Europe Microchannel Heat Exchanger Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Condenser, Evaporator, and Water Coil); Application (HVAC, Commercial Refrigeration, and Others)
The Europe microchannel heat exchanger market was valued at US$ 1,823.95 million in 2019 and is projected to reach US$ 4,515.10 million by 2027; it is expected to grow at a CAGR of 12.1% during 2020–2027.
Micro heat exchangers or microstructured heat exchangers are the 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 turbines 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 is capable of reducing the equipment weight. It improves the process technology and is used in household air conditioning and automotive air conditioning systems.
Based on application, the Microchannel heat exchanger market is segmented into HVAC, commercial refrigeration, and others. In 2019, the others segment dominated the Europe microchannel heat exchanger market; whereas, the commercial refrigeration segment is expected to grow at the fastest rate during 2020–2027. Microchannel heat exchangers have applications in various fields, such as aerospace, bioengineering, automotive, gas turbine blade cooling, power and process industries, refrigeration and air conditioning, infrared detectors, 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. For instance, Honeywell Aerospace has been designing microchannel heat exchangers for aerospace applications. These heat exchangers deliver a substantial reduction in volume and weight reduction compared to state-of-the-art aerospace heat exchangers constructed using offset plate and fin interrupted surfaces.
The market for Europe includes Germany, France, Italy, the UK, Russia, and the rest of Europe. Europe has a well-established industrial sector. Germany, Italy, and France account for a significant proportion of the industry in the European region. The microchannel heat exchanger industry in the European countries is being driven by its robust growth in the automotive industry. The rapidly growing economies of the countries are also aiding the industry growth, which further propels the growth of microchannel heat exchanger market. The microchannel heat exchanger market is driven by the stringent energy efficiency regulations and stringent emission standards across the European Union. The demand for microchannel heat exchanger is growing due to the increasing demand for lightweight electronic appliances. The high demand for the product in the growing HVAC industry is also driving the microchannel heat exchanger market. HVAC is expected to be the leading application sector for microchannel heat exchanger in the European countries. The product is finding rising use in HVAC products such as air conditioners and in heat pumps in refrigerators. Water coil and condenser types of the product are projected to witness robust advancements during the forecast period. Europe has a mature aerospace, automotive, power generation, and oil & gas sector. This provides a huge market opportunity for microchannel heat exchanger producers in the region. Further, growing pressure from international agencies to reduce carbon footprint is driving the microchannel heat exchanger market growth in Europe. High demand for microchannel heat exchanger in the growing HVAC industry further propelled the demand for in European countries.
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 are among the major players operating in the Europe microchannel heat exchanger market.
The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the world. As of October 2020, the US, India, Brazil, Russia, Mexico, South Africa, Spain, Argentina, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of chemicals and materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry. Italy has the highest number of confirmed cases of COVID-19 infection among all Europe countries. The governments in Europe are taking possible steps to reduce the effects of COVID-19 by announcing lockdown, which, in turn is impacting the revenue generated by the market. The continuous growth of infected individuals has forced the government to impose lockdown across the nation’s borders. 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 Italy and Russia, manufacturing units deemed nonessential were shut down, and the essential projects were subjected to public health guidelines. Additionally, Europe is responsible for a major portion of sales of microchannel heat exchanger, and declining sales of microchannel heat exchanger products in Europe might affect the overall growth of the microchannel heat exchanger market. The COVID-19 outbreak will have a limited short-term impact on the microchannel heat exchanger market.
The overall Europe microchannel heat exchanger market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically involved in the process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe microchannel heat exchanger market.
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