Microchannel Heat Exchanger Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Microchannel Heat Exchanger Market Research Report, Industry, Application and Region – Forecast till 2027” the market is projected to be worth USD 27.87 billion by 2027, registering a CAGR of 13.45% during the forecast period (2021 – 2027), The market was valued at USD 12.10 billion in 2020.
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List of the Key Companies Profiled in the Microchannel Heat Exchanger Market Research Report are:
- Kaltra (Germany)
- Welcon Inc. (Japan)
- Shanghai Shenglin M&E Technology Co. Ltd. (China)
- Evapco Inc. (US)
- Climetal SL (Spain)
- Modine Manufacturing Company (US)
- Danfoss (Denmark)
- Zhejiang DUNAN Artificial Environment Co. Ltd. (China)
- Sanhua (US)
- Vacuum Process Engineering (US)
- Sumitomo Precision Products Co. Ltd. (Japan)
The microchannel heat exchanger market witnesses several strategic partnerships, alongside other strategies such as expansion, mergers & acquisitions, collaboration, and service & technology launches. Major industry players make vast investments in research and development activities and fostering their expansion plans.
For instance, on May 26, 2021, Vacuum Process Engineering Inc., a developer and manufacturer of diffusion bonded microchannel heat exchangers, hydrogen pre-cooling heat exchangers, and commercial off-the-shelf heat exchangers, announced a supply partnership with the US Department of Energy (DOE) and Sandia National Laboratories to supply heat exchangers for solar-thermal plants. Under the partnership terms, VPE would design and fabricate next-generation heat exchangers concentrating solar-thermal (CSP) plants.
Rapid Industrialization Worldwide is a Major Driving Force
Rapid growth in the oil & gas, power generation, and mechanical & engineering industries drives the microchannel heat exchanger market growth. Moreover, the growing adoption of various advanced refrigeration solutions and the strong presence of notable industry players offering wide product ranges influence the market’s growth.
High Initial Cost Required for Product Development is a Major Challenge
The need for balancing the high initial cost challenges developers. Also, maintenance costs associated with higher performance devices and the lack of standard tests impede the market growth.
The microchannel heat exchanger industry suffered unprecedented challenges due to the COVID-19 pandemic. Industry players faced many problems, including obtaining raw materials, attracting workers from quarantines, and delivering end products. Resultantly, the microchannel heat exchanger market experienced unexpected outages, whipsaws pricing, and wreaked havoc on the supply chains.
However, the market is speedily returning to normalcy, with the lockdown relaxing in many countries. Besides, various industries, including food & beverages and power generation, are creating significant market demand.
Rapid economic growth worldwide and diversified industrial application areas of heat exchangers, such as industrial processing and food process equipment, offer ample market opportunities. Besides, rising uses of microchannel heat exchangers in applications like marine & mining, hydraulics, mobile power plant, power generation, and spas & swimming pools create vast market demand.
Furthermore, increased power demand from commercial & non-commercial sectors, population growth, and economic growth in the developing nations are major microchannel heat exchanger market trends.
Conversely, volatility in price and the demand-supply gap in raw materials required for production are key factors impeding market growth. Also, vast investments required for establishing microchannel heat exchanger production plants challenge the growth of the market. Nevertheless, rising investments in many regions would support the market growth throughout the assessment period.
The market is segmented into phases, applications, industries, and regions. The phase segment is sub-segmented into single-phase and two-phase. Of these, the single-phase segment accounts for the largest market share. The application segment is sub-segmented into evaporators, chillers, heat pumps, and condensers. Of these, the heat pump segment accounts for the largest market share.
The industry segment is sub-segmented into power, refrigerated transport, residential, food processing, commercial, and others. Among these, the commercial segment accounts for the largest market share. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
The Asia Pacific region accounts for the largest microchannel heat exchanger market share globally. Increasing investments in HAVAC systems and increasing power generation capacity are major microchannel heat exchanger market trends. Besides, the spurring rise in manufacturing, chemical, and construction industries in the region escalate the microchannel heat exchanger market value.
Additionally, improving economic conditions, alongside the rapid industrialization and urbanization, boosts the region’s microchannel heat exchanger market size. China, Japan, and India are generating a significant demand across industry verticals. Furthermore, the oil & gas, power generation, and mechanical & engineering industries drive the microchannel heat exchanger market growth.
Segmentation of Market covered in the research:
Information by Industry (Residential, Commercial, Refrigerated Transport, Power), Application (Chiller, Heat Pump, Condenser and Evaporator), Phase (Single-Phase and Two-Phase) and Region (North America, Europe, Asia-Pacific and Rest of the World)
Browse In-depth Market Research Report (111 pages) on Microchannel Heat Exchanger
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