English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Microchannel Heat Exchangers Market Size Estimated To Reach US$28.6 Billion by 2027

The microchannel heat exchangers market size is estimated to reach US$28.6 billion by 2027 after growing at a CAGR of around 12.8% from 2022 to 2027. The microchannel heat exchangers (MHCE) are a heat exchanger type in which the fluid flows in the lateral detentions with a hydraulic diameter of less than 1mm. The microchannel heat exchangers are majorly used in the HVAC products such as water coils, heat pumps, AC, and others. Furthermore, the rise in energy efficiency regulations has led to high demand in the market for microchannel heat exchangers. The microchannel heat exchangers industry is majorly driven by the growing applications of HVAC systems in air conditioning and refrigeration as it offers enhanced efficiency, robust design, and compactness. Furthermore, the microchannel heat exchangers market is expected to grow with major demand in automotive and lightweight electronics owing to its excellent properties such as lightness, efficiency, low refrigerant volumes, and less galvanic corrosion vulnerability in the forecast period.

COVID-19 Impact

The microchannel heat exchangers industry was hampered by the worldwide covid-19 outbreak. The global market saw major hindrances due to disrupted transportation and supply of raw materials. The microchannel heat exchangers are used in automotive, power, electronics, and other sectors. The automotive end-use industry was majorly impacted by the pandemic. The lockdown restrictions, declining transportation demand, production halted, and other supply chain disruptions disturbed the growth in this industry. Automotive manufacturing faced major disruptions as the result of the closure of various assembling and production plants across the world. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global productions for motor vehicles in 2020 was 77,621,582, compared to 92,175,805 in 2019, showing a variation of 15.8%. The fall in vehicle productions during the pandemic created a major decline in the applications of microchannel heat exchangers in automotive, thereby leading to a fall in growth for the market in the initial phase of covid-19. Furthermore, the microchannel heat exchangers saw a rise in demand post-pandemic, as the growth for end-use industries, increased with the ease of lockdown restrictions, productions recovery, and increasing sales for automotive. For instance, the commercial vehicles segment is estimated to grow by 18-22% as pr ICRA ratings in FY 2021-22. However, as the economy is recovering and productions are stabilizing, the demand for microchannel heat exchangers will rise post-pandemic and create major growth opportunities in the coming years.

Microchannel Heat Exchangers Market Segment Analysis – By Product Type

The condensers segment held the largest share of over 30% in the microchannel heat exchangers market share and will dominate the market in the coming years. The demand for condensers is high due to their excellent properties such as compactness, high rate of heat transfer, and low refrigerant requirements. The growth of condensers is influenced by the rising usage in automotive and other commercial systems. For usage in automotive, the condensers are used in the air conditioning system of the vehicles. According to India Brand Equity Foundation (IBEF), the production of passenger vehicles in India reached 22,652,108 in 2021. Furthermore, various benefits such as low installation costs and long service life are anticipating the demand for condensers. The growth in the heating, ventilation and air conditioning (HVAC) application is majorly driving the condenser segment as it offers better utilization of heat transfer systems. Thus, with major growth in applications for heating, ventilation, and air conditioning in various end-users, majorly automotive, the condensers will experience major growth prospects in the coming years.

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Microchannel Heat Exchangers Market Segment Analysis – By Application

The HVAC systems segment held the largest share with 37% in 2021 and is expected to increase the microchannel heat exchangers market size in the coming years. The growth for heating, ventilation and air conditioning (HVAC) is attributed to rising usage in automotive, power, electronics, and other sectors. It is expected to grow significantly owing to its excellent properties such as efficiency, lightness, and low refrigerant volumes, compared to the conventional heat exchangers. The HVAC is majorly used in the air conditioning systems of vehicles, the electronics sector, commercial buildings, and others for an effective heat transfer. Furthermore, the microchannel heat exchangers are utilized in the air conditioning along with heat pumps for functional heat transfer between the air and refrigerant. According to the Energy Information Administration (EIA), the global air conditioners stock for China was around 730 million units for the year 2020. Moreover, the growth in air conditioners and ventilation systems in the commercial, as well as residential sector, is creating high growth opportunities for the HVAC systems. The HVAC system applications will dominate the microchannel heat exchangers, owing to low initial costs, growing demand, and portability during the forecast period.

Microchannel Heat Exchangers Market Segment Analysis- By End-Use Industry

The automotive segment held the largest share of more than 33% in 2021 and is expected to dominate the microchannel heat exchangers market in the forecast period. The rising demand for HVAC systems and air conditioning in automotive is driving the market. The compactness, lightness, and high efficiency of the microchannel heat exchangers make them suitable for the automotive sector. Furthermore, the demand for microchannel aluminum heat exchangers is high in vehicles owing to their energy efficiency. The rising application of air conditioning for automotive is leading to an increase in the microchannel heat exchangers market share. According to the Society of Indian Automobile Manufacturers (SIAM), the total automotive production for the year 2020-21 was around 22,652,108 vehicles. The growth in the automotive sector creates a high demand for the air conditioning system for the comfort, ventilation, and cooling effect in the vehicles, thereby boosting the growth prospects for the microchannel heat exchangers industry in the forecast period.

