Microchannel Heat Exchanger Market Growth 2021: Challenges, Growth Drivers
Market Overview
The Global Microchannel Heat Exchanger Market is evaluated to grow at a CAGR of 8.7 percent. It is evaluated that the market will expand up to USD 2.3 Billion by the year 2023. There are various factors that are fuelling the market rate, such as rising demand for air ventilation, cooling, refrigerators, etc. The strict laws and regulations by the government to maintain the energy efficiency standards will lead to the development of the market. Due to increasing demand among commercial and residential applications, the market will observe significant growth.
The microchannel heat exchanger helps to balance the heat flow among multi-port tubes, fins, and manifolds. It helps for cooling and heating by moving the heat from one fluid to another. A microchannel heat exchanger is used in various industries like the power generation industry, construction industry, and automobile industry. Technological advancements and upgrades have also helped in the rising demand for microchannel heat exchangers. The installation of the HVAC system also helps to balance the quality of the atmosphere. The Microchannel Heat Exchanger market growth will propel in the forecast period and develop new opportunities.
Several other factors are affecting the growth of the microchannel heat exchanger market size, as the instability and high prices of the raw materials are expected to hamper the global microchannel heat exchanger market. Several other factors such as frequent cleaning, complicated design, and the corrosion of heat exchangers can also act as a restraint for the market to grow. The multichannel heat exchangers are used for several purposes. They are used in bioengineering, laser mirrors, infrared detectors, superconductors, thermal control in film deposition, aerospace, etc. It provides various advantages for its compact structure for space efficient applications, high volumetric heat flux, flow distribution, efficient design, and adequate pressure drops.
Market Segmentation
The microchannel heat exchanger market is segmented into phase, application, and industry. Based upon the phase segment, the market is further classified into single phase and two-phase. It is estimated that the single-phase segment will influence the market. The application category of the microchannel heat exchanger market is bifurcated into the heat pump, condensers, and chiller. It is projected that the heat pump section of the application segment will have a substantial share in the global market. On the basis of industry, the global market is classified into residential, commercial, refrigerated transport, food processing, and others. The commercial segment holds the largest share in the microchannel heat exchanger market trends.
Regional overview
The global microchannel heat exchanger market share is divided into these geographical regions - North America, South America, Asia-Pacific, Europe, and Middle-East, and Africa. Currently, the Asia-Pacific holds the largest share in the global market. One of the driving factors for the growth in the Asia-Pacific region is the rising use of HVAC installation among commercial and residential complexes. Also, the rapid increase of the MCHE among the industries for the manufacturing process is a vital reason. North American regions stand at the second position due to innovations by the key players in countries like the US and Canada. After that, the European and Middle East region holds the second and third position respectively.
Industry News
The COVID 19 disease has severely affected various economies around the world. Due to lockdowns and restrictions to commute, the market was impacted heavily. As a result, several businesses had to close their manufacturing units. However, it is still expected that the market will revive and recover the losses. Many key players are investing that help to fuel the growth of Microchannel Heat Exchanger Industry.
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