The global microchannel heat exchanger market was valued at US$ 7,794. 93millionin 2019 and is projected to reach US$ 19,630. 87million by 2027; it is expected to grow at a CAGR of 12. 4 % during the forecast periodof 2020-2027.
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Microchannel heat exchanger is increasingly used in the heating, ventilation, air conditioning, and refrigeration field owing to its highly efficient heat transfer rate, lower cost, and a compact structure.The microchannel heat exchanger is capable of reducing the equipment weight and enhances the compactness of the devices in which they are employed.
It improves the process technology.It is used in household air conditioning and automotive air conditioning systems. Microchannel heat exchangers have superior heat exchange on the finned tube coil, although they are only used for refrigeration and air conditioning systems. The Microchannel heat exchangers can be used in air coolers, condensing systems, residential ACs, air dryers, cooling cabinets, and roof systems. Microchannel heat exchanger (MCHE) attracts the attention of the airconditioning and refrigeration industry due to its advantages, such as high heat transfer efficiency, lower refrigerant charge, compact structure, and lightweight.This, in turn, is propelling the demand for microchannel heat exchangers. In addition, it is made of aluminum, which makes it less vulnerable to galvanic corrosion than the traditional round-tube plate fin coils. MCHE is commonly used in air conditioning and heat pump systems for effective heat transfer between refrigerant and air. With the increasing demand for lightweight systems and rising copper prices, demand for MCHE in HVAC applications has increased. Furthermore, improved efficiency and cost savings are the other factors promoting the demand for MCHE.
Based on type, the microchannel heat exchanger market is segmented intocondenser, evaporator, and water coil.In 2019, the condenser segment led the microchannel heat exchanger market with the highest market share.
Condenser is the outward portion of the heat pumps or the air conditioners that is used for releasing or collecting heat depending upon the time of the year.The condenser cabinet consists of a compressor, condenser coil, fan and various other controls.
The condenser fan is an essential component that is engaged in circulating the air across the coil to facilitate heat transfer.The condenser keeps the hot fluid at a constant temperature through its passage in the microchannel heat exchanger.
The condenser segment has experienced a rapid growth in the demand due to its application in the air conditioning systems used in automotive, residential, and commercial sectors. The microchannel heat exchanger condensers are considered high performance exchangers in various applications. Thus, increase in demand for condensers in the heat, ventilation, and air conditioning industry is expected to boost the growth of this segment, thereby driving the microchannel heat exchanger market .
Geographically, the microchannel heat exchanger market is segmented into North America, Europe, AsiaPacific (APAC), South America, andthe Middle East &Africa (MEA).In 2019, Asia Pacific held the largest share of the global microchannel heat exchanger market , followed by North America and Europe.
The growth of the microchannel heat exchanger market in Asia Pacific is primarily attributed to rising HVAC industries.Rise in number of manufacturing units that are well equipped with the modern HVAC systems is supporting the market growth.
Increasing use of microchannel heat exchanger in the automotive sector coupled with growing automotive industry in Asia Pacific fuels the demand for microchannel heat exchangers.The demand for microchannel heat exchangers from the chemical processing industries in Asia Pacific is yet another factor supporting the market growth.
The manufacturers in the region are focusing on increasing the research and development associated with microchannel heat exchangers, which will in turn lead to the growth in the market in the near future.
The COVID-19 pandemicstarted in Wuhan, China, during December 2019 and has spread across the world at an energetic pace. The US, India, Brazil, Russia, Spain, Argentina, and Franceare among the most affected countries in accordance with the number of cases registered as of October 20, 2020.According to the WHO, there are ~40,251,950 affirmed cases and 1,116,131death cases worldwide. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global chemicals and materialsindustry is one of the major businesses enduring severe impact due to the outbreak of COVID-19. These factors have adversely affected the global microchannel heat exchanger market .
API Heat Transfer Inc., Climetal S.L, Danfoss, DENSO Corporation, Hanon Systems, Kaltra, Zhejiang Kangsheng Co. Ltd (Kasun), MAHLE GmbH, Modine Manufacturing Company , and Sanhua Holding Group Co., Ltd are among the major players in the global microchannel heat exchanger market .
The overall global microchannel heat exchanger market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market .
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the global microchannel heat exchanger market .
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