Microchannel Heat Exchanger Market Research Report—Global Forecast till 2030

Microchannel Heat Exchanger Market Research Report Information By Type (Heat Pump, Chiller, Air Handling Unit, Fan Coil Unit, Others) Phase (Single Phase, Double Phase) End-User (HVACR, Food Processing, Refrigerated Transport, Power, Others) Forecast 2030

ID: MRFR/E&P/6472-CR | September 2022 | Region: Bric | 100 Pages         

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Microchannel Heat Exchanger Market

Microchannel Heat Exchanger Market share is projected to be worth USD 3261.45 Million by 2030, registering a CAGR of 6.8% during the forecast period (2022-2030)

Segmentation
By Type Heat Pump Chiller Air Handling Unit Fan Coil Unit Others
By Phase Single Phase Double Phase
By End-User HVACR Food Processing Refrigerated Transport Power Others
Key Players
Companies Profiled   Kaltra (Germany)    Welcon Inc. (Japan)    Shanghai Shenglin M&E Technology Co. Ltd. (China)    Evapco Inc. (U.S.)    Climetal SL (Spain)    Modine Manufacturing Company (U.S.)    Danfoss (Denmark)    Zhejiang DUNAN Artificial Environment Co. Ltd. (China)    Sanhua (U.S.)    Vacuum Process Engineering (U.S.)    Sumitomo Precision Products Co. Ltd. (Japan)
Drivers
Market Driving Forces   Increasing demand for microchannel heat exchangers    Increased demand for construction    Increasing demand for cooling. heat. air ventilation. refrigerator    Strictness in regulations regarding emission standards    High demand in residential as well as commercial applications
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The Global Microchannel Heat Exchanger Market size is projected to be worth USD 3261.45 Million by 2030, registering a CAGR of 6.8% during the forecast period (2022–2030).


Global Microchannel Heat Exchanger Market


MCHEs are multi-pass parallel-flow heat exchangers that comprise three parts, namely, manifolds, multi-port tubes with less than 1 mm hydraulic diameter, and fins. These devices are used to heat or cool fluids by transferring heat between two or more fluids in residential and commercial air conditioning systems and refrigeration equipment. The heat exchangers are highly efficient, with the refrigerant flowing in microchannels. MCHE products have applications in various industries, including automotive, oil & gas, and chemical processing.


COVID-19 Impact on the Global Microchannel Heat Exchanger Market:


COVID-19 has had a massive global influence, affecting practically every person, corporation, and industry. The outbreak wiped out many worldwide supply lines and brought many businesses to face severe financial losses and go bankrupt. Stay-at-home orders generated a surge in demand for remote working platforms, and the tech industry saw some of the most dramatic developments as a result. However, microchannel heat exchanger manufacturers stayed open, thereby offering maintenance services in different ways. Logistics delays and challenges have impacted transport, which caused further disruptions in the supply chain processes. These factors caused the supply chain of MCHE system components to cause delay and, in turn, hampered the adoption to some extent. Additionally, the scarcity of materials used in transmission lines and workers' unavailability created havoc in the industry. COVID-19 has impacted the microchannel heat exchanger industry severely. The one aspect of the industry that has been the worst impacted due to the pandemic is maintenance. This impact is mainly seen in countries such as the US, where mainly heat exchanger businesses are unable to offer routine inspections and maintenance services on a regular basis. Although the pandemic has affected industrial activities, many manufacturers are aiding in the fight against the virus and providing essential services across the globe.


Microchannel Heat Exchanger Market Dynamics


Drivers

  • Rise in demand for MCHE in the manufacturing industry

  • Rapid growth of the construction industry worldwide

  • Technological advancements in MCHEs

  • Advancements in refrigerants


The microchannel heat exchangers have a wide range of applications across different manufacturing industries such as aircraft, automobiles, chemical plants, refined petroleum plants, and power and process industries. As per the United Nations Industrial Development Organization (UNIDO) statistics, by the second quarter of 2021, global manufacturing production registered an annual output growth rate of 18.2%. Furthermore, all the industrialized economies (IE) have mentioned a considerable growth in the second quarter of 2021, having an aggregated growth rate of 19.2% in a y-o-y comparison. The growth in the manufacturing sector is further expected to continue during the forecast period primarily due to the increase in demand for manufactured goods globally.  


Restraints

  • Volatile raw material prices


The core raw materials used for manufacturing microchannel heat exchangers include stainless steel, copper, and titanium. Most of the common components used to construct the heat exchangers contain tubes, plates, shells, spiral tubes, fins, and adiabatic wheels. The raw materials and components used in MCHEs depend on the type of heat exchangers and their required application. Furthermore, other materials such as composites, graphite, ceramics, or plastics are also used for the heat exchangers as per the applications. The prices of these raw materials vary from time to time, thereby affecting the final manufacturing cost of the microchannel heat exchangers. Therefore, the impact of the restraint on the microchannel heat exchanger market is expected to shift from high to moderate over the forecast period.


