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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″, 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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The MCHE market is projected to grow from USD 11.3 billion in 2019 to USD 20.7 billion by 2024, at a CAGR 13.0%. The increasing demand for MCHE is attributed to regulations related to energy efficiency and emission standards imposed by the government, along with the competitive advantages of MCHE such as compact design, better heat exchange rate, and reduced weight in comparison to its substitute products. In APAC, the market is driven by growth in automotive production and increasing demand for HVAC systems.
There are three types of MCHE available in the global market, namely, condenser, evaporator, and water coil. The condenser segment accounted for the highest market share, while the water coil segment is projected to be the fastest-growing type. Condenser has high penetration in the HVAC and automotive industries for the thermal management application. Water coil finds applications in water-cooled chillers and water treatment plants. Traditionally fin & tube type of heat exchanger is used in these applications. However, the advantages of MCHE over fin & tube is increasing the adoption of MCHE in these applications.
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68 – Tables
33 – Figures
112 – Pages
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The MCHE market size is estimated at USD 11.3 billion in 2019 and is projected to reach USD 20.7 billion by 2024, at a CAGR of 13.0% between 2019 and 2024. MCHE is majorly used as condensers in HVAC, commercial refrigeration, and automotive applications for air conditioning. MCHE is efficient, require less refrigerant charge volume, and has better heat transfer rate as compared to its substitute products, namely, fin & tube and plate & fin heat exchangers.
The key players in the MCHE market are Sanhua (China), MAHLE (Germany), Denso Corporation (Japan), Modine (US), Hanon Systems (South Korea), Kangsheng Group (China), Kaltra (Deutschland), Climetal (Spain), Danfoss (Denmark), and API Heat Transfer (US). The MCHE market report analyzes the key growth strategies, such as expansion, acquisition, joint venture, and new product launch, adopted by the leading market players, between 2015 and 2018.
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Sanhua is among the key players in the MCHE market. The company adopted the organic growth strategy of expansion. In 2017, the company expanded its production base in Mexico, which is one of the automotive manufacturing hubs in North America and South America. This expansion will allow the company to cater to the demand and expand its footprints in these regions. In 2015, the company invested in a facility in Mexico to increase its manufacturing capacities of MCHE. The newly formed manufacturing unit will have capacity of 13,000 units per month.
MAHLE is one of the leading manufacturers of MCHE for automotive applications. The company adopted the organic strategy of acquisition to grow in the market. In 2015, it acquired Delphi Thermal (US), a manufacturer of thermal management systems. This acquisition will expand and add air conditioning, heat exchangers, and powertrain cooling product portfolio to its thermal management business segment.
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