The North America microchannel heat exchanger market was valued at US$ 2,263. 64 million in 2019 and is projected to reach US$ 5,732. 21 million by 2027; it is expected to grow at a CAGR of 12. 4% during 2020–2027.
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Microchannel Heat Exchanger Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type ; Application" - https://www.reportlinker.com/p05999774/?utm_source=GNW
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 North America 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 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 North America region includes developed economies such as the US, Canada, and Mexico.The companies present in the region are continuously enhancing the overall business processes to meet the customer’s demand in the best possible way.
Various domestic and international companies have a strong foothold in the North American region, which boost the demand for microchannel heat exchanger.The US is a major market for microchannel heat exchanger, followed by Canada and Mexico.
The rapid industrialization and flexible trade policies are driving the growth of the microchannel heat exchanger market.Microchannel heat exchangers find application in diverse fields such as aerospace, automotive, bioengineering, cooling of gas turbine blades, power and process industries, refrigeration and air conditioning, infrared detectors, powerful laser mirrors and superconductors, microelectronics, and thermal control of film deposition.
Therefore, a wide range of applications of microchannel heat exchanger is boosting its demand across various industries. Also, advantages of microchannel heat exchangers include high volumetric heat flux, compactness for space-critical applications, robust design, effective flow distribution, and modest pressure drops. Rapid development in the power generation sector in leading countries such as the US and Canada boosts the demand for microchannel heat exchangers in the North America region. Additionally, a rapid rise in energy demand, especially from manufacturing plants and related industrial establishments, is further expected to fuel the market growth.
API Heat Transfer Inc., Climetal S.L, Danfoss, DENSO Corporation, Hanon Systems, Kaltra, Zhejiang Kangsheng Co. Ltd (Kasun), MAHLE GmbH, Modine Manufacturing Company, Sanhua Holding Group Co., Ltd are among the major players operating in the North America 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 globe.As of September 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.
The US has the highest number of confirmed cases of COVID-19 infection among all North America countries.The governments in North America 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 Canada, manufacturing units deemed nonessential were shut down, and the essential projects are subject to public health guidelines. Additionally, North America is responsible for a major portion of sales of microchannel heat exchanger, and declining sales of microchannel heat exchanger products in North America 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 North America 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 North America microchannel heat exchanger market.
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