Microchannel Heat Exchanger Market to Reach USD 29.24 Billion by 2032, Driven by Demand for Energy-Efficient Cooling Solutions Across Key Industries | Report by SNS Insider
Growing demand for energy-efficient systems in industries such as HVAC, automotive, and refrigeration is propelling the growth of the Microchannel Heat Exchanger Market.
Austin, March 28, 2025 (GLOBE NEWSWIRE) — The SNS Insider report indicates that the Microchannel Heat Exchanger Market size was estimated at USD 12.91 billion in 2023 and is expected to reach USD 29.24 billion by 2032, growing at a robust CAGR of 9.51% from 2024 to 2032. The microchannel heat exchanger market is experiencing significant growth, driven by increasing demand for energy-efficient and environmentally friendly cooling solutions. This growth is fueled by industries such as HVAC, automotive, and refrigeration, all of which require advanced systems to enhance performance while minimizing energy consumption.
The U.S. Microchannel Heat Exchanger Market is projected to experience substantial growth from 2023 to 2032. The market size in the U.S. is estimated to grow from USD 2.10 billion in 2023 to USD 4.91 billion by 2032, reflecting a compound annual growth rate (CAGR) of 9.89%. This growth is a sign of the growing need for energy-efficient cooling systems in all sectors, from automotive to HVAC to refrigeration. The U.S. is expected to remain a leading market contributor owing to it being a major player in North America, coupled with a strong focus on technology advancements, demand for energy-efficient systems, and a significant push towards a lower carbon footprint.
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Key Players:
- Hanon Systems (Automotive HVAC, Battery Cooling Systems)
- EVAPCO (Microchannel Condensers, Evaporators)
- Climetal S.L (HVAC Coils, Refrigeration Heat Exchangers)
- API Heat Transfer (Industrial Microchannel Heat Exchangers)
- Sanhua International Europe S.L (Refrigeration Coils, Heat Pump Components)
- Modine Manufacturing Company (Radiators, HVAC Coils)
- Kaltra Innovativtechnik GmbH (Microchannel Condensers, Chiller Coils)
- Goldstone HVACR Inc. (Microchannel Air Conditioning Coils)
- Danfoss Group (Heat Exchanger Components, Refrigeration Solutions)
- Alfa Laval (Industrial Cooling, HVAC-R Solutions)
- Carrier Corporation (HVAC Microchannel Coils)
- Sermeta (Gas Boiler Heat Exchangers)
- Klein Wärmebehandlung GmbH (Industrial Heat Exchangers)
- Mitsubishi Heavy Industries (Heat Pumps, Refrigeration Coils)
- Daikin Industries Ltd. (Microchannel Coils for Air Conditioning)
- Kelvion Holding GmbH (Industrial and Automotive Heat Exchangers)
- Shanghai Shenglin M&E Technology Co., Ltd. (Refrigeration and HVAC Coils)
- Zhejiang DunAn Artificial Environment Co., Ltd. (Refrigeration and Heat Pump Coils)
- Modular Heat Exchangers Pvt. Ltd. (Compact Heat Exchangers)
- Tata Advanced Systems (Aerospace and Automotive Cooling Systems)
Microchannel Heat Exchanger Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 12.91 Billion |
| Market Size by 2032 | USD 29.24 Billion |
| CAGR | CAGR of 9.51% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Evaporator, Condenser, Water Coil) • By Application (HVAC (Air Conditioning, Heat Pump, Heat Pump Water Heater, Others), Automotive, Refrigeration, Others) |
| Key Drivers | • The rising demand for energy-efficient HVAC systems is driving the adoption of microchannel heat exchangers due to their superior heat transfer, lower refrigerant use, and compliance with stringent energy regulations. |
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Condensers and HVAC Drive Dominance in the Microchannel Heat Exchanger Market
By Type: The condenser segment of the Microchannel Heat Exchanger Market held a dominant share of over 46% in 2023. Condensers are crucial devices for heat exchange processes, widely used in many fields ranging from refrigeration and air conditioning. This high market share is due to condensers’ ability to deal with a larger thermal load while working efficiently in a smaller space. As industries continue to set their sights on greater sustainability and energy efficiency, the need for condensers in heat exchanger systems will likely keep growing.
By Application: The HVAC segment led the Microchannel Heat Exchanger Market with a share exceeding 48% in 2023. The growth of this segment is attributed to the increasing need for energy-efficient and space-saving cooling solutions across residential, commercial, and industrial structures. (Heating-Ventilating-Air Conditioning) HVAC systems utilize advanced heat exchangers to maximize energy efficiency and maintain suitable ecological conditions within shelter structures. Microchannel heat exchangers offer lower refrigerant charges and improved thermal performance, which makes them very favorable to the HVAC industry. The move toward sustainability is likely to further propel the growth of the HVAC market, and there will be an increasing transition toward energy-efficient systems.
Asia-Pacific Leads the Microchannel Heat Exchanger Market, North America Emerges as the Fastest-Growing Region Driven by Energy-Efficient Solutions
The Asia-Pacific region held a dominant position in the Microchannel Heat Exchanger Market in 2023, with a share exceeding 38%. The increasing industrialization, along with the growth of vital sectors like HVAC, automotive, and electricity generation, has been a major factor in the demand for advanced technologies related to heat exchangers. Due to their compact designs and the increased efficiency, they offer, microchannel heat exchangers have gained a foothold in this region on account of their suitability for a variety of applications. With continued industrialization in the region, the need for energy-efficient and sustainable solutions is expected to rise further, providing the Asia-Pacific region with significant growth opportunities in the microchannel heat exchanger market.
North America, particularly the U.S., is becoming the fastest-growing market for microchannel heat exchangers. Rising adoption of energy-efficient HVAC systems is driving the market’s expansion. As such, energy consumption and environmental impact are increasingly becoming a concern for both industries and consumers. This means that systems that provide high thermal performance combined with energy savings, such as microchannel heat exchangers, are becoming a go-to solution. This is in keeping with the broader push for sustainable building solutions and greener technology in the region.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Microchannel Heat Exchanger Market Segmentation, By Type
8. Microchannel Heat Exchanger Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practice
12. Conclusion
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