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 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.
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
In July 2019, Airedale, a British microchannel heat exchanger manufacturer has launched a new range of air conditioning chillers optimised for use with lower GWP refrigerant R32.
In January 2019, Danfoss and Nelumbo entered into strategic partnership. This partnership aims to deploy Nelumbo’s surface modification technology platform with Danfoss’ microchannel heat exchanger business.