How Has the Microchannel Heat Exchanger Market Evolved Historically and What is its Current Size?
The microchannel heat exchanger market has seen considerable growth due to a variety of factors.
• The microchannel heat exchanger market has experienced strong growth in recent years. It will grow from $14.22 billion in 2024 to $15.6 billion in 2025, at a CAGR of 9.7%.
This growth is attributed to stricter regulations on energy efficiency and emissions, increased demand for energy-efficient technologies, automotive industry needs, regulations to reduce greenhouse gas emissions, global market expansion, and the shift towards renewable energy.
What Is The Projected Growth Of The Microchannel Heat Exchanger Template Market?
The microchannel heat exchanger market is expected to maintain its strong growth trajectory in upcoming years.
• The microchannel heat exchanger market is set to grow strongly, reaching $22.35 billion by 2029 at a CAGR of 9.4%.
The growth is attributed to the increasing prevalence of consumer electronics, advancements in material science, government incentives for energy-efficient technologies, the shift to hybrid and electric vehicles in the automotive sector, and greater awareness of MCHE technology benefits. Major trends include ongoing material and manufacturing advancements, industrial process automation, the rise of high-performance computing (HPC) and data centers, the development of regenerative energy systems, and exploring new MCHE applications.
What Are The Key Drivers Fueling Growth In The Microchannel Heat Exchanger Market?
The expanding construction industry is expected to drive the growth of the microchannel heat exchanger market. The construction industry, involved in creating residential, commercial, and industrial infrastructure, is growing due to urbanization and increasing demand for infrastructure development. Microchannel heat exchangers are key components in HVAC systems used in buildings because of their compact size and high heat transfer efficiency. For example, the Australian Bureau of Statistics reported an increase in dwellings under construction, rising from 240,065 in 2022 to 240,813 in March 2023. This growth in construction will continue to fuel the microchannel heat exchanger market.
What Are The Principal Market Segments In The Global Microchannel Heat Exchanger Industry?
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
Subsegments:
1) By Air Handling Units: HVAC Air Handling Units, Industrial Air Handling Units
2) By Heat Pumps: Air Source Heat Pumps, Ground Source Heat Pumps
3) By Fan Coil Units: Ceiling Mounted Fan Coil Units, Floor Mounted Fan Coil Units
4) By Chillers: Air-Cooled Chillers, Water-Cooled Chillers
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What New Trends Are Influencing The Microchannel Heat Exchanger Market?
In the microchannel heat exchanger market, leading corporations are concentrating on creating innovative products like compact microchannel heat exchangers to maintain a market advantage. Compact microchannel heat exchangers are distinctive heat exchangers that have multiple small channels for fluid circulation. A notable example was in February 2024 when Danfoss India, a technology company from India, unveiled their microchannel heat exchanger (MCHE) technology. This technology is designed to reduce the use of refrigerants by as much as 60% and enhance efficiency by 30%, correlating with the industry’s environmental, social, and governance (ESG) goals. The patented distribution design of this technology boosts refrigerant inflow and enhances heat transfer rates, thus facilitating cost reductions and expediting installation processes. The microchannel heat exchanger's compactness, light weight, and eco-friendly materials make it ideal for residential and commercial air conditioning systems, and energy-efficient refrigeration devices with a focus on reducing refrigerant usage.
Who Are the Key Players In The Microchannel Heat Exchanger Market?
Major companies operating in the microchannel heat exchanger market are:
• 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
What Are The Regional Insights Into The Microchannel Heat Exchanger Market?
North America was the largest region in the microchannel heat exchanger market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microchannel heat exchanger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
