Microchannel Heat Exchanger Market - Forecast(2024 - 2030)
Microchannel Heat Exchangers Market Overview
The microchannel
heat exchangers market size is estimated to reach US$28.6 billion by 2027 after growing at a CAGR of around 12.8% from 2022
to 2027. The microchannel heat exchangers (MHCE) are a heat exchanger type in
which the fluid flows in the lateral detentions with a hydraulic diameter of less
than 1mm. The microchannel heat exchangers are majorly used in the HVAC
products such as water coils, heat pumps, AC, and others. Furthermore, the rise
in energy efficiency regulations has led to high demand in the market for
microchannel heat exchangers. The microchannel heat exchangers industry is
majorly driven by the growing applications of HVAC systems in air conditioning
and refrigeration as it offers enhanced efficiency, robust design, and
compactness. Furthermore, the microchannel heat exchangers market is expected
to grow with major demand in automotive and lightweight electronics owing to
its excellent properties such as lightness, efficiency, low refrigerant volumes,
and less galvanic corrosion vulnerability in the forecast period.
COVID-19 Impact
The microchannel
heat exchangers industry was hampered by the worldwide covid-19 outbreak. The
global market saw major hindrances due to disrupted transportation and supply
of raw materials. The microchannel heat exchangers are used in automotive,
power, electronics, and other sectors. The automotive end-use industry was
majorly impacted by the pandemic. The lockdown restrictions, declining
transportation demand, production halted, and other supply chain disruptions
disturbed the growth in this industry. Automotive manufacturing faced major
disruptions as the result of the closure of various assembling and production
plants across the world. According to the International Organization of Motor
Vehicle Manufacturers (OICA), the global productions for motor vehicles in 2020
was 77,621,582, compared to 92,175,805 in 2019, showing a variation of
15.8%. The
fall in vehicle productions during the pandemic created a major decline in the
applications of microchannel heat exchangers in automotive, thereby leading to
a fall in growth for the market in the initial phase of covid-19. Furthermore,
the microchannel heat exchangers saw a rise in demand post-pandemic, as the
growth for end-use industries, increased with the ease of lockdown
restrictions, productions recovery, and increasing sales for automotive. For
instance, the commercial vehicles segment is estimated to grow by 18-22% as pr
ICRA ratings in FY 2021-22. However, as the economy is recovering and
productions are stabilizing, the demand for microchannel heat exchangers will
rise post-pandemic and create major growth opportunities in the coming years.
Report Coverage
The
“Microchannel Heat Exchangers
Market Report – Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of
the following segments of the microchannel heat exchangers market and offers microchannel
heat exchangers industry outlook.
By
Product Type: Condensers,
Evaporators, Water Coil, and Serpentine Coils
By Application: HVAC Systems (Commercial AC, and Residential
AC), Commercial Refrigeration, Heat Pumps, and Others
By
End-Use Industry: Automotive
Industry, Chemical Processing Industry, Electronics, Power Industry, Aerospace,
and Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East
(Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa,
Nigeria, Rest of Africa)
Key Takeaways
- The market for microchannel heat exchangers is growing due to rising applications such as HVAC systems for air conditioning, evaporators, commercial refrigerants, heat pumps, and others in the forecast period.
- The Asia Pacific region holds the largest growth share and is offering high demand for the microchannel heat exchangers industry due to the rising production of automobiles in this region which uses microchannel heat exchangers for air conditioning.
- The rising demand for condensers is influenced
by the growing applications for AC systems in the automotive sector owing to
its low galvanic corrosion, lightness, and efficiency in the forecast period.
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Microchannel Heat Exchangers Market Segment Analysis – By Product Type
The condensers segment held the largest share of over 30% in the
microchannel heat exchangers market share and will dominate the market in the
coming years. The demand for condensers is high due to their excellent
properties such as compactness, high rate of heat transfer, and low refrigerant
requirements. The growth of condensers is influenced by the rising usage in
automotive and other commercial systems. For usage in automotive, the
condensers are used in the air conditioning system of the vehicles. According
to India Brand Equity Foundation (IBEF), the production of passenger vehicles
in India reached 22,652,108 in 2021. Furthermore, various benefits such as low
installation costs and long service life are anticipating the demand for
condensers. The growth in the heating, ventilation and air conditioning (HVAC)
application is majorly driving the condenser segment as it offers better
utilization of heat transfer systems. Thus, with major growth in applications
for heating, ventilation, and air conditioning in various end-users, majorly
automotive, the condensers will experience major growth prospects in the coming
years.
Microchannel Heat Exchangers Market Segment Analysis – By Application
The HVAC systems segment
held the largest share with 37% in 2021 and is expected to increase the microchannel
heat exchangers market size in the coming years. The growth for heating,
ventilation and air conditioning (HVAC) is attributed to rising usage in
automotive, power, electronics, and other sectors. It is expected to grow
significantly owing to its excellent properties such as efficiency, lightness,
and low refrigerant volumes, compared to the conventional heat exchangers. The
HVAC is majorly used in the air conditioning systems of vehicles, the electronics
sector, commercial buildings, and others for an effective heat transfer. Furthermore,
the microchannel heat exchangers are utilized in the air conditioning along
with heat pumps for functional heat transfer between the air and refrigerant.
