The microchannel heat exchanger (MCHE) is defined as multi-pass parallel-flow heat exchangers that comprise three parts. These parts are manifolds, multi-port tubes with less than 1 mm hydraulic diameter, and fins. These devices can 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.
Top Manufacturers
Major players in the global
microchannel heat exchanger market include Climetal SL (Spain), Danfoss
(Denmark), Evapco Inc (USA), Kaltra (Germany), Modine Manufacturing Company
(USA), Sanhua (USA), Shanghai Shenglin M&E Technology Co Ltd (China),
Sumitomo Precision Products Co Ltd (Japan), Vacuum Process Engineering (USA),
Welcon Inc (Japan), and Zhejiang DUNAN Artificial Environment Co Ltd (China).
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The most influential factor
elevating the global microchannel heat exchanger market growth is a growing
demand for MCHE manufacturing sector, residential sector, and commercial
sector. These sectors are growing due to the increase in commercialization and
urbanization. The second factor for market growth includes growth in the construction
sector and manufacturing industry. Increase in industrial production is also
contributing to the market growth.
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.
Regional
Segmentation
The regional segmentation
of the global microchannel heat exchanger market covers Asia Pacific, Europe,
North America, and Rest of the World (RoW).
During the forecast
period, the Asia Pacific region is expected to hold the largest market share in
the global market. The market is expected to grow at 9.57% CAGR, with China
being the biggest country-specific market worth USD 184.2 mn. In this region,
the market is growing due to increasing heating, ventilation, & air
conditioning (HVAC) installations at commercial complexes and residential
complexes. The market is also surging due to the rising application of MCHE in
industrial manufacturing processes. India and Japan are two other important
country-specific markets in this region. Other factors bestowing growth upon the
market include an increase in per capita disposable income and a substantial
increase in the industrial sector due to low labor costs. In 2023, the market
has been estimated to be worth USD 902.4 mn. Other countries of the Asia
Pacific region are also contributing to a huge amount of revenue to the
regional market.
Europe stands with the
second largest market share due to the presence of many major industrial
manufacturers in this region. Other factors intensifying the market growth in
this region include major industrialization projects and surging manufacturing
operations due to which the demand for HVAC systems is increasing. Major
country-specific markets in this region are France, Italy, Germany, and the UK.
North America is
contributing remarkably to the global market due to the industrialized economy
and technological advancement. Major market players are mostly based in the
USA. The other two significant markets in this region are Canada and Mexico.
The RoW segment covers
South America and the MEA region. In South America, the market is lower than in
North America due to limited technological advancement. In the MEA region, the
market is low due to the limited availability of technology.
Latest
Industry News
·
UK-based Airedale has
launched a new range of air conditioning chillers that have been for use with
lower global warming potential (GWP) refrigerant R32. 16 JUL 2019
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