Asia Pacific Microchannel Heat Exchanger Market to Grow at a CAGR of 12.7% to reach US$ 7,145.64 Million from 2020 to 2027

Asia Pacific 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)

Publication Month: Nov 2020 | Report Code: TIPRE00016363 | No. of Pages: 74 | Category: Chemicals and Materials | Status: Published
Covid

The Asia Pacific microchannel heat exchanger market was valued at US$ 2,768.55 million in 2019 and is projected to reach US$ 7,145.64 million by 2027; it is expected to grow at a CAGR of 12.7% during 2020–2027.

 

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. Microchannel heat exchangers find applications in various essential 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 offered by microchannel heat exchangers include high volumetric heat flux, compactness for space-critical applications, robust design, efficient flow distribution, and moderate pressure drops.

 

The COVID-19 pandemic first began in Wuhan, China, during December 2019, and since then it has spread across the world at a fast pace. The US, India, Brazil, Russia, Spain, Argentina, and France are among the most affected countries in terms of confirmed cases and reported deaths as of October 2020. According to the latest WHO figures as of October 2020, there are ~40,251,950 confirmed cases and 1,116,131 total deaths globally. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. North American chemical and materials industry is one of the major industries suffering serious disruptions, such as supply chain breaks and interruptions in manufacturing, due to COVID-19 outbreak. The lockdown of various plants and factories in China as well as leading regions such as Asia Pacific and Europe is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected Asia-Pacific microchannel heat exchanger market.

 

Rest of Asia Pacific Microchannel Heat Exchanger Market

 

Market Insights

Steady Growth in Automotive Production

In automotive applications, heat exchangers are used for transferring heat from hot exhaust gas to the coolant fluid to increase the temperature of the coolant. Furthermore, the ability to efficiently transfer heat between fluids using lightweight, compact heat exchangers is important in a variety of applications, such as automotive radiators, air conditioning, and aerospace applications. Microchannel heat exchangers are well suited to these applications due to the compactness, lightness, and high heat transfer performance of the microchannel. MCHE is a well-proven technology, which has been widely used in the automotive industry for 20 years due to its efficiency, economy, recyclability, and lightness. Microchannel aluminum heat exchangers are used in the automotive industry due to their energy efficiency. Heat exchanger manufacturing companies are investing heavily in R&D to develop energy-efficient heat exchangers. Vendors are actively researching the use of thermoelectric technology for the recovery of lost heat energy. Research is ongoing on the TE waste heat energy recovery method for the application of internal combustion engines in the automotive sector. A TEG framework for automotive waste heat recovery systems would also be implemented. The use of the automotive plate-fin heat exchanger and TEG would enhance heat transfer. For example, Climetal has introduced advanced microchannel aluminum heat exchangers for HVAC systems in automotive and other commercial systems. The close spacing and small channel diameter of the microchannel aluminum heat exchangers lead to the development of a heat exchanger with very high energy efficiency and a very low refrigerant charge. Thus, by improving the design of the heat exchanger, it is able to offer improved energy efficiency and savings in terms of operating costs. Developments in the automotive heat exchanger technology are expected to increase the use of automotive heat exchangers in automotive vehicles.

 

Type Based Insights

Based on type, the microchannel heat exchanger market is segmented into condenser, evaporator and water coil. The condenser segment led the microchannel heat exchanger market with the highest market share in 2019. A condenser is a part of a cooling system (water cooled or air cooled), which is used to remove heat produced by an industrial or commercial process. In condenser coils, the lower header acts as a liquid refrigerant receiver. Construction of the header in this way decreases crucial refrigerant charge problems and optimizes the output of the condenser coil during part load operation. The condenser is the physical state of the heat exchange fluid in which the hot fluid remains at a constant temperature throughout its passage through the heat exchanger, while the temperature of the other fluid (coolant) steadily increases from inlet to outlet. Microchannel condensers are high-performance exchangers. They allow higher global heat transfer coefficients, despite their reduced dimensions. The condenser segment accounted for a significant market share due to the high demand from air conditioner systems for automotive, residential, and commercial sectors. The high demand for condensers in the microchannel heat exchanger is because of the rise in demand from the heat, ventilation, air conditioning (HVAC) industry owing to its compact nature, fewer refrigerant requirements, and high heat transfer rates.                                                                 

 

Asia Pacific Microchannel Heat Exchanger Market, by Type – 2019 and 2027

 

 

Application Based Market Insights

Based on application, the microchannel heat exchanger market is segmented into HVAC, commercial refrigeration, and others. The others segment led the microchannel heat exchanger market with the highest market share in 2019. The advantages provided by the microchannel heat exchangers include high volumetric heat flux, compactness for space-critical applications, robust design, efficient flow distribution, and moderate pressure drops. Due to these advantages, it is highly preferred in various applications. Honeywell Aerospace has been designing microchannel heat exchangers for aerospace applications. These heat exchangers deliver a substantial reduction in volume and weight reduction compared to state-of-the-art aerospace heat exchangers constructed using offset plate and fin interrupted surfaces.

 

Strategic Insights

Product development, merger and acquisition, and business planning are the commonly adopted strategies by companies to expand their product portfolio. Modine manufacturing company, The Sanhua Holding Group, MAHLE GmbH are amongst the market players implementing this strategy to enlarge the customer base and gain significant market share in Asia Pacific, which in turn permits them maintain their brand name in the Asia Pacific market.

 

Report Spotlights

  • Progressive industry trends in the Asia Pacific microchannel heat exchanger market that help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the Asia Pacific microchannel heat exchanger market from 2017 to 2027
  • Estimation of Asia Pacific microchannel heat exchanger demand across various industries
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
  • Recent developments to understand the market competition in Asia Pacific
  • Market trends and outlook, coupled with factors driving and restraining the growth of the Asia Pacific microchannel heat exchanger market
  • Decision-making process by understanding strategies that underpin commercial interest with regard to the Asia Pacific microchannel heat exchanger market growth
  • Asia Pacific microchannel heat exchanger market size at various nodes of market
  • Detailed overview and segmentation of the Asia Pacific microchannel heat exchanger market, as well as its dynamics in the industry
  • Asia Pacific microchannel heat exchanger market size in various regions with promising growth opportunities

 

Asia Pacific Microchannel Heat Exchanger Market, by Type

  • Condenser
  • Evaporator
  • Water Coil

Asia Pacific Microchannel Heat Exchanger Market, by Application

  • HVAC
  • Commercial Refrigeration
  • Others

Company Profiles

  • API Heat Transfer Inc.
  • Climetal S.L
  • Danfoss
  • DENSO Corporation
  • Hanon Systems
  • Kaltra
  • Zhejiang Kangsheng Co. Ltd (Kasun)
  • MAHLE GmbH
  • Modine Manufacturing Company
  • Sanhua Holding Group Co., Ltd

