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How large is the microchannel heat exchanger market, and what is its growth trajectory?
The microchannel heat exchanger market size has grown strongly in recent years. It will grow from $14.22 billion in 2024 to $15.6 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to stricter regulations on energy efficiency and emissions, demand for energy efficiency, automotive industry needs, regulations aimed at reducing greenhouse gas emissions, globalization and market expansion, and a shift to renewable energy.
The microchannel heat exchanger market size is expected to see strong growth in the next few years. It will grow to $22.35 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to the proliferation of consumer electronics, advances in materials science, government incentives and subsidies for energy-efficient technologies, the automotive industry’s shift towards hybrid and electric vehicles, and increased awareness and education about the benefits of MCHE technology. Major trends in the forecast period include ongoing developments in materials and manufacturing techniques, the automation of industrial processes, the rise of high-performance computing (HPC) and data centers, the development of regenerative energy systems, and the exploration of innovative applications for MCHEs.
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What key drivers have fueled the microchannel heat exchanger market’s development over the years?
The growing construction industry is expected to propel the growth of the microchannel heat exchanger market going forward. The construction industry encompasses the processes involved in creating infrastructure and buildings, including residential, commercial, and industrial projects. The construction industry is expanding due to increased urbanization and infrastructure development demands driven by population growth and economic development. Microchannel heat exchangers are used in the construction industry for efficient heating, ventilation, and air conditioning (HVAC) systems due to their compact size and superior heat transfer capabilities. For instance, in July 2023, according to Australian Bureau of Statistics, an Australian-based government administration, during the March quarter of 2023, there were 240,813 dwellings under construction, an increase from 240,065 in 2022. Of this total, 103,778 were new houses, up from 101,240 in 2022. Therefore, the growing construction industry is driving the growth of the microchannel heat exchanger market.
What is the segmentation for the microchannel heat exchanger market?
The microchannel heat exchanger market covered in this report is segmented –
1) By Type: Air Handling Units, Heat Pumps, Fan Coil Units, Chillers
2) By Material Type: Metal, Ceramic
3) By Fluid Mechanism: Single Coil, Dual Coil, Multi Coil
4) By End-Use Industry: Automotive, Heating, Ventilation, And Air Conditioning (HVAC), Commercial Refrigeration, Other End-Use Industries
Subsegments:
1) By Air Handling Units: HVAC Air Handling Units, Industrial Air Handling Units
2) By Heat Pumps: Air Source Heat Pumps, Ground Source Heat Pumps
3) By Fan Coil Units: Ceiling Mounted Fan Coil Units, Floor Mounted Fan Coil Units
4) By Chillers: Air-Cooled Chillers, Water-Cooled Chillers
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Who are the most influential companies in the microchannel heat exchanger market?
Major companies operating in the microchannel heat exchanger market are DENSO Corporation, DAIKIN INDUSTRIES Ltd, Johnson Controls plc, Danfoss Industries Pvt. Ltd., Hanon Systems, Alfa Laval, Modine Manufacturing, Greenheck Group, MAHLE GmbH, Evapco Inc., API Heat Transfer Inc., Vahterus, Thermofin, Climetal S.L., Mikros Technologies, Goldstone HVACR Inc., Sanhua Holding Group Co., Kaltra GmbH, Kangsheng Group, MSD Technologies
What are the top industry trends projected to impact the microchannel heat exchanger market?
Major companies operating in the microchannel heat exchanger market are focusing on developing advanced products, such as compact microchannel heat exchangers, to gain a competitive edge in the market. A compact microchannel heat exchanger refers to a type of heat exchanger designed with multiple small channels or passages through which fluids flow. For instance, in February 2024, Danfoss India, an India-based technology company, launched microchannel heat exchanger (MCHE) technology. This technology reduces refrigerant consumption by up to 60% and improves efficiency by 30%, in line with industry environmental, social, and governance (ESG) commitments. The patented distribution design optimizes refrigerant flow and improves heat transfer rates, resulting in cost savings and quicker installation. The compact design, lightweight, and sustainable materials make the MCHE suitable for use in residential and commercial air conditioning systems, as well as in energy-efficient refrigeration equipment, aimed at reducing the refrigerant charge.
What are the major regional insights for the microchannel heat exchanger market, and which region holds the top position?
North America was the largest region in the microchannel heat exchanger market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microchannel heat exchanger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Microchannel Heat Exchanger Market Report 2025 Offer?
The microchannel heat exchanger market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A microchannel heat exchanger (MCHE) is a compact heat transfer device with numerous small fluid channels designed to enhance efficiency in various applications, including HVAC (heating, ventilation, and air conditioning) systems, automotive cooling, and industrial refrigeration. MCHEs achieve high thermal performance by maximizing surface-area contact between fluids, making them ideal for environments where space and energy efficiency are critical considerations.
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