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marketresearchfuture · 4 years ago

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Microchannel Heat Exchanger Market Research Report - Global Forecast till 2024

The microchannel heat exchanger (MCHE) is defined as multi-pass parallel-flow heat exchangers that comprise three parts. These parts are manifolds, multi-port tubes with less than 1 mm hydraulic diameter, and fins. These devices can heat or cool fluids by transferring heat between two or more fluids. As per Market Research Future’s (MRFR’s) analysis, the global microchannel heat exchanger market can witness a remarkable expansion for this market at 8.72% CAGR between 2017 and 2024. By value, the market can be worth the USD 2,343.8 mn by the end of the forecast period.

The most influential factor elevating the global microchannel heat exchanger market growth is a growing demand for MCHE manufacturing sector, residential sector, and commercial sector. These sectors are growing due to the increase in commercialization and urbanization. The second factor for market growth includes growth in the construction sector and manufacturing industry. Increase in industrial production is also contributing to the market growth.

Market Segmentation

The global microchannel heat exchanger market segmentation covers application, industry, and phase.

The application-based segmentation of this market covers chiller, condenser, evaporator, and heat pump. During the forecast period, the heat pump segment is expected to dominate the market.

In the context of industry, the market has been segmented into commercial, food processing, power, rail, refrigerated, residential, sea, transport road, and others. The “others” segment covers chemicals, electronics, metals & mining, oil & gas, and steel industries. During the forecast period, the commercial segment is expected to dominate the market.

Based on the phase, the market has been segmented into single-phase and two-phase. During the forecast period, the single-phase segment has been projected to lead the market growth.

Regional Segmentation

The regional segmentation of the global microchannel heat exchanger market covers Asia Pacific, Europe, North America, and Rest of the World (RoW).

During the forecast period, the Asia Pacific region is expected to hold the largest market share in the global market. The market is expected to grow at 9.57% CAGR, with China being the biggest country-specific market worth USD 184.2 mn. In this region, the market is growing due to increasing heating, ventilation, & air conditioning (HVAC) installations at commercial complexes and residential complexes. The market is also surging due to the rising application of MCHE in industrial manufacturing processes. India and Japan are two other important country-specific markets in this region. Other factors bestowing growth upon the market include an increase in per capita disposable income and a substantial increase in the industrial sector due to low labor costs. In 2023, the market has been estimated to be worth USD 902.4 mn. Other countries of the Asia Pacific region are also contributing to a huge amount of revenue to the regional market.

Europe stands with the second largest market share due to the presence of many major industrial manufacturers in this region. Other factors intensifying the market growth in this region include major industrialization projects and surging manufacturing operations due to which the demand for HVAC systems is increasing. Major country-specific markets in this region are France, Italy, Germany, and the UK.

North America is contributing remarkably to the global market due to the industrialized economy and technological advancement. Major market players are mostly based in the USA. The other two significant markets in this region are Canada and Mexico.

The RoW segment covers South America and the MEA region. In South America, the market is lower than in North America due to limited technological advancement. In the MEA region, the market is low due to the limited availability of technology.

Key Players

Major players in the global microchannel heat exchanger market include Climetal SL (Spain), Danfoss (Denmark), Evapco Inc (USA), Kaltra (Germany), Modine Manufacturing Company (USA), Sanhua (USA), Shanghai Shenglin M&E Technology Co Ltd (China), Sumitomo Precision Products Co Ltd (Japan), Vacuum Process Engineering (USA), Welcon Inc (Japan), and Zhejiang DUNAN Artificial Environment Co Ltd (China).

Latest Industry News

UK-based Airedale has launched a new range of air conditioning chillers that have been for use with lower global warming potential (GWP) refrigerant R32. 16 JUL 2019

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