Microchannel Heat Exchanger Market Analysis
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. The Global Microchannel Heat Exchanger (MCHE) Market is expected to be valued at USD 2,343.9 million by 2023 with a CAGR of 8.72% during the forecast period (2018–2023).
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.
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The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. The microchannel heat exchanger are multi-pass parallel flow heat exchangers that comprise three parts namely, manifolds, multi-port tubes with less than 1 mm hydraulic diameter, and fins. These devices are used to heat or cool fluids by transferring heat between two or more fluids. MCHEs are highly efficient with the refrigerant flowing in microchannels. Increase in manufacturing industry, residential, and commercial application owing to commercialization and urbanization, drive the MCHE market during the forecast.
- 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).
Global Microchannel Heat Exchanger Market Segmental Overview
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.
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.
Based on the phase, the market has been segmented into single-phase and two-phase.
The regional segmentation of the global microchannel heat exchanger market covers Asia Pacific, Europe, North America, and Rest of the World (RoW).
Asia-Pacific is leading the market with its market value at USD 571.4 million in 2018. The regional market value can go up to USD 902.4 million by 2023 with an impressive 9.57% CAGR during the forecast period. The substantial increase in industrial sector owing to the low labour costs and an increase in per capita disposable income are the major factor contributing to the growth of the microchannel heat exchanger 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.
China is leading in Asia-Pacific with a value of USD 203 million in 2018 and is expected to increase to USD 337.7 million by 2023 at a CAGR of 10.72% during the forecast period. Additionally, the number of manufacturing units in the country will increase during the forecast period, leading to the growth in demand for the MCHE in China.
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.
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List of Tables
Table 1 List of Assumptions
Table 2 Microchannel Heat Exchanger Market Estimates & Forecast, By Application, 2019–2024 (USD Million)
Table 3 Microchannel Heat Exchanger Market Estimates & Forecast, By Industry, 2019–2024 (USD Million)
Table 4 Refrigerated Transport Market Estimates & Forecast, By Type, 2019–2024 (USD Million)
Table 5 Microchannel Heat Exchanger Market Estimates & Forecast, By Phase, 2019–2024 (USD Million)
Table 6 Global Microchannel Heat Exchanger Market, By Region, 2017–2024 (USD Million)
Table 7 North America: Microchannel Heat Exchanger Market, By Country, 2017-2024 (USD Million)
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