Europe Microchannel Heat Exchanger Market Analysis and Opportunities by 2027

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.

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 Italy, Germany, and others as well as leading regions such as Asia Pacific and South America is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected Europe microchannel heat exchanger market

Europe 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.                                                                            

Europe 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.

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Europe Microchannel Heat Exchanger Market: Strategic Insights

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Product development, merger and acquisition, and business planning are the commonly adopted strategies by companies to expand their product portfolio. Hanon Systems, 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 Europe, which in turn permits them maintain their brand name in the Europe market.

Report Spotlights

• Progressive industry trends in the Europe 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 Europe microchannel heat exchanger market from 2017 to 2027
• Estimation of Europe 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 Europe
• Market trends and outlook, coupled with factors driving and restraining the growth of the Europe microchannel heat exchanger market
• Decision-making process by understanding strategies that underpin commercial interest with regard to the Europe microchannel heat exchanger market growth

• Europe microchannel heat exchanger market size at various nodes of market
• Detailed overview and segmentation of the Europe microchannel heat exchanger market, as well as its dynamics in the industry
• Europe microchannel heat exchanger market size in various regions with promising growth opportunities

Europe Microchannel Heat Exchanger Market, by Type

• Condenser
• Evaporator
• Water Coil

Europe 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

 Report Scope

Europe Microchannel Heat Exchanger Market Regional Insights

The regional trends and factors influencing the Europe Microchannel Heat Exchanger Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Europe Microchannel Heat Exchanger Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Europe Microchannel Heat Exchanger Market Report Scope

Europe Microchannel Heat Exchanger Market Players Density: Understanding Its Impact on Business Dynamics

The Europe Microchannel Heat Exchanger Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Europe Microchannel Heat Exchanger Market are:

1. API Heat Transfer Inc.
2. Climetal S.L
3. Danfoss
4. DENSO Corporation
5. Hanon Systems

Disclaimer: The companies listed above are not ranked in any particular order.