Report : North America 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 North America microchannel heat exchanger market at CAGR of 12.4%
According to the latest study on “North America 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 North America microchannel heat exchanger market was valued at US$ 2,263.64 million in 2019 and is projected to reach US$ 5,732.21 million by 2027; it is expected to grow at a CAGR of 12.4% 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 North America region includes developed economies such as the US and Canada as well as Mexico as a developing nation. The companies present in the region are continuously enhancing the overall business processes to meet the customer's demand in the best possible way. Various domestic and international companies have a strong foothold in the North American region, which boost the demand for microchannel heat exchanger. The US is a major market for microchannel heat exchanger, followed by Canada and Mexico. The rapid industrialization and flexible trade policies are driving the growth of the microchannel heat exchanger market. Microchannel heat exchangers find application in diverse fields such as aerospace, automotive, bioengineering, cooling of gas turbine blades, power and process industries, refrigeration and air conditioning, infrared detectors, and powerful laser mirrors and superconductors, microelectronics, and thermal control of film deposition. Therefore, a wide range of applications of microchannel heat exchanger is boosting its demand across various industries. Also, advantages of microchannel heat exchangers include high volumetric heat flux, compactness for space-critical applications, robust design, effective flow distribution, and modest pressure drops. Rapid development in the power generation sector in leading countries such as the US and Canada boosts the demand for microchannel heat exchangers in the North America region. Additionally, a rapid rise in energy demand, especially from manufacturing plants and related industrial establishments, is further expected to further fuel the market growth.
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. The US has the highest number of confirmed cases of COVID-19 morbidities in North America. 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 North American region will surely affect the overall growth of the microchannel heat exchanger market.
Some of the major key players operating in the North America 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.
North America Microchannel Heat Exchanger Market Revenue and Forecast to 2027
The report includes the segmentation of North America microchannel heat exchanger market as follows: