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 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 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.
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.