Asia Pacific Microchannel Heat Exchanger Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type; Application

According to the latest study on “Asia Pacific Microchannel Heat Exchanger Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type (Condenser, Evaporator, and Water Coil) and Application (HVAC, Commercial Refrigeration, and Others), and Country, the Asia Pacific microchannel heat exchanger market was valued at US$ 2,768.55 million in 2019 and is projected to reach US$ 7,145.64 million by 2027; it is expected to grow at a CAGR of 12.7% during 2020-2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

Microchannel heat exchangers have applications in various important 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 of microchannel heat exchangers include high volumetric heat flux, compactness for space-critical applications, robust design, efficient flow distribution, and moderate pressure drops. The transportation and chemical manufacturing industries have been using MCHEs for decades. Micro-channel heat exchangers are used by both residential and industrial heat pump air conditioning systems. The efficiency of the heat pump system with microchannel heat exchangers is compared to that of the basic heat pump system using tube and fin heat exchangers. It is demonstrated that by using microchannel heat exchangers, the system capacity can increase by 4 percent for the residential heat pump air-conditioning system, and the system efficiency can increase by 1-2 percent, keeping the face area of the heat exchangers the same. The heat exchanger weight can be reduced by 44 percent, and the refrigerant charge can be reduced by 51 percent.

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. 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.

APAC continent comprises several developing economies such as China, India, Japan, Australia, South Korea, among others. These emerging countries are experiencing a growth in the industrial sector due to the presence of cheap labor. The swift in the middle-class population, along with growth in urbanization and rise in the disposable income available in the hands of the people, leads to the rise in demand for both commercial & residential HVAC systems. Microchannel heat exchangers have entered the HVAC industry. The microchannel heat exchangers market improves efficiency and cost savings for the owners, occupants and managers of microchannel heat exchangers. This has amplified the demand in Asia Pacific region. The region is also experiencing a growth in the number of manufacturing units equipped with modern HVAC systems, which will lead to the growth in the demand for microchannel hear exchangers market. Microchannel heat exchanger reduce the cost of equipments that benefits from the smaller heat exchanger size, use of smaller fans and reduced refrigerant charges and in the number of parts used in construction. All these factors supports 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 the demand for vehicles and electronics fuels the market growth. The application of microchannel heat exchangers in chemical processing supports the growth of microchannel heat exchangers in Asia Pacific.

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. China and India has the highest number of confirmed cases of COVID-19 morbidities in Asia Pacific. The majority of the manufacturing plants were shut down during the lockdown, and the construction industry was at a halt, which has negatively impacted the microchannel heat exchanger market. In China, manufacturing units deemed nonessential were shut down, and the essential projects are subject to public health guidelines. The slowdown in the sales of microchannel heat exchanger in Asia Pacificn region will surely affect the overall growth of the microchannel heat exchanger market.

Some of the major key players operating in the Asia Pacific microchannel heat exchanger market include 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. among many others.

The report includes the segmentation of Asia Pacific microchannel heat exchanger market as follows:

By Type

• Condenser
• Evaporator
• Water Coil

By Application

• HVAC
• Commercial Refrigeration
• Others

By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
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• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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