Global Microchannel Heat Exchanger Market Growth Drivers 2024, Forecast To 2033
23 Sep, 2024
The microchannel heat exchanger market is experiencing robust growth, expected to rise from $13.00 billion in 2023 to $14.22 billion in 2024, reflecting a CAGR of 9.4%. This growth is driven by stricter energy efficiency regulations and the demand for renewable energy solutions. By 2028, the market is projected to reach $20.45 billion, with a CAGR of 9.5%. Major contributors include advancements in materials science and government incentives for energy-efficient technologies.
Major Driver In The Microchannel Heat Exchanger Market
The burgeoning construction industry is expected to drive the microchannel heat exchanger market. With increased urbanization and infrastructure development fueled by population growth and economic progress, the construction sector is expanding rapidly. Microchannel heat exchangers are highly valued for their compact size and efficiency in heat transfer, particularly in HVAC systems within construction projects. A report by Oxford Economics indicated that global construction output was $10.7 trillion in 2020, with projections of a 42% increase to $15.2 trillion by 2030. This robust growth in construction drives demand for microchannel heat exchangers.
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DENSO Corporation, DAIKIN INDUSTRIES Ltd, Johnson Controls plc, Danfoss Industries Pvt. Ltd., Hanon Systems, Alfa Laval, Modine Manufacturing, Greenheck Group, MAHLE GmbH, Evapco Inc., API Heat Transfer Inc., Vahterus, Thermofin, Climetal S.L., Mikros Technologies, Goldstone HVACR Inc., Sanhua Holding Group Co., Kaltra GmbH, Kangsheng Group, MSD Technologies
Key Microchannel Heat Exchanger Market Trend
Major companies in the microchannel heat exchanger market are pioneering advanced products, particularly compact microchannel heat exchangers, to secure a competitive edge. For instance, in February 2024, Danfoss India launched microchannel heat exchanger (MCHE) technology, which reduces refrigerant consumption by up to 60% and enhances efficiency by 30%. This innovative design optimizes refrigerant flow, resulting in cost savings and quicker installation, making it ideal for both residential and commercial air conditioning systems while aligning with sustainability goals.
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Microchannel Heat Exchanger Market Segmentation
The microchannel heat exchanger market covered in this report is segmented –
1) By Type: Air Handling Units, Heat Pumps, Fan Coil Units, Chillers
2) By Material Type: Metal, Ceramic
3) By Fluid Mechanism: Single Coil, Dual Coil, Multi Coil
4) By End-Use Industry: Automotive, Heating, Ventilation, And Air Conditioning (HVAC), Commercial Refrigeration, Other End-Use Industries
By Geography:The regions covered in the microchannel heat exchanger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the microchannel heat exchanger market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Microchannel Heat Exchanger Global Market Report 2024 furnishes information about the global microchannel heat exchanger market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.