Steady Growth in Automotive Production to Escalate Growth of Microchannel Heat Exchanger Market. According to our latest market study on “Global Microchannel Heat Exchanger Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Condenser, Evaporator, and Water Coil) […]
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Steady Growth in Automotive Production to Escalate Growth of Microchannel Heat Exchanger Market. According to our latest market study on “Global 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),”the market was valued at US$ 7,794.93 million in 2019 and is projected to reach US$ 19,630.87 millionby 2027; it is expected to grow at a CAGR of 12.4% from 2020 to 2027.The report highlightskey factors driving the market growth and prominent players along with their developmentsin the market.
Micro heat exchangers or microstructured heat exchangersare 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.
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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. Microchannel Heat Exchangeris 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 in research and development 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 report includes the segmentation of the global microchannel heat exchanger market as follows:
Global Microchannel Heat Exchanger Market, by Type
- Water Coil
Global Microchannel Heat Exchanger Market, by Application
- Commercial Refrigeration
Global Microchannel Heat Exchanger Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East &Africa
- South America (SAM)
- Rest of South America
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. are among the well-established players in the global microchannel heat exchanger market.
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Impact of COVID-19 Pandemic on Microchannel Heat Exchanger Market
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.