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The Global Microchannel Heat Exchanger (MCHE) Market is expected to be valued at USD 2,343.9 million by 2023 with a CAGR of 8.72% during the forecast period (2018–2023).
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. The microchannel heat exchanger are multi-pass parallel flow heat exchangers that comprise three parts namely, manifolds, multi-port tubes with less than 1 mm hydraulic diameter, and fins. These devices are used to heat or cool fluids by transferring heat between two or more fluids. MCHEs are highly efficient with the refrigerant flowing in microchannels. Increase in manufacturing industry, residential, and commercial application owing to commercialization and urbanization, drive the MCHE market during the forecast.
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The key players in the global Microchannel Heat Exchanger market include:
Prominent players profiled in the microchannel heat exchanger 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), and Sumitomo Precision Products Co Ltd (Japan).
Segmental Analysis
Extensive research of the microchannel heat exchanger market segments the market by application, industry, and phase.
On the basis of application, the microchannel heat exchanger market can be segmented into chiller, heat pump, condenser, and evaporator. The heat pump segment is dominating the market with a value of USD 563.0 million in 2018 and can go up to USD 887.5 Million by 2023. Meanwhile, the chillers segment is also expected to have a CAGR of 8.83% during the forecast period.
On the basis of industry, the microchannel heat exchanger market is comprised of residential, commercial, refrigerated transport, food processing, power, and others. The refrigerated transport segment is further segmented into road, sea, and rail. The commercial segment is in the leading position and is valued at USD 346.4 Million in 2018, which can go up to USD 516.7 million by 2023. The segment is expected to beat the market at 8.32% CAGR during the forecast period.
On the basis of phase, the microchannel heat exchanger market can be segmented into single-phase, and two phase. The single-phase segment is dominating the market with a value of USD 855.3 million in 2018 and can go up to USD 1,331.9 million by 2023. Meanwhile, the two-phase segment is also expected to have a CAGR of 8.03% during the forecast period.
Regional Analysis
Geographic analysis of the microchannel heat exchanger market covers North America, Europe, Asia-Pacific, and Rest of the World.
Asia-Pacific is leading the market with its market value at USD 571.4 million in 2018. The regional market value can go up to USD 902.4 million by 2023 with an impressive 9.57% CAGR during the forecast period. The substantial increase in industrial sector owing to the low labor costs and an increase in per capita disposable income are the major factor contributing to the growth of the microchannel heat exchanger market.
Europe has the second largest market share in the microchannel heat exchanger market. Europe is home to some of the major industrial manufacturers in the world including Bosch, Rolls Royce plc, and Danfoss who export their products, globally.
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