Microchannel Heat Exchanger Market Outlook
According to the report by Expert Market Research (EMR), the global microchannel heat exchanger market size is projected to grow at a CAGR of 13.2% between 2024 and 2032. Aided by the re-emergence of traditional shaving practices and the widespread appeal for a closer and more luxurious shaving experience, the market is expected to grow significantly by 2032.
Microchannel heat exchangers are compact heat exchangers that feature multiple parallel channels, offering a large surface area for heat transfer. These exchangers are known for their high efficiency, low refrigerant charge, and reduced weight compared to traditional heat exchangers. They are predominantly used in HVAC systems, automotive air conditioning, and in refrigeration applications due to their ability to efficiently handle phase changes of the working fluid.
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A rising global emphasis on energy conservation and sustainability has primarily fuelled the microchannel heat exchanger market growth. With the increasing energy costs and environmental concerns associated with greenhouse gas emissions, industries and consumers alike are leaning towards technologies that minimise energy wastage. Microchannel heat exchangers, with their compact design and high-efficiency levels, perfectly fit this requisite, leading to their growing integration into modern cooling and heating systems.
Another major driver for the microchannel heat exchanger market demand is the ongoing innovation in the automotive sector. As the automotive industry continually evolves, there is an inherent need for lightweight, efficient, and compact components. The automotive sector relies on MCHEs for vehicle air conditioning systems, given their advantages over traditional systems in terms of size, weight, and performance.
In the HVAC domain, particularly in large commercial spaces, there’s a surging demand for systems that can maintain optimal indoor air quality and temperature with minimal energy expenditure. Microchannel heat exchangers, owing to their high surface area-to-volume ratio, have proven effective in meeting these stringent requirements, thereby witnessing a surge in demand.
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According to the microchannel heat exchanger market analysis, the refrigeration sector, which is central to various industries like food and beverages, pharmaceuticals, and logistics, is undergoing a transformation. As industries aim to achieve better cooling efficiency with a lower environmental footprint, MCHEs are becoming a pivotal component of next-generation refrigeration solutions.
The growing urbanisation, coupled with the increasing disposable income in emerging economies, has led to a spurt in demand for residential and commercial HVAC systems. With consumers becoming more conscious about energy savings and system efficiency, the adoption of MCHE-based systems is on an upward trajectory.
Microchannel Heat Exchanger Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
- Condenser
- Evaporator
- Water Coil
Market Breakup by Application
- Automotive
- HVAC
- Residential AC
- Commercial AC
- Precision Cooling
- Commercial Refrigeration
- Stationary Refrigeration
- Transport Refrigeration
- Cold Storage
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global microchannel heat exchanger market. Some of the major players explored in the report by Expert Market Research are as follows:
- Sanhua (Hangzhou) Micro Channel Heat Exchanger Co., Ltd
- EVAPCO, Inc.
- Modine Manufacturing Company
- Goldstone HVACR Inc.
- ThermoKey S.p.A.
- Danfoss Industries Pvt. Ltd.
- Kaltra Innovativtechnik GmbH
- Others
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