The expansion valves market is estimated to reach US$ 17.4 billion in 2033, up from US$ 11.5 billion in 2023, at a CAGR of 4.2%.
Expansion Valves are commonly used to modulate the flow of refrigerants in refrigeration and air conditioning systems. This allows for more precise superheating control and increases compressor efficiency. This improves compressor safety and extends service life by preventing refrigerant leakage. Climate change and rapid urbanisation have accelerated the adoption of air conditioning systems.
Key market drivers include diverse applications in industries such as cold storage, construction, and tourism. Consumers are favouring electronic expansion valves over thermal expansion valves as residential and commercial construction standards improve.
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Construction Industry Application Projected to Rise
Commercial spaces are finding wide applications for advanced air conditioning systems. There is high demand for cooling systems embedded with air purification filters and investors. Expansion valve manufacturers have to cater to rapidly evolving consumer preferences.
In retail facilities, maintaining temperature is critical to preserving sophisticated equipment and perishables.
Automotive Industry Utility is Evolving
The automotive industry is increasingly becoming one of the largest end-user segments for the expansion vales market. With the expansion of the electric vehicle segment, manufacturers have to develop highly sophisticated variants. The supply-demand is also rising for the autonomous vehicle and passenger vehicle manufacturing segment.
Key Takeaways from the Report:
- The United States market is projected to register a growth of 5% CAGR during 2023-2033 to reach a valuation of US$ 2.7 Billion by 2033.
- The Chinese market is expected to grow at a CAGR of 5.6% to reach a market value of US$ 4.5 Billion by 2033.
- Japan’s market has grown from a CAGR of 2.8% between 2017-2022 to 4.0% during the forecast period.
- The Chinese market is expected to register the highest CAGR of 5.6%, expanding by a phenomenal US$ 1.9 Billion during the forecast period.
- China is expected to hold the largest market share of US$ 4.5 Billion by 2033, surpassing United States’ projected US$ 2.7 Billion by 2033.
- During the forecast period, the stainless steel segment is expected to grow at a CAGR of 5.0%
- Upto 30 bar segment by working pressure is expected to dominate the market between 2023 and 2033 at a CAGR of 4.0%
Key Market Developments:
- Recently, Danfoss has launched a new line of components that aid OEMs to manufacture R32-based air conditioning systems. Colibri electronic expansion valves, TGE, TR6 expansion valves, and MCHE crafted for R32 are the important variants in this range.
- Recently, The EGELHOF Group launched an electronic expansion valve (EXV) for application in automotive air conditioning systems. It comes with several evaporators for the front, rear, or roof air conditioning systems. It also features fixed and variable stroke compressors.
- In February 2022, BorgWarner signed equity with Santroll Electric Auto and Santroll Automotive Components. Thus, BorgWarner is to acquire Santroll Automotive Components to strengthen the company’s overall product portfolio
Key Market Players Drive Growth Through Innovation
With rapidly evolving consumer demands, key players have to formulate advanced methodologies to sustain market growth. This includes shifting to efficient manufacturing practices. For instance, in 2020, FabLab, a startup was able to manufacture 3D print valves for critical care patients. The valves were in line with all safety regulations and found critical application in time of need.
Key Players:
- Emerson Electric Co
- Sanhua
- Fujikoki Corporation
- OTTO EGELHOF GmbH & Co. KG
- Castel S.r.l.
- TGK CO., LTD.
- Keihin
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Expansion Valves Market by Category
By Product Types:
- Thermal Expansion Valves
- Electronic Expansion Valves
By Application:
- Air Conditioning
- Refrigeration
By Installation:
- New Sales
- Retrofit
By Type:
- Automotive
- OEM
- Aftermarket
- Industrial Facilities
- Commercial Buildings
- Retail Outlets and Warehousing
- Residential
By Material Type:
- Stainless Steel
- Copper
- Brass
- Others
By Refrigerants:
- R410A
- R407C
- R404A
- R134A
- R290
- R744
- R22
- CO2
- Glycol Water
- R1234YF
By Working Pressure:
- up to 30 bar
- 30 to 50 bar
- 50 to 200 bar
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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