Microchannel Heat Exchanger Market Worth $20.7 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 18, 2019 /PRNewswire/ -- According to the new market research report "Microchannel Heat Exchanger Market by Type (Condenser, Evaporator, and Water Coil), Application (Automotive, HVAC, Commercial Refrigeration), and Region (North America, Europe, APAC, South America, and Middle East & Africa) - Global Forecast to 2024", published by MarketsandMarkets™, the MCHE market is projected to grow from USD 11.3 billion in 2019 to USD 20.7 billion by 2024, at a CAGR of 13.0% during the forecast period. The growth of the MCHE can be attributed to the stringent government regulations on energy efficiency and emissions. In addition, the advantages of MCHE over fin & tube heat exchanger has increased its demand in HVAC and refrigeration systems.
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Competitive advantages as compared to other alternatives
MCHE has several advantages over its substitutes such as plate & fin and fin & tube. MCHE has a compact design and hence can be incorporated in HVAC systems, such as residential AC, indoor display, and automobile AC, where space is a major constraint. MCHE is making 35% more compact units that require significantly less refrigerant and save considerable energy, along with 77% lower hold-up volume, being 68% lightweight, and providing 4% more cooling capacity as compared to fin & tube heat exchangers.
The condenser segment accounted for the largest share in the MCHE market
The condenser segment dominated the MCHE market, with a share of more than 90.0% in 2018. Its high utilization in heat transfer systems is majorly driving its demand. The demand for condenser is majorly driven by HVAC systems where the compact design is one of the crucial factors amongst efficiency and emission standards. With the added advantages of MCHE, it is now being used as condensing units in various HVACR systems such as HVAC chillers, process chillers, food & beverage process equipment, data center systems, industrial process equipment, rooftop systems, and airside equipment.
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HVAC to be the fastest-growing application segment of the MCHE market
The demand for MCHE has been gaining momentum in the HVAC industry as it is lighter, efficient, and lowers the required refrigerant volume as compared to other heat exchangers. MCHE is widely used in air conditioning systems and heat pumps for efficient heat transfer between refrigerant and air. In recent years, with the growing demand for lightweight systems and rising copper prices, the demand for MCHE has increased in various HVAC applications. Moreover, because of compact design, lightweight, and lower hold-up volume, MCHE is used in residential and commercial cooling applications.
APAC is projected to be the fastest-growing MCHE market
APAC is estimated to be the fastest-growing market for MCHE due to the presence of highly populated countries such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries for the MCHE market in this region. China accounted for the largest share of the APAC market owing to the presence of huge the automotive and HVAC industries. The growing sales and demand for HVAC systems from commercial and residential infrastructure in the region favors the demand for MCHE. In addition, the growing urbanization and population is majorly driving the demand for MCHE in HVAC systems.
Most active players in the MCHE market:
Sanhua (China), MAHLE (Germany), Denso Corporation (Japan), Modine (US), and Hanon Systems (South Korea) are few active players in the MCHE Market.
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Related Report:
Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2023
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