Microchannel Heat Exchanger Market Share & Growth 2027

Microchannel Heat Exchanger Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Condenser, Evaporator, and Water Coil) and Application (HVAC, Commercial Refrigeration, and Others)

Publication Month : Oct 2020

  • Report Code : TIPRE00005853
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 135
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The microchannel heat exchanger market accounted for US$ 7,794.93 million in 2019 and is projected to reach US$ 19,630.87 million by 2027; it is expected to grow at a CAGR of 12.4 % from 2020 to 2027.

The multi-pass parallel, which has three parts and are multi-port tubes which are known to be less than 1 mm hydraulic diameter, manifolds also fins that mainly regulate heat flow are called a microchannel heat exchanger. By transferring heat mainly from one fluid to another, these are utilized for heating and cooling. These are most prominent in the case of refrigerants flowing in a microchannel. In the advanced technological era, the microchannel heat exchanger is employed in various industries like the automobile industry, power generation industry, and construction industry. Owing to its usage in multiple applications like residential as well as commercial infrastructure, the demand for this product is growing in the global market.

The studied market in the APAC region is expected to grow at the highest CAGR of 12.7% during the forecast period. The growth of the microchannel heat exchanger market in this region is mainly attributed to the huge and easy availability of raw materials required to produce microchannel heat exchangers. The microchannel heat exchangers market enhances efficiency and costs savings for the owners, occupants also managers of microchannel heat exchangers. This has further amplified the demand in the Asia Pacific region. The region is also experiencing a growth in the number of manufacturing units equipped with modern HVAC systems, which will again lead to the growth in the demand for the microchannel heat exchangers market. Microchannel heat exchangers diminish the cost of equipment that benefits from the smaller heat exchanger size, application of smaller fans and reduced refrigerant charges, and in the number of parts used in construction. All these factors support the market for microchannel heat exchangers in the Asia Pacific region. The growing automotive industry, especially in countries like South Korea, China, and Japan, favors the demand for microchannel heat exchangers. An upsurge in demand for vehicles also electronics fuels the market growth.

Impact of COVID-19 on Microchannel Heat Exchangers Market

As of July 2021, the US, India, Brazil, Russia, Spain, France, the UK, Turkey, and Italy, are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 is affecting economies and several industries in different countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various manufacturing plants and factories has also been affected the global supply chains also negatively impacted the manufacturing, delivery schedules, and sales of goods in the global market. In addition, the global travel bans further imposed by countries in Europe, Asia-Pacific, and North America are also affecting business collaborations as well as partnership opportunities.

Due to the Covid-19 pandemic, the chemicals and materials industry is also facing huge losses, which is further impacting the world economy. It has further disrupted the transportation system and disrupted the supply of raw materials. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the stevia market. However, as the economies are planning to revive their operations, the demand for the microchannel heat exchanger is presumed to rise from the end-user industries. In addition, chemical and material producing companies are also taking some safety measures to fight the coronavirus, which include limiting direct contact with delivery persons & visitors, strengthening & communicating proper hygiene practices, and conducting complete sanitations & eliminating personnel contact during shift changes. With all these factors, it can be presumed that in post-pandemic times, the demand for these products will take a hike.

Global Microchannel Heat Exchanger Market

Global Microchannel Heat Exchanger Market
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Market Insights

Advantages of using Micro Channel Heat Exchangers in Various Applications

Microchannel heat exchangers find applications in various important as well as diverse fields, including aerospace; gas turbine blade cooling, bioengineering; power & process industries, infrared detectors, refrigeration & air conditioning; efficient laser mirrors & superconductors; microelectronics; also film deposition thermal control. The advantages of microchannel heat exchangers mainly include high volumetric heat flux, robust design, compactness for space-critical applications, efficient flow distribution, along moderate pressure drops. The transportation, as well as chemical manufacturing industries, have also been using MCHEs for decades. Micro-channel heat exchangers are utilized by both residential as well as industrial heat pump air conditioning systems. The efficiency of this heat pump system, along with microchannel heat exchangers, is compared with the type of the basic heat pump system utilizing tube & fin heat exchangers. It is demonstrated that by utilizing microchannel heat exchangers, the system capacity can further be increase by 4 percent, mainly for the residential heat pump air-conditioning system, including the system efficiency can be increased by 1-2 percent by keeping the face area of the heat exchangers the same. The heat exchanger weight can further be reduced by 44 percent, also the refrigerant charge can be diminished by 51 percent.

Type Insights

Based on type, the global 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. The condenser type segment had accounted for the largest share of the market owing to the high demand mainly from AC systems in automobiles, residential, also commercial systems. The high demand for condenser MCHE is further experienced from the HVAC industry due to its compact design, less refrigerant requirement, along with high heat transfer rate.

