Microchannel Heat Exchanger Market Projected to Hit USD 3261.45 Million at a 6.8% CAGR by 2030 - Report by Market Research Future (MRFR)

Microchannel Heat Exchanger Market Growth Drives by Growing Demand for Low-Density Refrigerants and Rapid growth of Construction Industry Worldwide

New York, New York, UNITED STATES

New York, US, Oct. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Microchannel Heat Exchanger Market Research Report Information By Type, Phase, End-User - Forecast 2030”, the global microchannel heat exchanger market valuation is expected to touch USD 3261.45 MN by 2030, growing at a 6.8% CAGR during the review period (2022-2030). 

Microchannel Heat Exchanger Market Overview

The microchannel heat exchanger market is likely to witness significant revenue growth across the globe. Rising demand for greater efficiency and move to lower GWP refrigerants is a major trend in the market. Microchannel heat exchangers have replaced round tube plate fan heat exchangers commonly used in the HVAC market. Microchannel heat exchangers are garnering significant prominence and being applied to many different products, with their higher efficiency, less refrigerant charge, small form factor, and lower weight. 

The increasing use of microchannel heat exchangers in petrochemicals, polymers & plastics, agrochemicals, and pharmaceutical industries presents robust opportunities. Microchannel heat exchangers have become an increasingly popular choice for HVACR applications ultra-low GWP refrigerants. These exchangers are growing in popularity owing to their ASHRAE A1 safety classification.

Top Players involved in the market are,

  • Kaltra (Germany)
  • Welcon Inc. (Japan)
  • Shanghai Shenglin M&E Technology Co. Ltd. (China)
  • Evapco Inc. (US)
  • Climetal SL (Spain)
  • Modine Manufacturing Company (US)
  • Danfoss (Denmark)
  • Zhejiang DUNAN Artificial Environment Co. Ltd. (China)
  • Sanhua (US)
  • Vacuum Process Engineering (US)
  • Sumitomo Precision Products Co. Ltd. (Japan)

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Microchannel heat exchangers have flat tubes with air side-fins, making them small, light, and efficient. With the increasing demand for new technology that can solve key design challenges for OEMs, especially in large air-cooled chillers using screw and centrifugal compression, the market is projected to witness a significant rise in the years ahead. The spurring rise in the petroleum industry worldwide creates vast growth opportunities.

The rapid growth in industrialization and spurring rise in industries, such as HVACR, power generation, oil & gas, and mechanical & engineering sectors, are key driving forces. Also, the growing adoption of advanced refrigeration solutions and various technology enablers offering wide product ranges drive the microchannel heat exchanger market growth. Rising investments would support the market growth throughout the assessment period. 

Microchannel Heat Exchanger Market Segments 

The market is segmented into phases, applications, industries, and regions. The phase segment is sub-segmented into single-phase and two-phase. Of these, the single-phase segment accounts for the largest market share. The application segment is sub-segmented into evaporators, chillers, heat pumps, and condensers. Of these, the heat pump segment accounts for the largest market share.

The industry segment is sub-segmented into power, refrigerated transport, residential, food processing, commercial, and others. Among these, the commercial segment accounts for the largest market share. The region segment is sub-segmented into the Americas, Europe, Asia-Pacific, and rest-of-the-world.

Report Scope:

Report MetricsDetails
  Market Size by 20302030: USD 3261.45 Million
 CAGR during 2022-2030~6.8%
 Key Market OpportunitiesShift from HVAC coils to MCHEs
 Key Market DriversRise in demand for MCHE in the manufacturing industry Rapid growth of the construction industry worldwide
Technological advancements in MCHEs Advancements in refrigerants

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Microchannel Heat Exchanger Market Trends

Rapid economic growth worldwide and diversified industrial application areas of heat exchangers, such as industrial processing and food process equipment, offer ample market opportunities. Besides, rising uses of microchannel heat exchangers in applications like marine & mining, hydraulics, mobile power plant, power generation, and spas & swimming pools create vast market demand. 

Furthermore, major microchannel heat exchanger market trends include increased power demand from commercial & non-commercial sectors, population growth, and economic growth in developing nations. On the other hand, the high initial investments required for product development are major headwinds impeding the market growth. The need for balancing the high initial costs challenges developers.

Moreover, prohibitive maintenance costs associated with high-performing devices and the lack of standard tests restrict market growth. Additionally, volatility in price and the demand-supply gap in raw materials required for production are key factors impeding market growth. Also, vast investments required for establishing microchannel heat exchanger production plants challenge the growth of the market.

Microchannel Heat Exchanger Market Regional Analysis 

The Asia Pacific region has the largest global microchannel heat exchanger market share. Major microchannel heat exchanger market trends are increasing investments in HAVAC systems and increasing power generation capacity. Besides, the spurring rise in the region's manufacturing, chemical, and construction industries escalates the microchannel heat exchanger market value. 

Additionally, improving economic conditions, alongside rapid industrialization and urbanization, boosts the region's microchannel heat exchanger market size. China, Japan, and India are generating significant demand across industry verticals. Furthermore, the oil & gas, power generation, and mechanical & engineering industries drive the microchannel heat exchanger market growth. 

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Microchannel Heat Exchanger Market Competitive Analysis

The microchannel heat exchanger market witnesses several strategic partnerships alongside other strategies such as expansion, mergers & acquisitions, collaboration, and service & technology launches. Major industry players invest in vast research and development activities and foster their expansion plans. 

Microchannel heat exchanger manufacturers collaborate with utilities to develop hydrogen pre-cooling and commercial off-the-shelf heat exchangers and supply heat exchangers for solar-thermal plants. Such partnerships boost the designing and fabrication of next-generation heat exchangers concentrating solar-thermal (CSP) plants.

For instance, on Sep.12, 2022, Danfoss announced the launch of a new glycol microchannel heat exchanger for free-cooling chiller and dry cooler applications in data centers. This new model demonstrates Danfoss's efforts to expand its micro-channel heat exchanger (MCHE) portfolio, responding to even more relevant to the specific sustainability challenges data centers face. 

The Danfoss Glycol MCHE features an all-aluminum design that is lightweight and immune to galvanic corrosion. Danfoss confirms that the new model greatly reduces water & power consumption and optimizes peak performance, with its special manifold design lowering water pressure. Besides, its highly customizable connections and special bracket design make the MCHE easy to install to the unit frame.

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Its tubes are optimized to perfectly balance the heat transfer and pressure from the refrigerant side. The Glycol MCHE technology can operate independently and with the refrigeration cycle. Free cooling offers data centers a clear benefit to OEMs, allowing them to integrate it into existing designs. This ultra-efficient heat exchanger reduces HVAC operating costs.

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