Middle East and Africa Microchannel Heat Exchanger Market to Grow at a CAGR of 11.8% to reach US$ 1,256.38 Million from 2020 to 2027

Middle East and Africa Microchannel Heat Exchanger Market 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 : TIPRE00016370
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 71
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The Middle East and Africa microchannel heat exchanger market was valued at US$ 517.50 million in 2019 and is projected to reach US$ 1,256.38 million by 2027; it is expected to grow at a CAGR of 11.8% 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 South Africa  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 the Middle East and Africa microchannel heat exchanger market

Middle East and Africa Microchannel Heat Exchanger Market

Middle East and Africa Microchannel Heat Exchanger Market
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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.                                                                             

Middle East and Africa Microchannel Heat Exchanger Market, by Type – 2019 and 2027

Middle East and Africa Microchannel Heat Exchanger Market, by Type – 2019 and 2027
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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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Middle East and Africa Microchannel Heat Exchanger Market: Strategic Insights

middle-east-and-africa-microchannel-heat-exchanger-market
Market Size Value inUS$ 517.50 Million in 2019
Market Size Value byUS$ 1,256.38 Million by 2027
Growth rateCAGR of 11.8% from 2020-2027
Forecast Period2020-2027
Base Year2020
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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 Middle East and Africa, which in turn permits them maintain their brand name in the Middle East and Africa market.

Report Spotlights

  • Progressive industry trends in the Middle East and Africa 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 Middle East and Africa microchannel heat exchanger market from 2017 to 2027
  • Estimation of Middle East and Africa 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 Middle East and Africa
  • Market trends and outlook, coupled with factors driving and restraining the growth of the Middle East and Africa microchannel heat exchanger market
  • Decision-making process by understanding strategies that underpin commercial interest with regard to the Middle East and Africa microchannel heat exchanger market growth
  • Middle East and Africa microchannel heat exchanger market size at various nodes of market
  • Detailed overview and segmentation of the Middle East and Africa microchannel heat exchanger market, as well as its dynamics in the industry
  • Middle East and Africa microchannel heat exchanger market size in various regions with promising growth opportunities

Middle East and Africa Microchannel Heat Exchanger Market, by Type

  • Condenser
  • Evaporator
  • Water Coil

Middle East and Africa 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

Middle East and Africa Microchannel Heat Exchanger Market to 2027 – COVID-19 Impact and Regional Analysis – by Type, Application

Regional Scope
Regional Scope

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

Country Scope
Country Scope

Saudi Arabia

  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

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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