Microchannel Heat Exchangers Market Segment Analysis – By Geography

The Asia Pacific held the largest share of more than 42% in the microchannel heat exchangers market for the year 2021. The growth of HVAC systems for air conditions in the automotive, commercial and residential sectors, and others are creating a high demand for microchannel heat exchangers in this region. China is one of the major nations that contribute to the high demand for microchannel heat exchangers owing to major HVAC and automotive industries. According to the International Energy Agency (IEA), the energy demand for air conditioners is anticipated to grow triple by 2050, with the estimated global stock for air conditioners to reach 5.6 billion by 2050. Furthermore, the high air conditioning demand in automotive is driving the market. The growing demand for energy-efficient and compact systems is driving the microchannel heat exchangers industry. The APAC region is majorly influenced by the rising production for ACs, resource efficiency, and power generation projects. Thus, with the growing automotive, power, and construction sector in the APAC region, the microchannel heat exchangers market is experiencing major growth and will dominate the industry in the coming years.

Microchannel Heat Exchangers Market Drivers

Rising demand from the automotive industry

The demand for microchannel heat exchangers is majorly influenced by the growing applications for the automotive sector. The microchannel heat exchangers use air conditioning, which is a major requirement for automotive. The heat exchanger is also used to transfer the heat from exhaust gas to coolant fluid and increase the temperature of the coolant. Moreover, the property to efficiently transfer the heat using lightweight and compact exchangers is beneficial for various applications in automotive such as air conditioning, automotive radiators, HVAC systems, and others. According to the National Automobile Dealers Association (NADA), the light vehicle sales hitting around 16.3 million units in the first quarter of 2021 was estimated, showing an increase of 12.7% in comparison to the year 2020. The booming automotive industry is driving the microchannel heat exchangers market with rising production. Furthermore, the lightness, compactness, efficiency, and high heat transferring performance of microchannel heat exchangers for automotive is creating major growth opportunities and demand in the market.

Increasing demand from HVAC

The microchannel heat exchangers are majorly used in the heating, ventilation, air conditioning, and refrigeration systems across various industrial verticals such as the commercial and residential sector, power generation, automotive, and others. The increasing demand for HVAC systems is driving the market for microchannel heat exchangers owing to excellent features such as lower costs, increased heat transferring rate, compact structure, and efficiency. The growing application of heat exchangers in air coolers, condensing systems, and others are boosting the demand for the microchannel heat exchangers market. According to International Energy Agency (IEA), the space cooling emitted 1GT of CO2 and consumed around 8.5% of the electricity in 2019. Furthermore, the growing HVAC services for air conditioning in the household, offices, and other sector is propelling the use of microchannel heat exchangers, thereby offering major growth opportunities in the market.

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Microchannel Heat Exchangers Market Challenges

Raw material price fluctuations

The microchannel heat exchangers are used in various end-use segments. The growing demand for microchannel heat exchangers has led to high production and manufacturing. However, the manufacturers face the challenge of volatility in raw material prices such as copper, steel, aluminum, and others. According to World Bank, the average aluminum price increased from USD 2,004 per ton in January 2021 to USD 2,934 per ton in October 2021, showing a 62% rise compared to the same month in the previous year. The fluctuations in prices have created major hindrances for manufacturers such as delays in projects and even cancellation of large capital project plans. Thus, with the high risks associated with raw material price fluctuations, the market for microchannel heat exchangers will face major hindrances and growth hamper.

Microchannel Heat Exchangers Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies that are adopted by the dominant players in this market. Microchannel Heat Exchanger top 10 companies include:

  1. Danfoss Industries Pvt. Ltd.
  2. Sanhua Holding Group Co.
  3. Kaltra Innovativetechnik GmbH
  4. MAHLE GmbH
  5. Modine Manufacturing
  6. API Heat Transfer Inc.
  7. Climetal S.L.
  8. Hanon Systems
  9. DENSO Corporation
  10. Modine Manufacturing Company

Recent Developments

In May 2021, Vacuum Processing Engineering Inc., a manufacturer of microchannel heat exchangers, announced a supply partnership with Sandia National Laboratories and the US Department of Energy (DOE). Under this partnership, Vacuum Processing Engineering Inc. fabricated the next generation of heat exchangers concentrating solar thermal plants.

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Key Takeaways

The market for microchannel heat exchangers is growing due to rising applications such as HVAC systems for air conditioning, evaporators, commercial refrigerants, heat pumps, and others in the forecast period.

The Asia Pacific region holds the largest growth share and is offering high demand for the microchannel heat exchangers industry due to the rising production of automobiles in this region which uses microchannel heat exchangers for air conditioning.

The rising demand for condensers is influenced by the growing applications for AC systems in the automotive sector owing to its low galvanic corrosion, lightness, and efficiency in the forecast period.

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https://www.industryarc.com/Report/16236/shell-tube-heat-exchanger-market.html

B. Heat Transfer Fluids Market

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PR-Wirein, Reportedtimes, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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