CHICAGO, Dec. 5, 2023 /PRNewswire/ -- The report "Microchannel Heat Exchanger Market by Material Type (Metal Based, Ceramic Based), Components (Condenser, Evaporator, Water Coil), Fluid-Mechanism (Single Coil, Dual Coil, Multi Coil), Type, End- Use Industry, and Region - Global Forecast to 2028", size is projected to reach USD 26.3 billion by 2028 from USD 16.1 billion in 2023, at a CAGR of 10.4% during the forecast period. The major drivers for the microchannel heat exchanger market are energy efficient regulations and stringent emission standards, high demand for microchannel heat exchangers in growing HVACR industry, and expansion of data centers driving the need for effective thermal management solutions. Expensive manufacturing of microchannel heat exchangers, and concerns related to durability and reliability of microchannel heat exchangers are considered restraining factors in this market. Whereas usage of microchannel heat exchangers in automotive industry and integrating microchannel heat exchangers in renewable energy systems act as opportunities in the market.
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Metal based are the fastest growing segment based on material type, in terms of value, during the forecast period.
Metal based are the fastest-growing segment due to the inherent advantages of metals. Materials such as aluminum, steel, and copper offer superior thermal conductivity, durability, and corrosion resistance. These qualities enhance the overall efficiency and reliability of microchannel heat exchangers, making them increasingly preferred in various applications. The expanding demand for high-performance and long-lasting heat exchange solutions, coupled with the versatility and widespread availability of metal materials, positions the metal-based segment for rapid growth in the forecast period, outpacing other material types in the microchannel heat exchanger market.
Based on components, water coils are estimated to be the fastest growing segment in the overall microchannel heat exchanger market in terms of value.
The water coil segment experiences accelerated growth in the microchannel heat exchanger market during the forecast period due to heightened emphasis on energy efficiency and sustainability. Water coils, leveraging water as a heat exchange medium, offer superior thermal performance, making them a preferred choice for various applications, including HVAC and industrial processes. Additionally, the environmental advantages associated with water as a cooling medium align with increasing industry trends toward eco-friendly solutions. As the market increasingly prioritizes energy-efficient and environmentally sustainable components, the water coil segment emerges as the fastest-growing, driven by its efficiency and eco-conscious appeal in the microchannel heat exchanger market.
Based on the fluid-mechanism, dual coil is estimated to be the fastest-growing segment of microchannel heat exchanger market.
Dual coil is estimated to be the fastest growing segment of the microchannel heat exchanger market due to its enhanced versatility and performance. Dual coils enable the simultaneous and independent flow of two different fluids, providing optimal control over heat exchange processes. This flexibility makes them well-suited for diverse applications, including HVAC and industrial systems, where precise thermal management is crucial. The ability to handle multiple fluid types efficiently, coupled with the growing demand for customizable and adaptable solutions, positions dual coils as the fastest-growing fluid-mechanism segment in the microchannel heat exchanger market, meeting evolving industry needs.
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Based on end-use industry, HVAC is estimated to be the fastest-growing segment of microchannel heat exchanger market.
HVAC is estimated to be the fastest growing end-use industry of microchannel heat exchanger market, due to escalating demand for energy-efficient and compact thermal management solutions. Microchannel heat exchangers excel in meeting the stringent requirements of HVAC systems, offering enhanced heat transfer efficiency, reduced size, and improved overall performance. As the global focus intensifies on sustainable building practices and energy conservation, the HVAC sector increasingly adopts microchannel heat exchangers to optimize heating, ventilation, and air conditioning processes.
The Middle East & Africa is the second fastest growing regiont, in terms of value, during the forecast period in the microchannel heat exchanger market.
Middle East & Africa (MEA) represents the second fastest-growing region in the microchannel heat exchanger market during the forecast period. The region experiences rapid industrialization, infrastructural development, and increased adoption of advanced cooling technologies, particularly in HVAC and automotive sectors. MEA's harsh climatic conditions also drive demand for efficient heat exchange solutions. Government initiatives promoting energy efficiency and sustainability further boost market growth. As the region invests in modernizing its industrial and commercial infrastructure, the demand for microchannel heat exchangers rises, positioning the Middle East & Africa as the second fastest-growing segment in the microchannel heat exchanger market.
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Market Players
Some of the key players in the global microchannel heat exchanger market include Sanhua (Spain), Modine Manufacturing Company (U.S.), Danfoss (Denmark), Hydro (Norway), Kaltra (Germany) and others. These players have adopted various strategies such as mergers & acquisitions, joint ventures, and expansion to strengthen their market position.
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