Global Microchannel Heat Exchanger Market Is Expected to Reach USD 18,264.2 Million In 2026
The global microchannel
heat exchanger market was valued at USD 9,429.2 million in 2018 and is
expected to reach USD 18,264.2 million in 2026, growing at a CAGR of
8.8% from 2019 to 2026.
The microchannel heat
exchanger is multi-pass parallel-flow heat exchangers and also known as
Micro-scale heat exchangers or micro structured heat exchangers. It comprises
of manifolds, multi-port tubes, and fins. These are used to heat or cool fluids
by transferring heat and widely accepted in the applications of air
conditioning, heat pump, and engine, where space is a constraint. They adopted
in the various end-use industry, namely, construction, automobile, and power
generation industry.
The growing
implementation of energy efficiency regulations and stringent emission
standards across the automotive and power industry and high demand for
microchannel heat exchanger in the automotive HVAC system are expected to drive
the growth of the market. The evolution of electric vehicles will enhance the
demand for thermal management systems, which expected to further create demand
for microchannel heat exchanger in the application of automotive HVAC.
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The automotive industry
is creating demand for mini-sized component demand owing to space constraint
and compact vehicle size. However, volatile prices of raw metals and highly
complex and expensive manufacturing are expected to hamper the growth of the
global microchannel heat exchanger market during the forecast period. The
production of the low-cost product in the Asia-Pacific market is the major
challenge for the companies to cater to the demand from other regions.
The condenser dominate
the market throughout the forecast period Based on the type, the microchannel
heat exchanger market has been segmented into condenser, evaporator, and water
coil. The condenser segment accounted for approximately 54% of the share in the
global microchannel heat exchanger market in 2018. The demand for the condenser
is expected due to the high demand from automotive and residential and
commercial systems, where there is a high adaptability rate of HVAC systems.
Moreover, the increase
in demand for compact design, less refrigerant requirement, and a high heat
transfer rate is expected to further raise the demand for condenser type in the
market. While the water coil segment accounted highest CAGR of around 10.98% in
the global microchannel heat exchanger market during the forecast period owing
to the growing demand for low operational type microchannel heat exchanger.
Based on the phase, the two-phase method segment is expected to grow at a CAGR
of around 9.24% during the forecast period Based on the phase, the market has
been segmented into single-phase and two-phase.
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The two-phase segment
accounts of the largest share in the market and expected to grow at a CAGR of
around 9.24% over the forecast period owing to the increase in demand for
energy efficiency products. Based on the application, the air conditioning
segment is expected to dominate during the forecast period Based on the
application, the market has been segmented into air conditioning, heat pump,
engine, and others. The air conditioning segment accounts of the largest share
in the market and held for more than 40% of the total market in 2018. The major
factors that are driving the growth of this segment are an increase in demand
for lightweight systems and rising copper price.
Asia-Pacific to dominate the microchannel heat
exchanger market throughout the forecast period Asia-Pacific accounted for more
than 40% share of the global microchannel heat exchanger market in 2018 and is
expected to dominate the market throughout the forecast period. The large
population countries in the region such as China and India, although Japan and
China are major technology innovators in the world. China accounted for the
largest share in the Asia-Pacific market, owing to the presence of huge
automotive and HVAC industries.
North America is
expected to hold the highest CAGR in the global market. Manufacturers are
investing in the development to innovate the designing of cumbersome
microchannel heat exchanger to meet the growing demand for compact products and
lightweight components in the HVAC installations.
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Company Profiles and Competitive Intelligence:
The major players operating in the global
microchannel heat exchanger market are
·
Modine Manufacturing
Company (US),
·
Danfoss (Denmark),
·
Zhejiang DUNAN
Artificial Environment Co Ltd (China),
·
Sanhua (US),
·
Vacuum Process
Engineering (US),
·
Shanghai Shenglin
M&E Technology Co Ltd (China),
·
Evapco Inc (US),
·
Climetal SL (Spain),
·
Kaltra Innovativtechnik
GmbH (Germany),
·
Sumitomo Precision
Products Co Ltd (Japan)
·
among
others.
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Name: Steven Samuel
Phone - +91 9370882135
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