The microchannel heat exchanger global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Microchannel Heat Exchanger Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The microchannel heat exchanger market size has grown strongly in recent years. It will grow from $13.00 billion in 2023 to $14.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to stricter regulations on energy efficiency and emissions, demand for energy efficiency, automotive industry needs, regulations aimed at reducing greenhouse gas emissions, globalization and market expansion, and a shift to renewable energy.
The microchannel heat exchanger market size is expected to see strong growth in the next few years. It will grow to $20.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the proliferation of consumer electronics, advances in materials science, government incentives and subsidies for energy-efficient technologies, the automotive industry’s shift towards hybrid and electric vehicles, and increased awareness and education about the benefits of MCHE technology. Major trends in the forecast period include ongoing developments in materials and manufacturing techniques, the automation of industrial processes, the rise of high-performance computing (HPC) and data centers, the development of regenerative energy systems, and the exploration of innovative applications for MCHEs.
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Scope Of Microchannel Heat Exchanger Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Microchannel Heat Exchanger Market Overview
Market Drivers –
The growing construction industry is expected to propel the growth of the microchannel heat exchanger market going forward. The construction industry encompasses the processes involved in creating infrastructure and buildings, including residential, commercial, and industrial projects. The construction industry is expanding due to increased urbanization and infrastructure development demands driven by population growth and economic development. Microchannel heat exchangers are used in the construction industry for efficient heating, ventilation, and air conditioning (HVAC) systems due to their compact size and superior heat transfer capabilities. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, global construction output was $10.7 trillion in 2020. Between 2020 and 2030, it is expected to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the growing construction industry is driving the growth of the microchannel heat exchanger market.
Market Trends –
Major companies operating in the microchannel heat exchanger market are focusing on developing advanced products, such as compact microchannel heat exchangers, to gain a competitive edge in the market. A compact microchannel heat exchanger refers to a type of heat exchanger designed with multiple small channels or passages through which fluids flow. For instance, in February 2024, Danfoss India, an India-based technology company, launched microchannel heat exchanger (MCHE) technology. This technology reduces refrigerant consumption by up to 60% and improves efficiency by 30%, in line with industry environmental, social, and governance (ESG) commitments. The patented distribution design optimizes refrigerant flow and improves heat transfer rates, resulting in cost savings and quicker installation. The compact design, lightweight, and sustainable materials make the MCHE suitable for use in residential and commercial air conditioning systems, as well as in energy-efficient refrigeration equipment, aimed at reducing the refrigerant charge.
The microchannel heat exchanger market covered in this report is segmented –
1) By Type: Air Handling Units, Heat Pumps, Fan Coil Units, Chillers
2) By Material Type: Metal, Ceramic
3) By Fluid Mechanism: Single Coil, Dual Coil, Multi Coil
4) By End-Use Industry: Automotive, Heating, Ventilation, And Air Conditioning (HVAC), Commercial Refrigeration, Other End-Use Industries
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Regional Insights –
North America was the largest region in the microchannel heat exchanger market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microchannel heat exchanger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the microchannel heat exchanger market are DENSO Corporation, DAIKIN INDUSTRIES Ltd, Johnson Controls plc, Danfoss Industries Pvt. Ltd., Hanon Systems, Alfa Laval, Modine Manufacturing, Greenheck Group, MAHLE GmbH, Evapco Inc., API Heat Transfer Inc., Vahterus, Thermofin, Climetal S.L., Mikros Technologies, Goldstone HVACR Inc., Sanhua Holding Group Co., Kaltra GmbH, Kangsheng Group, MSD Technologies
Table of Contents
1. Executive Summary
2. Microchannel Heat Exchanger Market characterstics
3. Microchannel Heat Exchanger Market Trends And Strategies
4. Microchannel Heat Exchanger Market – Macro Economic Scenario
5. Global Microchannel Heat Exchanger Market Size And Growth
…..
32. Global Microchannel Heat Exchanger Market Competitive Benchmarking
33. Global Microchannel Heat Exchanger Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Microchannel Heat Exchanger Market
35. Microchannel Heat Exchanger Market Future Outlook and Potential Analysis
36. Appendix
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