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)
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).
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
Objectives of the Study
|Market Size||2030: USD 3261.45 Million|
|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|
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
The residential segment is slated to expand as the fastest-growing segment.
The heat pump segment is slated to expand as the fastest-growing segment.
Volatile raw material prices are the key restraining factor for the Global Microchannel Heat Exchanger Market