PUBLISHER: The Business Research Company | PRODUCT CODE: 1546535
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546535
A microchannel heat exchanger (MCHE) is a compact device designed for efficient heat transfer in diverse applications such as HVAC systems, automotive cooling, and industrial refrigeration. It features numerous small fluid channels that optimize thermal performance by maximizing surface-area contact between fluids. This design makes MCHEs particularly suitable for environments prioritizing space and energy efficiency.
The primary types of microchannel heat exchangers include air handling units (AHUs), heat pumps, fan coil units, and chillers. AHUs play a crucial role in HVAC systems by circulating and conditioning air. They incorporate microchannel heat exchangers to efficiently transfer heat between incoming and outgoing air streams, ensuring consistent indoor temperatures and air quality in buildings. These heat exchangers utilize various materials such as metal and ceramic, and employ different configurations such as single coil, dual coil, and multi coil setups. They are utilized across several industries including automotive, HVAC, commercial refrigeration, and others.
The microchannel heat exchanger market research report is one of a series of new reports from The Business Research Company that provides microchannel heat exchanger market statistics, including microchannel heat exchanger industry global market size, regional shares, competitors with a microchannel heat exchanger market share, detailed microchannel heat exchanger market segments, market trends and opportunities, and any further data you may need to thrive in the microchannel heat exchanger industry. This microchannel heat exchanger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The microchannel heat exchanger market size has grown strongly in recent years. It will grow from $13.00 billion in 2023 to $14.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. During the historic period, growth was driven by several factors including stricter regulations on energy efficiency and emissions, increasing demand for energy-efficient solutions, requirements within the automotive industry, regulations focused on reducing greenhouse gas emissions, globalization leading to market expansion, and a shift towards renewable energy sources.
The microchannel heat exchanger market size is expected to see strong growth in the next few years. It will grow to $20.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. In the forecast period, growth is expected to be driven by several factors including the proliferation of consumer electronics, advancements in materials science, government incentives and subsidies promoting energy-efficient technologies, the automotive industry's adoption of hybrid and electric vehicles, and growing awareness of the benefits of MCHE technology. Key trends anticipated in this period include ongoing advancements in materials and manufacturing processes, the automation of industrial operations, the expansion of high-performance computing (HPC) and data centers, the evolution of regenerative energy systems, and the exploration of new and innovative applications for microchannel heat exchangers (MCHEs).
The microchannel heat exchanger market is set to expand due to the growing construction industry. This sector involves creating infrastructure and buildings for residential, commercial, and industrial purposes, driven by urbanization and the need for expanded infrastructure to accommodate population growth and economic development. Microchannel heat exchangers play a crucial role in HVAC systems within construction, offering compact dimensions and excellent heat transfer capabilities. For example, Oxford Economics reported global construction output at $10.7 trillion in 2020, projected to increase by 42% to $15.2 trillion by 2030. This growth underscores how the burgeoning construction industry is fueling demand for microchannel heat exchangers.
Key players in the microchannel heat exchanger market are concentrating on innovating their product offerings, such as compact designs, to enhance competitiveness. Compact microchannel heat exchangers feature numerous small channels or passages through which fluids circulate, optimizing heat transfer efficiency. For instance, Danfoss India introduced microchannel heat exchanger (MCHE) technology in February 2024. This advancement reduces refrigerant consumption by up to 60%, enhances efficiency by 30%, and aligns with industry ESG commitments by optimizing refrigerant flow and improving heat transfer rates. These MCHEs are suitable for both residential and commercial HVAC systems, as well as energy-efficient refrigeration equipment, contributing to reduced refrigerant charges and operational costs.
In March 2024, Nexson Group expanded its capabilities by acquiring Thermowave GmbH, a Germany-based provider of microchannel heat exchangers. This strategic move enhances Nexson Group's portfolio of heat exchangers and strengthens its market position in delivering advanced solutions for various industrial applications.
Major companies operating in the microchannel heat exchanger market are DENSO Corporation, DAIKIN INDUSTRIES Ltd, Johnson Controls plc, Danfoss Industries Pvt. Ltd., Hanon Systems, Alfa Laval, Modine Manufacturing, Greenheck Group, MAHLE GmbH, Evapco Inc., API Heat Transfer Inc., Vahterus, Thermofin, Climetal S.L., Mikros Technologies, Goldstone HVACR Inc., Sanhua Holding Group Co., Kaltra GmbH, Kangsheng Group, MSD Technologies
North America was the largest region in the microchannel heat exchanger market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microchannel heat exchanger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the microchannel heat exchanger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The microchannel heat exchanger market consists of sales of heat exchangers, cooling units, and heat recovery systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Microchannel Heat Exchanger Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on microchannel heat exchanger market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for microchannel heat exchanger ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The microchannel heat exchanger market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.