1.             Introduction. 11

1.1       Study Scope. 11

1.2       The Insight Partners Research Report Guidance. 11

1.3       Market Segmentation. 12

2.             Key Takeaways. 14

3.             Research Methodology. 18

3.1       Scope of the Study. 18

3.2       Research Methodology. 18

3.2.1        Data Collection: 18

3.2.2        Primary Interviews: 18

3.2.3        Hypothesis formulation: 19

3.2.4        Macro-economic factor analysis: 19

3.2.5        Developing base number: 20

3.2.6        Data Triangulation: 20

3.2.7        Country level data: 20

4.             Microchannel Heat Exchanger Market Landscape. 21

4.1       Market Overview.. 21

4.2       PEST Analysis. 21

4.2.1        Asia Pacific. 21

4.3       Expert Opinion. 23

5.             Microchannel Heat Exchanger Market – Key Market Dynamics. 24

5.1       Market Drivers. 24

5.1.1        Steady Growth in Automotive Production. 24

5.1.2        Advantages of using Micro Channel Heat Exchangers in various applications. 24

5.2       Market Restraints. 25

5.2.1        Volatile Prices of Raw Material and high cost associated with microchannel heat exchangers. 25

5.3       Market Opportunities. 25

5.3.1        Use of Thermal Management Systems for EVs. 25

5.4       Future Trends. 25

5.4.1        High Demand for MCHE in the growing HVAC Industry. 25

5.5       Impact Analysis of Drivers and Restraints. 26

6.             Microchannel Heat Exchanger – Asia Pacific Market Analysis. 27

6.1       Microchannel heat exchanger market Overview.. 27

6.2       Asia Pacific Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 27

6.3       Market Positioning of Key Players. 28

7.             Asia Pacific Microchannel Heat Exchanger Market Analysis – By Type. 29

7.1       Overview.. 29

7.2       Overview.. 29

7.3       Microchannel Heat Exchanger Market, By Type (2019 and 2027) 29

7.4       Condenser 29

7.4.1        Overview.. 29

7.4.2        Condenser: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 30

7.5       Evaporator 30

7.5.1        Overview.. 30

7.5.2        Evaporator: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 30

7.6       Water Coil 31

7.6.1        Overview.. 31

7.6.2        Water Coil: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 31

8.             Microchannel Heat Exchanger Market Analysis –  By Application. 33

8.1       Overview.. 33

8.2       Microchannel Heat Exchanger Market, By Application (2019 and 2027) 33

8.3       HVAC. 33

8.3.1        Overview.. 33

8.3.2        HVAC: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 34

8.4       Commercial Refrigeration. 34

8.4.1        Overview.. 34

8.4.2        Commercial Refrigeration: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027  (US$ Million) 34

8.5       Others. 35

8.5.1        Overview.. 35

8.5.2        Others: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 35

9.             Microchannel Heat Exchanger Market – Country Analysis. 37

9.1       Overview.. 37

9.1.1        Asia Pacific: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 37

9.1.2        APAC: Microchannel Heat Exchanger Market, by Type. 38

9.1.3        APAC: Microchannel Heat Exchanger Market, by Application. 39

9.1.4        APAC: Microchannel Heat Exchanger Market, by Key Country. 40

9.1.4.1      Australia: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 40

9.1.4.1.1       Australia: Microchannel Heat Exchanger Market, by Type. 41

9.1.4.1.2       Australia: Microchannel Heat Exchanger Market, by Application. 41

9.1.4.2      China: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 42

9.1.4.2.1       China: Microchannel Heat Exchanger Market, by Type. 42

9.1.4.2.2       China: Microchannel Heat Exchanger Market, by Application. 43

9.1.4.3      India: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 44

9.1.4.3.1       India: Microchannel Heat Exchanger Market, by Type. 44

9.1.4.3.2       India: Microchannel Heat Exchanger Market, by Application. 45

9.1.4.4      Japan: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 46

9.1.4.4.1       Japan: Microchannel Heat Exchanger Market, by Type. 46

9.1.4.4.2       Japan: Microchannel Heat Exchanger Market, by Application. 47

9.1.4.5      South Korea: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 48

9.1.4.5.1       South Korea: Microchannel Heat Exchanger Market, by Type. 48

9.1.4.5.2       South Korea: Microchannel Heat Exchanger Market, by Application. 49

9.1.4.6      Rest of APAC: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 50

9.1.4.6.1       Rest of APAC: Microchannel Heat Exchanger Market, by Type. 50

9.1.4.6.2       Rest of APAC: Microchannel Heat Exchanger Market, by Application. 51

10.          Overview- Impact of COVID-19 of Asia Pacific Microchannel Heat Exchanger Market 52

10.1    Overview.. 52

10.2    Asia Pacific: Impact Assessment of COVID-19 Pandemic. 52

11.          Company Profiles. 54

11.1    API HEAT TRANSFER. 54

11.1.1     Key Facts. 54

11.1.2     Business Description. 54

11.1.3     Products and Services. 54

11.1.4     Financial Overview.. 54

11.1.5     SWOT Analysis. 55

11.2    CLIMETAL S.L. 56

11.2.1     Key Facts. 56

11.2.2     Business Description. 56

11.2.3     Products and Services. 56

11.2.4     Financial Overview.. 56

11.2.5     SWOT Analysis. 57

11.3    DANFOSS. 58

11.3.1     Key Facts. 58

11.3.2     Business Description. 58

11.3.3     Products and Services. 58

11.3.4     Financial Overview.. 59

11.3.5     SWOT Analysis. 59