According to the Energy Information Administration (EIA), the global air
conditioners stock for China was around 730 million units for the year 2020. Moreover,
the growth in air conditioners and ventilation systems in the commercial, as
well as residential sector, is creating high growth opportunities for the HVAC
systems. The HVAC system applications will dominate the microchannel heat
exchangers, owing to low initial costs, growing demand, and portability during
the forecast period.
Microchannel Heat Exchangers Market Segment Analysis- By End-Use Industry
The automotive segment held the largest share of more than 33% in 2021 and is expected to dominate the microchannel
heat exchangers market in the forecast period. The rising demand for HVAC
systems and air conditioning in automotive is driving the market. The
compactness, lightness, and high efficiency of the microchannel heat exchangers
make them suitable for the automotive sector. Furthermore, the demand for microchannel
aluminum heat exchangers is high in vehicles owing to their energy efficiency.
The rising application of air conditioning for automotive is leading to an increase
in the microchannel heat exchangers market share. According to the Society of
Indian Automobile Manufacturers (SIAM), the total automotive production for the
year 2020-21 was around 22,652,108 vehicles. The growth in the automotive
sector creates a high demand for the air conditioning system for the comfort,
ventilation, and cooling effect in the vehicles, thereby boosting the growth
prospects for the microchannel heat exchangers industry in the forecast period.
Microchannel Heat Exchangers Market Segment Analysis – By Geography
The Asia Pacific held the largest share of more than 42% in the microchannel heat exchangers market for the year 2021. The growth of HVAC systems for air conditions in the automotive, commercial and residential sectors, and others are creating a high demand for microchannel heat exchangers in this region. China is one of the major nations that contribute to the high demand for microchannel heat exchangers owing to major HVAC and automotive industries. According to the International Energy Agency (IEA), the energy demand for air conditioners is anticipated to grow triple by 2050, with the estimated global stock for air conditioners to reach 5.6 billion by 2050. Furthermore, the high air conditioning demand in automotive is driving the market. The growing demand for energy-efficient and compact systems is driving the microchannel heat exchangers industry. The APAC region is majorly influenced by the rising production for ACs, resource efficiency, and power generation projects. Thus, with the growing automotive, power, and construction sector in the APAC region, the microchannel heat exchangers market is experiencing major growth and will dominate the industry in the coming years.
Microchannel Heat Exchangers Market –
Drivers
Rising demand from the automotive industry
The demand for microchannel heat exchangers is majorly influenced by the growing
applications for the automotive sector. The microchannel heat exchangers use
air conditioning, which is a major requirement for automotive. The heat
exchanger is also used to transfer the heat from exhaust gas to coolant fluid
and increase the temperature of the coolant. Moreover, the property to efficiently
transfer the heat using lightweight and compact exchangers is beneficial for
various applications in automotive such as air conditioning, automotive
radiators, HVAC systems, and others. According to the National Automobile
Dealers Association (NADA), the light vehicle sales hitting around 16.3 million
units in the first quarter of 2021 was estimated, showing an increase of 12.7%
in comparison to the year 2020. The booming automotive industry is driving the
microchannel heat exchangers market with rising production. Furthermore, the
lightness, compactness, efficiency, and high heat transferring performance of
microchannel heat exchangers for automotive is creating major growth
opportunities and demand in the market.
Increasing demand from HVAC
The microchannel heat exchangers are majorly used in the heating,
ventilation, air conditioning, and refrigeration systems across various
industrial verticals such as the commercial and residential sector, power generation,
automotive, and others. The increasing demand for HVAC systems is driving the
market for microchannel heat exchangers owing to excellent features such as
lower costs, increased heat transferring rate, compact structure, and
efficiency. The growing application of heat exchangers in air coolers,
condensing systems, and others are boosting the demand for the microchannel
heat exchangers market. According to International Energy Agency (IEA), the
space cooling emitted 1GT of CO2 and consumed around 8.5% of the electricity in
2019. Furthermore, the growing HVAC services for air conditioning in the
household, offices, and other sector is propelling the use of microchannel heat
exchangers, thereby offering major growth opportunities in the market.
Microchannel Heat Exchangers Market – Challenges
Raw material price fluctuations
The microchannel heat exchangers are used in
various end-use segments. The growing demand for microchannel heat exchangers
has led to high production and manufacturing. However, the manufacturers face
the challenge of volatility in raw material prices such as copper, steel,
aluminum, and others. According to World Bank, the average aluminum price
increased from USD 2,004 per ton in January 2021 to USD 2,934 per ton in
October 2021, showing a 62% rise compared to the same month in the previous
year. The fluctuations in prices have created major hindrances for
manufacturers such as delays in projects and even cancellation of large capital
project plans. Thus, with the high risks associated with raw material price
fluctuations, the market for microchannel heat exchangers will face major hindrances
and growth hamper.
