region’s industry. The robust automotive industries in both countries drive the microchannel heat exchanger industry. The countries’ rapidly growing economies are also assisting industry growth.
The industry is also expected to grow strongly in Japan and South Korea, owing to rising automobile production in these countries. North America is anticipated to have the second highest growth rate across the regions. Manufacturers are spending in research and development to innovate the design of a clunky microchannel heat exchanger to fulfil the growing demand for compact products and lightweight components in HVAC installations.
Key Market Players
The major players in the market are Sanhua Holding Group Co., MAHLE GmbH, Modine Manufacturing Company, API Heat Transfer Inc., Climetal S.L., Danfoss Industries Pvt. Ltd, and Kaltra Innovativtechnik GmbH. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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