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 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%. Growth in global automotive production is the major driving force for MCHE in the automotive industry.
The condenser segment dominates the MCHE market; whereas the water coil segment is expected to be the fastest-growing segment during the forecast period.
The condenser type segment accounted for the largest share of the market due to the high demand from AC systems in automobiles, residential, and commercial systems. The high demand for condenser MCHE is experienced from the HVAC industry owing to its compact design, less refrigerant requirement, and high heat transfer rate. On the other hand, the water coil segment is projected to register the highest growth owing to the growing adaptability of MCHE in this segment.
The HVAC application segment is projected to register the highest CAGR during the forecast period.
The HVAC application segment is projected to register the highest growth rate during the forecast period. It is lighter, efficient, and requires low refrigerant volume as compared to other heat exchangers. In addition, it is made of aluminum, makes it less vulnerable to galvanic corrosion than the traditional round-tube plate fin (RTPF) coils. MCHE is widely used in air conditioning systems and heat pumps for efficient heat transfer between refrigerant and air. In recent years, with the growing demand for lightweight systems and rising copper prices, the demand for MCHE is increasing in HVAC applications.
APAC is projected to be the largest market during the forecast period.
APAC has the largest populous countries such as China and India. China, Japan, South Korea, Indonesia, and India are the major automotive producers in APAC. China accounted for the largest share of the APAC market, owing to the presence of huge automotive and HVAC industries. India is the world’s fastest-growing economy with an estimated annual GDP expansion rate of more than 7.0% during the forecast period. Out of the five largest automobile producing countries, four countries, namely, China, India, Japan, and South Korea, are from APAC. In the overall AC demand, these countries experienced high growth in 2018. Thus, the overall scenario in APAC is favorable for the growth of the MCHE market.
Key Market Players
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) are the key players operating in the MCHE market.
These companies have adopted various organic as well as inorganic growth strategies between 2015 and 2018 to strengthen their position in the market. Expansion is the key growth strategy adopted by these leading players to enhance regional presence and meet the growing demand for MCHEs from emerging economies.