Microchannel Heat Exchanger Market to Reach a Valuation of About USD 18,264.2 Million by 2026

The global microchannel heat exchanger market was valued at USD 9,429.2 million in 2018 and is expected to reach USD 18,264.2 million in 2026, growing at a CAGR of 8.8% from 2019 to 2026. Rising applications areas of nanoparticles and growing popularity of gold nanoparticles in the pharmaceutical are expected to drive the growth of the microchannel heat exchanger market in upcoming years.

The microchannel heat exchanger is widely adopted across construction, automobile, and power generation business. It is primarily comprised of manifolds, multi-port tubes, and fins. The is used to fulfil the requirement of transferring heat or cool fluids to use in space constraint areas such as air-con, heat pump, and engine.

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The major players operating in the global microchannel heat exchanger market are Modine Manufacturing Company (US), Danfoss (Denmark), Zhejiang DUNAN Artificial Environment Co Ltd (China), Sanhua (US), Vacuum Process Engineering (US), Shanghai Shenglin M&E Technology Co Ltd (China), Evapco Inc (US), Climetal SL (Spain), Kaltra Innovativtechnik GmbH (Germany), and Sumitomo Precision Products Co Ltd (Japan) among others.

The main drivers for the growth of the market include the rapid rise in the energy efficiency regulations and stringent emission standards and growing demand for HVAC systems. Moreover, increase the development of electric vehicles and electrification across the automotive and power industry are expected to the evolution of microchannel heat exchanger in the global market during the forecast period. For instance, in January 2019, Tesla Inc. announced the construction of a manufacturing unit in Shanghai, China, which is expected to produce around 500 thousand electric cars a year. This expected to increase further demand for microchannel heat exchanger in the Chinese market.

However, the continuous fluctuation in the raw material prices and cumbersome designing of the microchannel heat exchanger are the major restraining factors in the market. The availability of low-cost counterfeit products in the Asian-Pacific market is the main challenge in the market for the manufacturers in the coming years.

Microchannel Heat Exchanger Market Segmentation
By Type:
1. Condenser
2. Evaporator
3. Water Coil

By Phase:
1. Single Phase
2. Two Phase

By Application:
1. Air Conditioning
2. Heat Pump
3. Engine
4. Others

By Region:
1. North America (US and Canada)
2. Europe (UK, Germany, France and Rest of Europe)
3. Asia Pacific (China, Japan, India and Rest of Asia Pacific)
4. Latin America (Brazil, Mexico and Rest of Latin America)
5. Middle East & Africa (GCC and Rest of Middle East & Africa)

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Key Findings:

- Based on the type, the condenser segment accounted for approximately 54% of the share in the global microchannel heat exchanger market in 2018

- Based on the phase, the two-phase segment accounts of the largest share in the market and expected to grow at a CAGR of around 9.24% over the forecast period

- Based on application, the air conditioning segment accounts of the largest share in the market and held for more than 40% of the total market in 2018.

- Asia-Pacific accounted for more than 40% share of the global microchannel heat exchanger market in 2018

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This release was published on openPR.