Opportunities

  • Shift from HVAC coils to MCHEs


Traditional HVAC coils are used in a wide number of applications, such as industrial & commercial refrigeration, mobile air conditioning, heat pumps, and commercial & residential air conditioning. Over the years, many traditional HVAC coils have become obsolete, and replacing them would involve inflated costs for the end users. However, this is an opportunity for MCHE manufacturers to design custom-fit equipment, which can efficiently replace the existing coils. Incorporating MCHEs in existing equipment can substantially reduce the weight of the equipment.


Microchannel Heat Exchanger Market Supply Chain Analysis


This is an early stage of the process, where the raw material suppliers provide the required materials and components for manufacturing microchannel heat exchangers. There is a wide range of components that are employed in the heat exchangers and several types of materials used for constructing them. The suppliers include pellicle metal, silicon & polymer, aluminum, tube, inlet/outlet tubes, fins & clad, side plate, and manifold. These are some of the basic raw materials required for the MCHE manufacturing process. The manufacturing stage is where the parts of the microchannel heat exchanger are produced according to the requirement and end-use. This stage involves various operations, including the process of producing the parts of the microchannel heat exchangers using the raw materials and components that were procured from suppliers. For instance, the header, multiport microchannel tube, and louvered fin are joined together by brazing, which improves the microchannel heat exchanger's mechanical strength and thermal performance. During the assembly process, the manufacturers or system integrators put together the different parts to produce microchannel heat exchangers according to the requirements and industry standards.


During this stage, the brazed microchannel tubes are tested in a pressure drop measurement facility with compressed nitrogen gas in place of the working fluid. Additionally, pressure drop testing is carried out in microchannel tubes at varying mass flow rates compared with the standard data. Then, the microchannel heat exchangers are inspected by cutting the headers to reveal the ports of microchannel tubes, by inserting a thin gauge wire in each channel to reveal port blockage. Hence, the processes of fabrication and testing are conducted to improve efficiency and performance. This stage involves the installation of microchannel heat exchangers in the end-use industries. Microchannel heat exchangers have extensive applications in the chemical, petrochemical, oil & gas, food & beverage, paper & pulp, HVACR (heating, ventilation, air conditioning, and refrigeration), power generation, and marine industries. These groups of end users install several types of microchannel heat exchangers according to the capacity, load variance, and type of application required.


Microchannel Heat Exchanger Market Segmentation Outlook


Based on Type:


Heat pump, chiller, air handling unit, fan coil unit, and others are the segments based on the application of the Global Microchannel Heat Exchanger Market.  The Heat pump segment is expected to have the highest CAGR and dominate the market share during the forecast period. A heat pump system takes air from your chamber's return and heats or cools it before redistributing it through the supply ducts. It is a type of refrigeration system pump that uses outside air to heat or cool a specific area for purposes such as drying, washing, and pasteurization. The pump offers a high system efficiency, low noise levels, low energy usage, and up to a 70% reduction in refrigerant charge.


Based on Phase:


Single phase and two phase are the segments based on the application of the Global Microchannel Heat Exchanger Market.  The Single-phase segment is expected to have the highest CAGR and dominate the market share during the forecast period. Single-phase heat exchangers are commonly employed in equipment for a wide range of cooling and heating applications. These include free cooling systems, dry coolers, air conditioners, and more, with water or glycol mixes as the most prevalent media. In MCHEs, single-phase heat transfer occurs when the liquid fluid in the microtubes follows the path of the single phase.


Based on End-User:


HVACR, refrigerated transport, food processing, power, and others are the segments based on the application of the Global Microchannel Heat Exchanger Market.  The HVACR segment is expected to have the highest CAGR and dominate the Microchannel Heat Exchanger Market share during the forecast period. Microchannel heat exchangers are used in HVACR systems to improve equipment efficiency, reduce equipment size & weight, and cut the overall costs of an HVAC system. Furthermore, these heat exchangers aid in increasing an air conditioning system's cooling capacity and overall efficiency.


Microchannel Heat Exchanger Market Regional Analysis


The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific is estimated to hold the highest revenue market share throughout the forecast period. Asia-Pacific is one of the world's fastest-growing regions, and it is predicted to continue rising during the forecast period. Due to the low labor costs in the region, the industrial sector has risen significantly. Furthermore, as the economy of these countries develops, so will individual discretionary income. As a result of this aspect, demand for commercial and residential HVAC systems in the region will rise. These factors are expected to drive the growth of the microchannel heat exchanger market in the region during the forecast period.


