Microchannel Heat Exchanger Market Size, Share & Industry Analysis, By Type ( Evaporator, Condenser, Water Coil ), By Application ( HVAC, Automotive, Refrigeration, Others ) and regional forecast 2023-2030

Microchannel Heat exchanger (MCHE), also known as micro heat exchanger, has applications in several important and diverse field such as automotive, bioengineering, cooling of gas turbine blades, power and process industries, refrigeration and air conditioning, and others. It provides superior advantages, which include high volumetric heat flux, compactness for space-critical applications, effective flow distribution, and robust design. Microchannel Heat exchanger has at least one fluid flow passage with typical dimensions between 1 μm and 1 mm and has great potential in process intensification of various industrial areas. The compact geometry and robust design augment the heat transfer level on both the liquid and air sides with balanced resistance between two sides. In recent year’s major progress has been made in the microchannel heat exchanger by the aerospace, chemical reactor, and cryogenic industries. The technological advancement and rise uptake for compact equipment set to be profitable for the market prospects.

The microchannel heat exchanger is classified by product type and application. Type is further divided into the evaporator, condenser, and water coil. The condenser segment is projected to influence the growth of the market, owing to the rising demand for HAVC applications. Based on the application, the market is divided into HVAC, automotive, refrigeration, and others. Exponential demand for comfort cooling and massive adoption of district energy in European countries likely to augment the growth of the market.

International regulations and policymakers are emphasizing the importance of energy efficiency programs to curtail the excessive consumption of energy, which likely to underpin the market. Furthermore, exponential investment in HVAC and a rise in uptake of compact equipment in aviation & aerospace, as well as cryogenic equipment, ’s to drive the market.

The complexity in design increases the cost of manufacturing, which obstruct the growth of the microchannel heat exchanger market.

Key Market Driver -

 Introduction of energy efficiency programs and policies

Key Market Restraint -

Intricate design increase the cost manufacturing

 Key Players Covered:

• Some of the leading manufacturers of Microchannel Heat exchanger are Danfoss, Alfa Laval, Sanhua International Europe S.L., Norsk Hydro, Modine Manufacturing Company, EVAPCO, Inc., Climetal S.L., Kaltra Innovativtechnik GmbH, Hanon Systems, and API Heat Transfer.

Regional Analysis:

The microchannel heat exchanger market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States is anticipated to play a pivotal role in shaping the dynamics of the market owing to rising investment in cryogenic equipment, space & aviation, and others. Many companies are putting extra effort into developing compact and highly efficient microchannel heat exchangers to cater to the varied industrial application. Thus, the growing demand for compact and energy-efficient devices set to augment the growth of the market. Europe is experiencing moderate growth on account of extensive research and development in heat transfer equipment. The growing investment in bioengineering, district heating, and process industries likely to bolster the market. The microchannel heat exchanger market in Asia Pacific is mainly driven by a massive expansion of heating, ventilation, and air conditioning (HVAC) and rapid economic growth in China and India. The Middle East & Africa is projected to grow at a slight pace owing to the slow adoption of advanced technology.

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Segmentation

Key Industry Developments

• In February 2020, LG Chem and Span.IO, Inc. launched battery storage and intelligent home energy control system, which enables customizable backup power. The system ensures home loads remain powered in the event of a power outage. A highly reliable system is suitable for residential battery storage and backup power.


• In January 2020, Kyocera and 24M recently unveiled its residential energy storage system, Enerezza. It is the world’s first system built using 24M’s novel SemiSolid electrode manufacturing process. The product is designed to meet varied energy demand and available in 5 kWh, 10kWh, and 15kWh.


• In February 2019, Siemens launched Junelight Smart Battery, predominantly designed for residential energy storage and the use of self-generated energy. Lithium-ion storage combines functions for intelligent and safe energy management and modern design.