DUBLIN--(BUSINESS WIRE)--The "Microchannel Heat Exchanger Market by Type (Condenser, Evaporator, and Water Coil), Application (Automotive, HVAC, Commercial Refrigeration), and Region (North America, Europe, APAC, South America, and Middle East & Africa) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The MCHE market is estimated to be USD 11.3 billion in 2019 and is projected to reach USD 20.7 billion by 2024.
This growth is attributed to stringent regulations concerning emissions and energy efficiency regulations, along with the growth of the HVACR and automotive industries and beneficial properties of MCHEs over its substitute products. However, low-cost MCHE supplied by local MCHE manufacturers, especially from APAC, is hampering the market growth. On the other hand, the increasing use of EVs in the automotive industry is expected to leverage new growth opportunities for MCHE manufacturers.
The key companies profiled in this report include Sanhua (China), MAHLE (Germany), Denso Corporation (Japan), Modine (US), Hanon Systems (South Korea), Kangsheng Group (China), Kaltra (Deutschland), Climetal (Spain), Danfoss (Denmark), and API Heat Transfer (US).
The automotive application segment accounted for the largest market share
The automotive application dominates the MCHE market and is projected to register a high CAGR during the forecast period. Growing production and demand for automotive, along with the growing demand for electric vehicles, will boost the demand for MCHE in this application.
Moreover, MCHE is in high demand for cooling of liquid to increase the efficiency and reduce the size of the radiator in the engine cooling system in the automotive industry. Thus, the demand for MCHE in battery refrigeration and air conditioning in automotive is projected to grow during the forecast period.
APAC is the largest and fastest-growing MCHE market
APAC is estimated to account for the largest share of the MCHE market, owing to the growing purchasing power of the middle-income group, high demand for air conditioning system in automobiles, and increasing population. China, India, Japan, Indonesia, and South Korea are the countries in the APAC market for MCHE.
China accounted for the largest share of the APAC market, owing to the presence of huge automotive and HVAC industries. Moreover, in the overall AC demand, APAC countries registered an annual growth of more than 17% year-on-year. This scenario in the region is favorable for the growth of the MCHE market during the forecast period.
- Energy Efficiency Regulations and Stringent Emission Standards
- High Demand for MCHE in the Growing HVACR Industry
- Production of Low-Cost MCHE in APAC
- Use of Thermal Management Systems for EVs
- Capital-Intensive Market
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Macroeconomic Overview
7 MCHE Market, By Type
8 MCHE Market, By Application
9 MCHE Market, By Region
10 Competitive Landscape
11 Company Profiles
- API Heat Transfer
- Calsonic Kansei
- Denso Corporation
- Goldstone Hvacr
- Hanon Systems
- Kangsheng Group
- Nortek Global HVAC
- Tata Toyo Radiator
- Zhejiang Dun 'An Artificial Environment
For more information about this report visit https://www.researchandmarkets.com/r/jyvvyt