According to Future Market Insights (FMI), the expansion valve market will report a 4.0% CAGR through 2021-2031 as demand grows in residential, automotive, commercial, and other sectors.
According to the latest FMI insights, global sales of growth valves will be valued at more than US$10.7 billion in 2021, with a consistent long-term forecast. The market is also expected to exceed US$15.9 billion by the end of 2031, according to the report.
According to Future Market Insights, one of the primary factors driving demand for expansion valves is the increasing use of air conditioning in the automotive sector. Nowadays, every vehicle, particularly passenger vehicles, has an air conditioning system. This is the primary driving force behind the expansion valves market.
Due to the COVID-19 pandemic, the expansion valves market saw a moderate decline in sales volume in FY2020. Demand from major end-use sectors such as automotive, construction, and others was high because distribution links between manufacturers and consumers were disrupted, and operations in manufacturing facilities were halted due to government-enforced lockdown. However, the economies began to recover from the pandemic’s impact in the fourth quarter of 2020.
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Electronic expansion valve demand is expected to skyrocket in the coming years. Electronic expansion valves are more user-friendly and energy-efficient, making them more popular among end users.
The expanding demand for air conditioning applications in the automotive, commercial, residential, and industrial sectors is expected to drive the expansion valves market.
Key takeaways from expansion valves market study
- By application, expansion valves application for air conditioning is projected to hold over 60% volume share of the global market in 2021.
- In terms of product type, the thermal expansion valves segment will hold over 69.1% of the market share by the end of the forecast period.
- East Asia will remain a primary market, backed by rising demand from the automotive & residential sectors. It is expected to account for over 36.6% of the demand registered in the global market in 2021.
- By working pressure, demand for up to 30 bar segments of expansion valves will surge at a CAGR of approximately 4.1% over the coming decade.
- By installation, sales of expansion valves are expected to reach US$14.1 bn in 2031.
“The increase in per capita income and rising expenditure on advanced heating, ventilation, and air conditioning systems will fuel the demand for expansion valves,” says a Future Market Insights analyst.
2016-2020 Expansion Valves Market Outlook Compared to 2021-2031 Forecast
Driven by increasing focus on research and development and rising spending on the installation of (heating, ventilation, and air conditioning) HVAC systems, the expansion valves market will rise at 4.0% CAGR between 2021 and 2031 in the comparison to 3.7% CAGR registered during 2016-2020.
The automotive industry is exhibiting high demand for electronic expansion valves as the demand from customers for advanced air conditioning systems increases. Besides this, because of increasing fuel prices and various ongoing initiatives by local governments for the development of electric vehicles, prospects for sales of expansion valves have improved.
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Some of the leading expansion valve manufacturers are looking to provide innovative products in the market. This has resulted in the launch of the automatic expansion valve for installation in the residential sector.
Automatic expansion valves are widely used in chillers, water coolers, refrigerants, and other applications.
The growth of the market is also directly connected with the scope for application in the construction sector, since the installation of HVAC systems is a basic need for the construction of any new building, whether it is for residential or commercial use.
In the recent past, there has been a significant expansion of retail stores and cold chain capacities. Many countries across the globe, especially China and India, are strengthening their cold chain infrastructure intending to reduce food wastage and meet the growing demand. This has resulted in high demand for refrigeration requirements, thus increasing the demand for the expansion valves.
Who is winning?
The expansion valves market is merged moderately with key players, accounting for around over 50% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.
Some of the leading players in this industry include but are not limited to Emerson electric co, SANHUA,fujikoki corporation, otto Egelhoff gmbh & co. Kg, Castel s.r.l., the co., ltd., Keihin, carel industries s.p.a., Danfoss group, Parker-Hannifin Corporation, Denso, Hanon systems.
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