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
[112 Pages Report] The MCHE market size is estimated at USD 11.3 billion in 2019 and is projected to reach USD 20.7 billion by 2024, at a CAGR of 13.0%. Growth in global automotive production is the major driving force for MCHE in the automotive industry.
The condenser segment dominates the MCHE market; whereas the water coil segment is expected to be the fastest-growing segment during the forecast period.
The condenser type segment accounted for the largest share of the market due to the high demand from AC systems in automobiles, residential, and commercial systems. The high demand for condenser MCHE is experienced from the HVAC industry owing to its compact design, less refrigerant requirement, and high heat transfer rate. On the other hand, the water coil segment is projected to register the highest growth owing to the growing adaptability of MCHE in this segment.
The HVAC application segment is projected to register the highest CAGR during the forecast period.
The HVAC application segment is projected to register the highest growth rate during the forecast period. It is lighter, efficient, and requires low refrigerant volume as compared to other heat exchangers. In addition, it is made of aluminum, makes it less vulnerable to galvanic corrosion than the traditional round-tube plate fin (RTPF) coils. MCHE is widely used in air conditioning systems and heat pumps for efficient heat transfer between refrigerant and air. In recent years, with the growing demand for lightweight systems and rising copper prices, the demand for MCHE is increasing in HVAC applications.
APAC is projected to be the largest market during the forecast period.
APAC has the largest populous countries such as China and India. China, Japan, South Korea, Indonesia, and India are the major automotive producers in APAC. China accounted for the largest share of the APAC market, owing to the presence of huge automotive and HVAC industries. India is the worlds fastest-growing economy with an estimated annual GDP expansion rate of more than 7.0% during the forecast period. Out of the five largest automobile producing countries, four countries, namely, China, India, Japan, and South Korea, are from APAC. In the overall AC demand, these countries experienced high growth in 2018. Thus, the overall scenario in APAC is favorable for the growth of the MCHE market.
Key Market Players
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) are the key players operating in the MCHE market.
These companies have adopted various organic as well as inorganic growth strategies between 2015 and 2018 to strengthen their position in the market. Expansion is the key growth strategy adopted by these leading players to enhance regional presence and meet the growing demand for MCHEs from emerging economies.
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Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
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Report Metric |
Details |
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Years considered for the study |
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Base year |
2017 |
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Forecast period |
20192024 |
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Units considered |
Value (USD Million) |
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Segments |
Type, Application, and Region |
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Regions |
North America, APAC, Europe, the Middle East & Africa, and South America |
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Companies |
Sanhua (China), MAHLE (Germany), Denso (Japan), Modine Manufacturing Company (US), Hanon Systems (South Korea), Kangsheng (China), Kaltra (Deutschland), Climetal (Spain), Danfoss (Denmark), and API Heat Transfer (US). |
This research report categorizes the MCHE market based on type, application, and region.
MCHE Market by Type:
- Condenser
- Evaporator
- Water Coil
MCHE Market, by Application
- Automotive
- HVAC
- Residential AC
- Commercial AC
- Precision Cooling
- Commercial Refrigeration
- Stationary Refrigeration
- Transport Refrigeration
- Cold Storage
MCHE Market, by Region
- North America
- APAC
- Europe
- Middle East & Africa
- South America
The MCHE market has been further analyzed based on key countries in each of these regions.
Recent Developments
- In July 2017, Sanhua inaugurated a new manufacturing unit for automotive thermal management systems in Mexico. This manufacturing plant will cater to the growing demand of MCHE in Mexico, especially from the automotive industry.
- In July 2015, MAHLE GmbH acquired Delphi Thermal (US), a manufacturer of thermal management systems. This acquisition will include its product portfolio of air conditioning, heat exchangers, and powertrain cooling in its thermal management business segment.
- In March 2016, Denso Corporation formed a joint venture with Kingtec Technologies (Heyuan) Co., Ltd. (Kingtec), a manufacturer of truck refrigeration. This joint venture enabled the company to cater to the mobile refrigeration application in the automotive industry.
- In March 2018, Modine opened a new manufacturing facility in Hungary. This facility will manufacture products under the powertrain cooling and engine business division of the company, which will allow the company to cater to the demand for MCHE in Hungary.
- In September 2018, Hanon Systems acquired the fluid pressure & controls business of Magna International (Canada). This acquisition will help the company provide thermal and energy management solutions to automakers as well as complement its existing powertrain cooling business segment.
Critical questions the report answers:
- What are the upcoming hot bets for the MCHE market?
- What are the market dynamics for different types of MCHE?
- What are the major applications of MCHE?
- Who are the major manufacturers of MCHE?
- What are the factors driving the MCHE market in each region?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 MCHE Market Segmentation
1.3.2 Regions Covered
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Stakeholders
2 Research Methodology (Page No. - 17)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Limitations
2.5 Assumptions
3 Executive Summary (Page No. - 25)
4 Premium Insights (Page No. - 28)
4.1 Attractive Opportunities in the MCHE Market
4.2 MCHE Market, By Type
4.3 MCHE Market, By Application
4.4 APAC MCHE Market, By Application and Country
4.5 MCHE Market, By Key Countries
5 Market Overview (Page No. - 31)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Energy Efficiency Regulations and Stringent Emission Standards
5.2.1.2 High Demand for MCHE in the Growing Hvacr Industry
5.2.2 Restraint
5.2.2.1 Production of Low-Cost MCHE in APAC
5.2.3 Opportunities
5.2.3.1 Use of Thermal Management Systems for Evs
5.2.4 Challenges
5.2.4.1 Capital-Intensive Market
5.3 Porters Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Buyers
5.3.4 Bargaining Power of Suppliers
5.3.5 Intensity of Competitive Rivalry
6 Macroeconomic Overview (Page No. - 37)
6.1 Introduction
6.1.1 Real GDP Growth Rate and Per Capita GDP of Major Economies
6.2 Trends of Automotive Industry
6.3 Trends of Hvacr Industry
6.3.1 Demand for AC Units in North America
6.3.2 Demand for AC Units in Europe
6.3.3 Demand for AC Units in APAC
7 MCHE Market, By Type (Page No. - 41)
7.1 Introduction
7.1.1 Condenser
7.1.1.1 The Condenser Segment Accounted for the Largest Share in the MCHE Market
7.1.2 Evaporator
7.1.2.1 AC Systems Majorly Drive the Demand for MCHE as an Evaporator in HVAC and Refrigeration
7.1.3 Water Coil
7.1.3.1 The Water Coil Segment is Projected to Register the Highest Growth Rate During the Forecast Period
8 MCHE Market, By Application (Page No. - 44)
8.1 Introduction
8.2 Automotive
8.2.1 The Automotive Application Dominates the MCHE Market
8.3 HVAC
8.3.1 Residential AC
8.3.1.1 The High Demand for Energy-Efficient and Reliable Residential AC Systems is Increasing the Demand for MCHE
8.3.2 Commercial AC
8.3.2.1 Limited Energy Resources are Leading to Increase in Demand for Energy-Efficient Commercial AC in Both Developed and Developing Countries
8.3.3 Precision Cooling
8.3.3.1 Increasing Number of Server Rooms and Data Centers is Expected to Have A Positive Impact on the MCHE Market
8.4 Commercial Refrigeration
8.4.1 Stationary Refrigeration
8.4.1.1 Highly Efficient and Good CAPACity Heat Exchangers Along With Compact Design is Boosting the Demand for MCHE in Stationary Refrigeration
8.4.2 Transport Refrigeration
8.4.2.1 The Increasing Food Trade Globally is Driving the MCHE Market
8.4.3 Cold Storage
8.4.3.1 Excellent Properties of MCHE are Driving Its Demand in the Cold Storage Application
8.5 Others
9 MCHE Market, By Region (Page No. - 49)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 The Automotive Industry in the Country is the Major Consumer of MCHE
9.2.2 Canada
9.2.2.1 Canadas MCHE Market is Majorly Driven By Its Booming Hvacr Industry
9.2.3 Mexico
9.2.3.1 Increase in Automotive Production Will Have A Positive Impact on the MCHE Market
9.3 APAC
9.3.1 China
9.3.1.1 China Accounted for the Largest Share of the Global MCHE Market
9.3.2 India
9.3.2.1 India is the Fastest-Growing MCHE Market in APAC
9.3.3 Japan
9.3.3.1 Increase in Overall AC Demand Will Have A Positive Impact on the MCHE Market
9.3.4 South Korea
9.3.4.1 The Growth in the Demand for HVAC Systems is Expected to Boost the Market Growth
9.3.5 Indonesia
9.3.5.1 Growth in Automotive Production and AC Demand are the Major Drivers for MCHE Demand
9.3.6 Rest of APAC
9.4 Europe
9.4.1 Germany
9.4.1.1 Germany Accounted for Largest Share of the MCHE Market in Europe
9.4.2 Spain
9.4.2.1 Revival of the Construction Industry is Boosting the Demand for HVAC Systems
9.4.3 France
9.4.3.1 Steady Growth in Automotive Production is Expected to Drive the MCHE Market
9.4.4 Russia
9.4.4.1 Demand for MCHE in Russia is Fueled By Growth in the Automotive Production
9.4.5 UK
9.4.5.1 UKs Energy Efficiency and Emission Regulations are Fueling the Demand for Efficient HVAC Systems
9.4.6 Italy
9.4.6.1 Italy is Projected to Register the Fastest-Growth in the MCHE Market
9.4.7 Rest of Europe
9.5 Middle East & Africa
9.5.1 Saudi Arabia
9.5.1.1 Growth in Commercial Infrastructures is Likely to Drive the MCHE Market
9.5.2 Rest of the Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.1.1 Brazil is the 7th-Largest Producer of Automobiles Which is Boosting the MCHE Market
9.6.2 Rest of South America
10 Competitive Landscape (Page No. - 78)
10.1 Introduction
10.2 Competitive Leadership Mapping, 2018
10.2.1 Terminology/Nomenclature
10.2.1.1 Visionary Leaders
10.2.1.2 Innovators
10.2.1.3 Dynamic Differentiators
10.2.1.4 Emerging Companies
10.2.2 Strength of Product Portfolio
10.2.3 Business Strategy Excellence
10.3 Ranking of Key Players
10.4 Competitive Scenario
10.4.1 Expansion
10.4.2 Joint Venture
10.4.3 Acquisition
10.4.4 New Product Launch
11 Company Profiles (Page No. - 87)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
11.1 Sanhua
11.2 Hanon Systems
11.3 MAHLE
11.4 Modine
11.5 Denso Corporation
11.6 API Heat Transfer
11.7 Climetal
11.8 Danfoss
11.9 Kaltra
11.1 Kangsheng Group
*Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
11.11 Other Companies
11.11.1 Calsonic Kansei
11.11.2 Evapco
11.11.3 Goldstone Hvacr
11.11.4 Nortek Global HVAC
11.11.5 Sanden
11.11.6 Tata Toyo Radiator
11.11.7 Thermokey
11.11.8 Zhejiang Dun 'An Artificial Environment
12 Appendix (Page No. - 107)
12.1 Discussion Guide
12.2 Knowledge Store: Marketsandmarkets Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details
List of Tables (68 Tables)
Table 1 Annual Percent Change of Real GDP Growth Rates From 2016 to 2023
Table 2 Trends and Forecast of GDP Per Capita, By Country, 20162020 (USD)
Table 3 Automotive Production, Million Unit (20112016)
Table 4 Overall AC Demand in North America, 20152017 (Thousand Units)
Table 5 Overall AC Demand in Europe, 20152017 (Thousand Units)
Table 6 Overall AC Demand in APAC, 20152017 (Thousand Units)
Table 7 MCHE Market Size, By Type, 20172024 (USD Million)
Table 8 Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 9 MCHE Market Size, By Region, 20172024 (USD Million)
Table 10 North America: MCHE Market Size, By Country, 20172024 (USD Million)
Table 11 North America: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 12 North America: MCHE Market Size, By Application, 20172024 (USD Million)
Table 13 US: MCHE Market Size, By Type, 20172024 (USD Million)
Table 14 US: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 15 Canada: MCHE Market Size, By Type, 20172024 (USD Million)
Table 16 Canada: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 17 Mexico: MCHE Market Size, By Type, 20172024 (USD Million)
Table 18 Mexico: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 19 APAC: MCHE Market Size, By Country, 20172024 (USD Million)
Table 20 APAC: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 21 APAC: MCHE Market Size, By Application, 20172024 (USD Million)
Table 22 China: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 23 China: MCHE Market Size, By Application, 20172024 (USD Million)
Table 24 India: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 25 India: MCHE Market Size, By Application, 20172024 (USD Million)
Table 26 Japan: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 27 Japan: MCHE Market Size, By Application, 20172024 (USD Million)
Table 28 South Korea: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 29 South Korea: MCHE Market Size, By Application, 20172024 (USD Million)
Table 30 Indonesia: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 31 Indonesia: MCHE Market Size, By Application, 20172024 (USD Million)
Table 32 Rest of APAC: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 33 Rest of APAC: MCHE Market Size, By Application, 20172024 (USD Million)
Table 34 Europe: Microchannel Heat Exchanger Market Size, By Country, 20172024 (USD Million)
Table 35 Europe: MCHE Market Size, By Type, 20172024 (USD Million)
Table 36 Europe: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 37 Germany: MCHE Market Size, By Type, 20172024 (USD Million)
Table 38 Germany: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 39 Spain: MCHE Market Size, By Type, 20172024 (USD Million)
Table 40 Spain: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 41 France: MCHE Market Size, By Type, 20172024 (USD Million)
Table 42 France: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 43 Russia: MCHE Market Size, By Type, 20172024 (USD Million)
Table 44 Russia: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 45 UK: MCHE Market Size, By Type, 20172024 (USD Million)
Table 46 UK: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 47 Italy: MCHE Market Size, By Type, 20172024 (USD Million)
Table 48 Italy: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 49 Rest of Europe: MCHE Market Size, By Type, 20172024 (USD Million)
Table 50 Rest of Europe: Microchannel Heat Exchanger Market Size, By Application, 20172024 (USD Million)
Table 51 Middle East & Africa: MCHE Market Size, By Country, 20172024 (USD Million)
Table 52 Middle East & Africa: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 53 Middle East & Africa: MCHE Market Size, By Application, 20172024 (USD Million)
Table 54 Saudi Arabia: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 55 Saudi Arabia: MCHE Market Size, By Application, 20172024 (USD Million)
Table 56 Rest of the Middle East & Africa: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 57 Rest of the Middle East & Africa: MCHE Market Size, By Application, 20172024 (USD Million)
Table 58 South America: MCHE Market Size, By Country, 20172024 (USD Million)
Table 59 South America: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 60 South America: MCHE Market Size, By Application, 20172024 (USD Million)
Table 61 Brazil: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 62 Brazil: MCHE Market Size, By Application, 20172024 (USD Million)
Table 63 Rest of South America: Microchannel Heat Exchanger Market Size, By Type, 20172024 (USD Million)
Table 64 Rest of South America: MCHE Market Size, By Application, 20172024 (USD Million)
Table 65 Expansion, 20152018
Table 66 Joint Venture, 20152018
Table 67 Acquisition, 20152018
Table 68 New Product Launch, 20152018
List of Figures (33 Figures)
Figure 1 MCHE Market: Research Design
Figure 2 MCHE Market: Bottom-Up Approach
Figure 3 MCHE Market: Top-Down Approach
Figure 4 MCHE Market: Data Triangulation
Figure 5 Condenser Accounted for the Largest Market Share in 2018
Figure 6 Automotive Application Accounted for the Largest Share of the MCHE Market
Figure 7 APAC to Be the Fastest-Growing MCHE Market
Figure 8 Growth in Demand for AC Systems to Drive the MCHE Market
Figure 9 Condenser to Be the Largest Type Segment of the Market
Figure 10 Automotive to Be the Largest Application of MCHE
Figure 11 Automotive Segment and China Accounted for the Largest Market Share in APAC in 2018
Figure 12 India to Register the Highest CAGR in the MCHE Market
Figure 13 Drivers, Restraints, Opportunities, and Challenges in the MCHE Market
Figure 14 Porters Five Forces Analysis: MCHE Market
Figure 15 Condenser Segment to Dominate the MCHE Market
Figure 16 Automotive to Be the Largest Application of MCHE
Figure 17 APAC to Register the Highest CAGR in the MCHE Market Between 2019 and 2024
Figure 18 US is the Key Market for MCHE in North America
Figure 19 China Dominated the MCHE Market in APAC, 2018
Figure 20 Germany Dominates the MCHE Market in Europe, 2018
Figure 21 Companies Adopted Expansion as the Key Growth Strategy Between 2015 and 2018
Figure 22 MCHE Market: Competitive Leadership Mapping, 2018
Figure 23 Market Ranking of Key Players in 2018
Figure 24 Danfoss: Company Snapshot
Figure 25 Sanhua: SWOT Analysis
Figure 26 MAHLE: Company Snapshot
Figure 27 MAHLE: SWOT Analysis
Figure 28 Denso Corporation: Company Snapshot
Figure 29 Denso Corporation: SWOT Analysis
Figure 30 Modine: Company Snapshot
Figure 31 Modine: SWOT Analysis
Figure 32 Hanon Systems: Company Snapshot
Figure 33 Hanon Systems: SWOT Analysis
The study involved four major activities in estimating the current market size for MCHE. The exhaustive secondary research was conducted to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methodologies were used to estimate the market size of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers and Bloomberg BusinessWeek were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, food safety organizations, regulatory bodies, and databases.
Primary Research
The MCHE market comprises several stakeholders such as raw material suppliers, distributors of MCHE, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market consists of manufacturers and suppliers of automotive, HVAC, and commercial refrigeration. Various primary sources from both the supply and demand sides of the market were interviewed
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the MCHE market. These methods were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets were identified through extensive secondary research.
- The industrys supply chain and market size, in terms of value and volume, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size-using the market size estimation process explained above-the market was split into several segments and sub-segments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and sub segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both demand and supply of MCHE and their applications.
Objectives of the Study:
- To define, describe, and forecast the MCHE market, in terms of value
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To analyze and forecast the market by type and application
- To forecast the size of the market with respect to five regions, namely, APAC, Europe, North America, South America, and the Middle East & Africa along with their key countries
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution to the total market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive developments, such as new product launch, acquisition, joint venture, and expansion, undertaken in the market
- To strategically profile key players and comprehensively analyze their market share and core competencies2
Notes: Micromarkets1 are the sub-segments of the MCHE market included in the report.
Core competencies2 of companies are determined in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain in the market.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Regional Analysis:
- Country-level analysis of the MCHE market
Company Information:
- Detailed analysis and profiling of additional market players
Growth opportunities and latent adjacency in Microchannel Heat Exchanger Market