Report : Europe Microchannel Heat Exchanger Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Condenser, Evaporator, and Water Coil); Application (HVAC, Commercial Refrigeration, and Others)
Advantages of using micro channel heat exchangers in various applications to drive Europe microchannel heat exchanger market at CAGR of 12.1%
According to the latest study on “Europe Microchannel Heat Exchanger Market Forecast to 2027 – Covid-19 Impact and Analysis – by Type (Condenser, Evaporator, and Water Coil) and Application (HVAC, Commercial Refrigeration, and Others), and Country,” the Europe microchannel heat exchanger market was valued at US$ 1,823.95 million in 2019 and is projected to reach US$ 4,515.10 million by 2027; it is expected to grow at a CAGR of 12.1%during 2020–2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.
Microchannel heat exchangers have applications in various important and diverse fields, including aerospace; bioengineering; gas turbine blade cooling, power and process industries, refrigeration and air conditioning; infrared detectors, and efficient laser mirrors and superconductors; microelectronics; and film deposition thermal control. The advantages of microchannel heat exchangers include high volumetric heat flux, compactness for space-critical applications, robust design, efficient flow distribution, and moderate pressure drops. The transportation and chemical manufacturing industries have been using MCHEs for decades. Micro-channel heat exchangers are used by both residential and industrial heat pump air conditioning systems. The efficiency of the heat pump system with microchannel heat exchangers is compared to that of the basic heat pump system using tube and fin heat exchangers. It is demonstrated that by using microchannel heat exchangers, the system capacity can increase by 4 percent for the residential heat pump air-conditioning system, and the system efficiency can increase by 1-2 percent, keeping the face area of the heat exchangers the same. The heat exchanger weight can be reduced by 44 percent, and the refrigerant charge can be reduced by 51 percent.
Micro heat exchangers or microstructured heat exchangers are heat exchangers in which the fluid flows in lateral confinements with dimensions below 1 mm. A microchannel heat exchanger is a heat exchanger with a hydraulic diameter below 1 mm. It can be made using ceramic or metal. The microchannel heat exchanger is used in applications such as heat pumps, air conditioning, and high performance aircraft gas turbine engines. It is increasingly applied in the heating, ventilation, air conditioning, and refrigeration field owing to its highly efficient heat transfer rate, lower cost, and a compact structure. The microchannel heat exchanger improves the process technology and is used in household air conditioning and automotive air conditioning systems.
The market for Europe includes Germany, France, Italy, UK, Russia, and the rest of Europe. Europe has a well-established industrial sector. Germany, Italy, and France account for a significant proportion of the industry in the European region. The microchannel heat exchanger industry in the European countries is being driven by its robust growth in the automotive industry. The rapidly growing economies of the countries are also aiding the industry growth, which further propels the growth of microchannel heat exchanger market. The microchannel heat exchanger market is driven by the stringent energy efficiency regulations and stringent emission standards across the European Union. The demand for microchannel heat exchanger is growing due to the increasing demand for lightweight electronic appliances. The high demand for the product in the growing HVAC industry is also driving the microchannel heat exchanger market. HVAC is expected to be the leading application sector for microchannel heat exchanger in the European countries. The product is finding rising use in HVAC products like air conditioners and in heat pumps in refrigerators. Water coil and condenser types of the product are projected to witness robust growth over the forecast period. Europe has matured the aerospace, automotive, power generation, and oil & gas sector. This provides a huge market opportunity for microchannel heat exchanger producers in the region. Furthermore, growing pressure from international agencies to reduce carbon footprint is driving the microchannel heat exchanger market growth in Europe. High demand for microchannel heat exchanger in the growing HVAC industry further propelled the demand for in European countries.
The COVID-19 outbreak first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace worldwide. As of October 2020, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one of the major industries suffering facing serious disruptions such as office and factory shutdown and supply chain breaks, as a result of this outbreak. Italy has the highest number of confirmed cases of COVID-19 morbidities in Europe. The majority of the manufacturing plants were shut down during the lockdown, and the construction industry was at a halt, which has negatively impacted the microchannel heat exchanger market. In Canada, manufacturing units deemed nonessential were shut down, and the essential projects are subject to public health guidelines. The slowdown in the sales of microchannel heat exchanger in Europen region will surely affect the overall growth of the microchannel heat exchanger market.
Some of the major key players operating in the Europe microchannel heat exchanger market include API Heat Transfer Inc., Climetal S.L, Danfoss, DENSO Corporation, Hanon Systems, Kaltra, Zhejiang Kangsheng Co. Ltd (Kasun), MAHLE GmbH, Modine Manufacturing Company and Sanhua Holding Group Co., Ltd. among many others.
Europe Microchannel Heat Exchanger Market Revenue and Forecast to 2027
The report includes the segmentation of Europe microchannel heat exchanger market as follows: