The Microchannel Heat Exchanger Market size is projected to reach US$ 27.43 billion by 2031 from US$ 13.67 billion in 2023. The market is expected to register a CAGR of 9.1% in 2023–2031. The microchannel heat exchanger is appropriate for use in residential and commercial air conditioning systems along with refrigeration equipment owing to its energy efficiency and capability of lowering the refrigerant charges. The microchannel heat exchangers are primarily used for heating and cooling purposes. The growing advancement in the automotive industry is acting as a major driver for the microchannel heat exchanger market.
Microchannel Heat Exchanger Market Analysis
Microchannel heat exchangers can be utilized in several applications, for instance, rocket engines, turbine blades, hybrid vehicles, refrigeration cooling, hydrogen storage, thermal control in microgravity and capillary pump loops. The requirement of heat flux removal primarily changes significantly based on the application type. The application of microchannel heat exchanger plays an important role in eliminating high heat flux from compact systems such as laser diodes and nuclear fusion, high-performance computer chips, and fission reactors for confirming their constant performance with long life.
Microchannel Heat Exchanger Market Overview
Microchannel heat exchangers are used in refrigeration and air conditioning systems. With the growing technological advancement, the world is showing a preference for miniaturization. Hence, it has become crucial to remove high heat flux from compact systems The market is classified in terms of type and application. Based on the type, the microchannel heat exchanger market is categorized into condenser, evaporator, and water coil. On the basis of application, the market is bifurcated into HVAC, commercial refrigeration, and others.
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Microchannel Heat Exchanger Market: Strategic Insights
Market Size Value in US$ 7,794.93 Million in 2019 Market Size Value by US$ 19,630.87 Million by 2027 Growth rate CAGR of 12.4 % from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Microchannel Heat Exchanger Market: Strategic Insights
| Market Size Value in | US$ 7,794.93 Million in 2019 |
| Market Size Value by | US$ 19,630.87 Million by 2027 |
| Growth rate | CAGR of 12.4 % from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Microchannel Heat Exchanger Market Drivers and Opportunities
Adoption of Microchannel Heat Exchangers in Automotive and Residential Sector is Expected to be the Prime Driver for the Microchannel Heat Exchanger Market
The growing application of microchannel heat exchangers in automotive and residential air conditioning is acting as a major driver for the microchannel heat exchanger market. Microchannel heat exchangers are considered more efficient than traditional fin and tube heat exchangers, primarily for residential air conditioners. Microchannel heat exchangers aid in reducing refrigerant quantities in residential air-conditioner systems, which helps in energy efficiency. Microchannel heat exchangers are applied in the cooling of electronic equipment in the automotive sector. Owing to the rising demand for miniaturization and compact devices, microchannel heat exchangers have been perfectly suited for use in automotive air conditioning systems.
Growing Demand for Energy-efficient Solutions
Consumer preference for energy-efficient appliances has been increasing in recent times. Energy efficiency can provide long-term benefits by reducing overall electricity demand by lowering the need to invest in new infrastructure. To accomplish energy efficiency, many end user industries are using high-energy efficient air conditioning and refrigerant systems. An energy-efficient refrigeration and air conditioning system utilizes less energy and operates more effectively than conventional systems, lowering the carbon footprint. Energy-efficient refrigerant and cooling systems can be used in residential, commercial, and industrial setups to decrease energy costs and greenhouse gas emissions. Thus, the growing demand for energy-efficient solutions drives the evolution of the microchannel heat exchanger market.
Microchannel Heat Exchanger Market Report Segmentation Analysis
Key segments that contributed to the derivation of the microchannel heat exchanger market analysis are type and application.
- Based on type, the market has been divided into condenser, evaporator, and water coil. The condenser segment held a larger market share in 2023.
- In terms of application, the market has been segmented into HVAC, commercial refrigeration, and others. The HVAC segment dominated the market in 2023.
Microchannel Heat Exchanger Market Share Analysis by Geography
The geographic scope of the Microchannel Heat Exchanger Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific led the microchannel heat exchanger market in 2023. The Asia Pacific region includes China, India, Australia, Japan and South Korea. The high presence of automotive amd HVAC companies is acting as a major driver for the market. The manufacturing companies operating in the microchannel heat exchangers are focusing on expanding their product offerings by offering more compact solutions for the automotive and residential sectors. The integration of microchannel heat exchangers for boosting the energy efficiency of air conditioning systems is also acting as a major driver for the market. Growing focus on environment-friendly options for refrigeration and cooling systems is also boosting the application of microchannel heat exchangers, which is estimated to drive the evolution of the market over the forecast period in the Asia Pacific.
Microchannel Heat Exchanger Market Report Scope
Microchannel Heat Exchanger Market News and Recent Developments
The Microchannel Heat Exchanger Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Microchannel Heat Exchanger Market and strategies:
- On April 2024, Kaltra introduced a highly corrosion-resistant aluminum alloy, AA3F05, temper H112, for its microchannel heat exchangers. (Source: Kaltra, Press Release/Company Website/Newsletter)
- On February 2024, Danfoss India introduced its microchannel heat exchanger technology at the ACREX India 2024 exhibition. The energy-efficient technology completely modifies air-cooled units with its high-end next-gen evaporator, which offers higher benefits over conventional fin tube heat exchangers. (Source: Danfoss, Press Release/Company Website/Newsletter)
Microchannel Heat Exchanger Market Report Coverage and Deliverables
The “Microchannel Heat Exchanger Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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