Due to the frigid temperature in Europe, a substantial number of HVAC systems have been built in both residential and commercial complexes. Furthermore, several of the world's largest industrial manufacturers, such as Bosch, Rolls-Royce plc, and Danfoss, are based in Europe and sell their products worldwide. The demand for most of these companies' products has been steadily increasing, resulting in expanding industrial infrastructure in the region. This factor is expected to considerably increase the demand for industrial thermal management systems over the next few years, thereby driving the growth of the microchannel heat exchanger market in Europe during the forecast period.


Microchannel Heat Exchanger Market Competitive Landscape


The global market for microchannel heat exchangers has witnessed significant growth over the forecast period. There are several domestic, regional, and global players operating in the Microchannel heat exchanger market who continuously strive to gain a significant share of the overall Microchannel Heat Exchanger Market. During the study, MRFR has analyzed some of the major players in the global Microchannel heat exchanger market who have contributed to the market growth.


List of Key Companies covered in the Microchannel Heat Exchanger Market report:




  • Kaltra (Germany)

  • Welcon Inc. (Japan)

  • Shanghai Shenglin M&E Technology Co., Ltd. (China)

  • Evapco Inc. (US)

  • Climatel SL (Spain)


  • Danfoss (Denmark)

  • Zhejiang DUNAN Artificial Environment co., LTD (China)

  • Sanhua (US)

  • Vacuum Process Engineering (US)

  • Sumitomo Precision Products Co., Ltd (Japan)

  • Modine Manufacturing Company (US)

  • VOSS Automotive GmbH (Germany)


Recent Developments in Microchannel Heat Exchanger Market:



  • In November 2020, Kaltra, expanded the production capacity at its S-1 plant by installing additional automatic core builders, fin rolling machines, and helium leak detection systems. This significant injection allowed the company to increase the annual production of microchannel coils by 20%.

  • In January 2019, Evapco Inc. inaugurated its new office in Dubai, the UAE. The expansion is expected to boost sales in the Middle East.

  • In May 2021, Vacuum Process Engineering. announced a supply partnership with the US Department of Energy (DOE) and Sandia National Laboratories for designing and fabricating heat exchangers for a next-generation concentrating solar-thermal (CSP) plant.

  • In April 2021, Danfoss expanded its popular range of microchannel heat exchangers, with the latest version optimized for use with low-density, low-GWP refrigerants such as R1234ze and R515B.

  • In June 2020, Sanhua launched its new OPTI Flow microchannel heat exchanger. This new coil technology benefits from an intertwined header, the latest technological enhancement to microchannel heat exchanger design, with 13% higher heat transfer efficiency. The new product was designed as the optimal choice for commercial applications.


Microchannel Heat Exchanger Market Report Overview:


The Global Microchannel Heat Exchanger Market is segmented based on Type, Phase, End-User, And Region in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global Microchannel Heat Exchanger Market.


Microchannel Heat Exchanger Market Segmentation Overview:


By Type:



  • Heat Pump

  • Chiller

  • Air Handling Unit

  • Fan Coil Unit

  • Others


By Phase:



  • Single Phase

  • Double Phase


By End-User:



  • HVACR

  • Food Processing

  • Refrigerated Transport

  • Power

  • Others


By Regions:



  • North America

  • Europe

  • Asia-Pacific

  • Middle East & Africa

  • South America


Objectives of the Study



  • To get a comprehensive overview of the Global Microchannel Heat Exchanger Market.

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, technology advancements and key developments

  • To gain insights about the key country/region in which the market is growing


Intended Audience



  • Automobile Companies

  • Manufacturing Companies

  • Research Institutes

  • Academic Institutes

  • Government Organizations



Report Scope:

Report Attribute/Metric Details
  Market Size    2030: USD 3261.45 Million
  CAGR    ~6.8%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units    Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Phase, End-User, And Region
  Geographies Covered   North America, Europe, Asia-Pacific, Middle East & Africa, and South America
  Key Vendors   Kaltra (Germany), Welcon Inc. (Japan), Shanghai Shenglin M&E Technology Co., Ltd. (China), Evapco Inc. (US), Climatel SL (Spain), Danfoss (Denmark), Zhejiang DUNAN Artificial Environment co., LTD (China), Sanhua (US), Vacuum Process Engineering (US), Sumitomo Precision Products Co., Ltd (Japan), and Modine Manufacturing Company (US)
  Key Market Opportunities   Shift from HVAC coils to MCHEs
  Key Market Drivers   Rise in demand for MCHE in the manufacturing industry Rapid growth of the construction industry worldwide Technological advancements in MCHEs Advancements in refrigerants


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Frequently Asked Questions (FAQ) :

The Global Microchannel Heat Exchanger Market would register a growth of ~6.8% during the forecast period.

A few major market players operating in the global microchannel heat exchanger market are Kaltra (Germany), Shanghai Shenglin M&E Technology Co Ltd (China), Welcon Inc (Japan), among others.

Asia Pacific would enjoy the upper hand in the Global Microchannel Heat Exchanger Market

Volatile raw material prices are the key restraining factor for the Global Microchannel Heat Exchanger Market