11.4    DENSO CORPORATION.. 60

11.4.1     Key Facts. 60

11.4.2     Business Description. 60

11.4.3     Products and Services. 60

11.4.4     Financial Overview.. 60

11.4.5     SWOT Analysis. 61

11.5    HANON SYSTEM.. 62

11.5.1     Key Facts. 62

11.5.2     Business Description. 62

11.5.3     Products and Services. 62

11.5.4     Key Developments. 63

11.5.5     Financial Overview.. 63

11.5.6     SWOT Analysis. 63

11.6    KALTRA. 64

11.6.1     Key Facts. 64

11.6.2     Business Description. 64

11.6.3     Products and Services. 64

11.6.4     Financial Overview.. 65

11.6.5     SWOT Analysis. 65

11.7    ZHEJIANG KANGSHENG CO. LTD (KASUN) 66

11.7.1     Key Facts. 66

11.7.2     Business Description. 66

11.7.3     Products and Services. 66

11.7.4     Financial Overview.. 67

11.7.5     SWOT Analysis. 67

11.8    MAHLE GMBH.. 68

11.8.1     Key Facts. 68

11.8.2     Business Description. 68

11.8.3     Products and Services. 68

11.8.4     Key Developments. 69

11.8.5     Financial Overview.. 69

11.8.6     SWOT Analysis. 69

11.9    MODINE MANUFACTURING COMPANY. 70

11.9.1     Key Facts. 70

11.9.2     Business Description. 70

11.9.3     Products and Services. 70

11.9.4     Financial Overview.. 70

11.9.5     SWOT Analysis. 71

11.10 SANHUA HOLDING GROUP. 72

11.10.1   Key Facts. 72

11.10.2   Business Description. 72

11.10.3   Products and Services. 72

11.10.4   Key Developments. 72

11.10.5   Financial Overview.. 72

11.10.6   SWOT Analysis. 73

12.          Appendix. 74

12.1    About The Insight Partners. 74

12.2    Glossary of Terms. 74


LIST OF TABLES

Table 1.             Asia Pacific Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 27

Table 2.             APAC Microchannel Heat Exchanger Market, by Type – Revenue and Forecast to 2027 (US$ Million) 38

Table 3.             APAC Microchannel Heat Exchanger Market, by Application – Revenue and Forecast to 2027 (US$ Million) 39

Table 4.             Glossary of Terms, Microchannel Heat Exchanger Market 74

 


LIST OF FIGURES

Figure 1.           Asia Pacific Microchannel Heat Exchanger Market Segmentation. 12

Figure 2.           Asia Pacific Microchannel Heat Exchanger Market Segmentation – By Country. 13

Figure 3.           Asia Pacific Microchannel Heat Exchanger Market Overview.. 14

Figure 4.           Condenser Segment Held Largest Share of Asia Pacific Microchannel Heat Exchanger Market 15

Figure 5.           China Held Largest Share of Asia Pacific Microchannel Heat Exchanger Market 16

Figure 6.           Asia Pacific Microchannel Heat Exchanger Market, Industry Landscape. 17

Figure 7.           Asia Pacific PEST Analysis. 21

Figure 8.           Expert Opinion. 23

Figure 9.           Microchannel Heat Exchanger Market Impact Analysis of Driver and Restraints. 26

Figure 10.        Asia Pacific: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 27

Figure 11.        Market Positioning of Key Player In Microchannel Heat Exchanger Market 28

Figure 12.        APAC: Microchannel Heat Exchanger Market Revenue Share, by Type (2019 and 2027) 29

Figure 13.        Condenser: Microchannel Heat Exchanger Market – Revenue And Forecast To 2027 (US$ Million) 30

Figure 14.        Evaporator: Microchannel Heat Exchanger Market – Revenue And Forecast To 2027 (US$ Million) 30

Figure 15.        Water Coil: Microchannel Heat Exchanger Market – Revenue And Forecast To 2027 (US$ Million) 31

Figure 16.        APAC: Microchannel Heat Exchanger Market Revenue Share, by Application (2019 and 2027) 33

Figure 17.        HVAC: Microchannel Heat Exchanger Market – Revenue And Forecast To 2027 (US$ Million) 34

Figure 18.        Commercial Refrigeration: Microchannel Heat Exchanger Market – Revenue And Forecast To 2027 (US$ Million) 34

Figure 19.        Others: Microchannel Heat Exchanger Market – Revenue And Forecast To 2027 (US$ Million) 35

Figure 20.        APAC: Microchannel Heat Exchanger Market – Revenue and Forecast to 2027 (US$ Million) 38

Figure 21.        APAC: Microchannel Heat Exchanger Market Revenue Share, by Type (2019 and 2027) 38

Figure 22.        APAC: Microchannel Heat Exchanger Market Revenue Share, by Application (2019 and 2027) 39

Figure 23.        APAC: Microchannel Heat Exchanger Market Revenue Share, by Key Country (2019 and 2027) 40

Figure 24.        Australia: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 40

Figure 25.        China: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 42

Figure 26.        India: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 44

Figure 27.        Japan: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 46

Figure 28.        South Korea: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 48

Figure 29.        Rest of APAC: Microchannel Heat Exchanger Market –Revenue and Forecast to 2027 (US$ Million) 50

Figure 30.        Impact of COVID-19 Pandemic in Asia Pacific Country Markets. 52

 

The List of Companies - Asia Pacific Microchannel Heat Exchanger Market

  1. API Heat Transfer Inc.
  2. Climetal S.L
  3. Danfoss
  4. DENSO Corporation
  5. Hanon Systems
  6. Kaltra
  7. Zhejiang Kangsheng Co. Ltd (Kasun)
  8. MAHLE GmbH
  9. Modine Manufacturing Company
  10. Sanhua Holding Group Co., Ltd
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific Microchannel Heat Exchanger Market, thereby allowing players to develop effective long term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
TIPRE00016363
Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Pricing