Global Microchannel Heat Exchanger Market, by Type– 2019 and 2027

Global Microchannel Heat Exchanger Market, by Type– 2019 and 2027
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Application Insights

The microchannel heat exchanger market, based on application, is segmented into HVAC, commercial refrigeration, and others. The HVAC application segment is projected to register the highest growth rate during the forecast period. It is lighter, efficient, also requires low refrigerant volume as compared to other types of heat exchangers. In addition to that, it is composed of aluminum, which makes it less vulnerable to galvanic corrosion than the traditional round-tube plate fin (RTPF) coils. MCHE is widely utilized in air conditioning systems along with heat pumps for efficient heat transfer between refrigerant & air. In recent years, with the rise in demand for lightweight systems also rising copper prices, the demand for MCHE is increasing in HVAC applications.

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Microchannel Heat Exchanger Market: Strategic Insights

microchannel-heat-exchanger-market
Market Size Value inUS$ 7,794.93 Million in 2019
Market Size Value byUS$ 19,630.87 Million by 2027
Growth rateCAGR of 12.4 % from 2020-2027
Forecast Period2020-2027
Base Year2020
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Mergers and acquisitions, and research and development are the commonly adopted strategies by companies to expand their footprints worldwide, which is further impacting the size of the market. The players present in the microchannel heat exchanger market have been implementing the abovementioned strategies to expand their customer base and gain significant share in the global market, which also enables them to maintain their brand name globally.

Report Spotlights

  • Progressive industry trends in the global microchannel heat exchanger market to help players develop effective long-term strategies
  • Business growth strategies adopted by companies in developed and developing markets
  • Quantitative analysis of the global microchannel heat exchanger market from 2017 to 2027
  • Estimation of global microchannel heat exchanger demand generated by various industries
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the microchannel heat exchanger ecosystem
  • Recent developments to understand the competitive market scenario and global microchannel heat exchanger demand
  • Market trends and outlook, coupled with factors driving and restraining the growth of the global microchannel heat exchanger market
  • Insights to help in decision-making process by understanding strategies which underpin commercial interest with regard to the microchannel heat exchanger market growth globally
  • Global microchannel heat exchanger market size at various nodes of the market
  • Detailed overview and segmentation of the global microchannel heat exchanger market, as well as the microchannel heat exchanger industry dynamics
  • Global microchannel heat exchanger market size in various regions with promising growth opportunities

Microchannel Heat Exchanger Market – By Type

  • Condenser
  • Evaporator
  • Water Coil


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 Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Based on type, why is the water coil segment expected to grow at the highest rate during 2019–2027?

The growth of the water coilsegment is primarily attributed to the fact thatmicrochannel water coils are multipurpose heat exchangers designed for air-to-water applications such as cooling water coils, free cooling coils, dry coolers, heat coils, pumped loop evaporators, gas cooling, heating coils, and special applications. Water coils have increased wall thickness of the tube, ensuring reliable operation and long lifespan. The coil itself is a robust frame that offers airtight flush mounting and removes unnecessary reinforcement components. Water coils contain either horizontal or vertical microchannel tubes that improve heat transfer, maintain predictable performance, and low-pressure drops. Due to the ultra-low pressure drop in the headers, our water coils work perfectly in any application.All these factors are responsible for the water coil segment to grow at the highest rate.

Can you list some of the major players operating in the global micro channel heat exchanger market?

The major players operating in the globalmicrochannel heat exchangermarketare API Heat Transfer, Climetal S.L., Danfoss, Denso Corporation, Hanon System, Kaltra, Zhejiang Kangsheng Co. LTD (KASUN),Mahle GMBH, Modine Manufacturing Company, Sanhua Holding Group among many others.

Which region held the largest share of the global micro channel heat exchanger market?

In 2019,the microchannel heat exchangermarket was predominantin Asia-Pacificat theglobal level.Surge in demand in the diverse fields of automotive, bioengineering, refrigeration, and air conditioning has had a noteworthy influence on the microchannel heat exchanger market in Asia- Pacific. The market for microchannel heat exchanger in Asia- Pacific is witnessing growth owing to the presence of well-established players such as Danfoss, Denso Corporation, Modine Manufacturing Company, and others in this region. With the rise in demand for the industrial refrigeration systems in the FMCG industriesin the region is expected to continue to grow over the projected period. The use of microchannel heat exchanger in the manufacturing units with air conditioning systemswill further support product demand. Also, the swift in the middle- class population, along with growth in urbanization and rise in disposable income available in the hands of people, leads to the rise in demand for both commercial & residential HVAC systems is also anticipated to fuel the market size over the forecast period.

The List of Companies  - Microchannel Heat Exchanger Market

  1. API Heat Transfer
  2. Climetal S.L.
  3. Danfoss
  4. Denso Corporation
  5. Hanon System
  6. Kaltra
  7. Zhejiang Kangsheng Co. Ltd (Kasun)
  8. MahleGmbh
  9. Modine Manufacturing Company
  10. Sanhua Holding Group

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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