Microchannel Heat Exchangers Industry Outlook
Technology launches, acquisitions, and
R&D activities are key strategies that are adopted by the dominant players
in this market. Microchannel Heat Exchanger top 10 companies include:
- Danfoss Industries Pvt. Ltd.
- Sanhua Holding Group Co.
- Kaltra Innovativetechnik GmbH
- MAHLE GmbH
- Modine Manufacturing
- API Heat Transfer Inc.
- Climetal S.L.
- Hanon Systems
- DENSO Corporation
- Modine Manufacturing Company
Recent Developments
- In May 2021, Vacuum Processing Engineering Inc., a manufacturer of microchannel heat exchangers, announced a supply partnership with Sandia National Laboratories and the US Department of Energy (DOE). Under this partnership, Vacuum Processing Engineering Inc. fabricated the next generation of heat exchangers concentrating solar thermal plants.
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LIST OF TABLES
1.Global MCHE Market, By Type Market 2023-2030 ($M)1.1 Condenser Market 2023-2030 ($M) - Global Industry Research
1.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 ($M)
1.2 Evaporator Market 2023-2030 ($M) - Global Industry Research
1.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 ($M)
1.3 Water Coil Market 2023-2030 ($M) - Global Industry Research
1.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 ($M)
2.Global MCHE Market, By Type Market 2023-2030 (Volume/Units)
2.1 Condenser Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 (Volume/Units)
2.2 Evaporator Market 2023-2030 (Volume/Units) - Global Industry Research
2.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 (Volume/Units)
2.3 Water Coil Market 2023-2030 (Volume/Units) - Global Industry Research
2.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 (Volume/Units)
3.North America MCHE Market, By Type Market 2023-2030 ($M)
3.1 Condenser Market 2023-2030 ($M) - Regional Industry Research
3.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 ($M)
3.2 Evaporator Market 2023-2030 ($M) - Regional Industry Research
3.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 ($M)
3.3 Water Coil Market 2023-2030 ($M) - Regional Industry Research
3.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 ($M)
4.South America MCHE Market, By Type Market 2023-2030 ($M)
4.1 Condenser Market 2023-2030 ($M) - Regional Industry Research
4.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 ($M)
4.2 Evaporator Market 2023-2030 ($M) - Regional Industry Research
4.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 ($M)
4.3 Water Coil Market 2023-2030 ($M) - Regional Industry Research
4.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 ($M)
5.Europe MCHE Market, By Type Market 2023-2030 ($M)
5.1 Condenser Market 2023-2030 ($M) - Regional Industry Research
5.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 ($M)
5.2 Evaporator Market 2023-2030 ($M) - Regional Industry Research
5.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 ($M)
5.3 Water Coil Market 2023-2030 ($M) - Regional Industry Research
5.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 ($M)
6.APAC MCHE Market, By Type Market 2023-2030 ($M)
6.1 Condenser Market 2023-2030 ($M) - Regional Industry Research
6.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 ($M)
6.2 Evaporator Market 2023-2030 ($M) - Regional Industry Research
6.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 ($M)
6.3 Water Coil Market 2023-2030 ($M) - Regional Industry Research
6.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 ($M)
7.MENA MCHE Market, By Type Market 2023-2030 ($M)
7.1 Condenser Market 2023-2030 ($M) - Regional Industry Research
7.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market Market 2023-2030 ($M)
7.2 Evaporator Market 2023-2030 ($M) - Regional Industry Research
7.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration Market 2023-2030 ($M)
7.3 Water Coil Market 2023-2030 ($M) - Regional Industry Research
7.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period Market 2023-2030 ($M)
LIST OF FIGURES
1.US Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)2.Canada Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
3.Mexico Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
4.Brazil Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
5.Argentina Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
6.Peru Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
7.Colombia Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
8.Chile Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
9.Rest of South America Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
10.UK Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
11.Germany Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
12.France Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
13.Italy Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
14.Spain Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
15.Rest of Europe Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
16.China Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
17.India Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
18.Japan Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
19.South Korea Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
20.South Africa Microchannel Heat Exchanger Market Revenue, 2023-2030 ($M)
21.North America Microchannel Heat Exchanger By Application
22.South America Microchannel Heat Exchanger By Application
23.Europe Microchannel Heat Exchanger By Application
24.APAC Microchannel Heat Exchanger By Application
25.MENA Microchannel Heat Exchanger By Application
26.Kangsheng Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Sanhua, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Hanon Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.MAHLE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Modine, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Denso Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.API Heat Transfer, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Climetal, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Danfoss, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Kaltra, Sales /Revenue, 2015-2018 ($Mn/$Bn)