Microchannel Heat Exchanger Market size: 2021 by Type, Applications, Growth Drivers, Trends, Demand and Global Forecast to 2027
Overview
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 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.
However, the growth of microchannel heat exchanger market size can be hindered due to volatile raw material prices during the forecast period.
Segmental Analysis
Extensive research of the microchannel heat exchanger market segments the market by application, industry, and phase.
On the basis of application, the microchannel heat exchanger market can be segmented into chiller, heat pump, condenser, and evaporator. The heat pump segment is dominating the market with a value of USD 563.0 million in 2018 and can go up to USD 887.5 Million by 2023. Meanwhile, the chillers segment is also expected to have a CAGR of 8.83% during the forecast period.
On the basis of industry, the microchannel heat exchanger market is comprised of residential, commercial, refrigerated transport, food processing, power, and others. The refrigerated transport segment is further segmented into road, sea, and rail. The commercial segment is in the leading position and is valued at USD 346.4 Million in 2018, which can go up to USD 516.7 million by 2023. The segment is expected to beat the market at 8.32% CAGR during the forecast period.
On the basis of phase, the microchannel heat exchanger market can be segmented into single-phase, and two phase. The single-phase segment is dominating the market with a value of USD 855.3 million in 2018 and can go up to USD 1,331.9 million by 2023. Meanwhile, the two-phase segment is also expected to have a CAGR of 8.03% during the forecast period.
Competitive Analysis
Prominent players profiled in the microchannel heat exchanger market are Kaltra (Germany), Welcon Inc (Japan), Shanghai Shenglin M&E Technology Co Ltd (China), Evapco Inc (US), Climetal SL (Spain), Modine Manufacturing Company (US), Danfoss (Denmark), Zhejiang DUNAN Artificial Environment Co Ltd (China), Sanhua (US), Vacuum Process Engineering (US), and Sumitomo Precision Products Co Ltd (Japan).
Modine Manufacturing Company focuses on organic growth by developing new products and integrating them into the existing product portfolio. For instance, the company launched 30-60 Ton Atherion D Cabinet HVAC Unit, new Geothermal unit, and patented the Hot Gas Reheat (HGRH) System. It strategizes to expand in order to increase its geographical presence, while improving its operational efficiency.
Zhejiang DUNAN Artificial Environment co., LTD strategizes to increase its global presence by expanding its business activities and becoming a market leader. It considers research and development as the key strategy for its business growth. Moreover, it focuses on introducing advanced products and technologies to enhance the product portfolio. Zhejiang DUNAN Artificial Environment co., LTD also focuses on developing new technologies for its MCHE products.
Regional Analysis
Geographic analysis of the microchannel heat exchanger market covers North America, Europe, Asia-Pacific, and Rest of the World.
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 labor costs and an increase in per capita disposable income are the major factor contributing to the growth of the microchannel heat exchanger market. For instance, in January 2019, Tesla announced that it started the construction of a manufacturing unit in Shanghai, China, which is expected to produce about 0.5 million (500 thousand) cars a year. The unit will be equipped with modern HVAC systems for optimum operation of the facility. Such industrial developments in the region would increase the demand for microchannel heat exchangers in Asia-Pacific, which is expected to drive the microchannel heat exchanger market.
Europe has the second largest microchannel heat exchanger market share in the microchannel heat exchanger market. Europe is home to some of the major industrial manufacturers in the world including Bosch, Rolls Royce plc, and Danfoss who export their products, globally. Major industrialization projects and manufacturing hubs are carried out in Europe which has increased the demand for HVAC systems. For instance, in July 2018, Bosch started the construction of a new semiconductor factory in Dresden, Germany, leading to increasing manufacturing of MCHE. The regional market has a value of USD 420.1 million in 2018, which is expected to scale and exceed to USD 617.9 million by 2023 at a 8.02% CAGR during the forecast period.
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. As per World Bank, the manufacturing value additions made by China in 2017 was USD 3.59 trillion, and the contribution is further expected to increase 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. Hence, industrialization, raises the demand for microchannel heat exchangers in China.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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