According to Future Market Insights (FMI), the expansion valves market will register 4.0% CAGR through 2021-2031 as demand grows in residential, automotive, commercial, and other sectors.
Global sales of expansion valves are set to be valued at over US$ 10.7 bn in 2021, with a stable long-term projection, according to latest insights by FMI. The report also estimates the market to surpass US$ 15.9 Bn by the end of 2031.
According to Future Market Insights, increasing usage of air conditioning in automotive sector is a primary factor driving the market of expansion valve. Nowadays every vehicle, especially passenger vehicles come equipped with air conditioning system. This is primary driver of the expansion valves market.
The expansion valves market observed moderate decline in its sales volume in FY2020 due COVID-19 pandemic. Demand from major end-use sectors like automotive, construction, and other waned, since distribution links between manufacturer and consumer were disturbed along with that operation in production facilities were stopped due to implementation of lockdown by governments. However in last quarter of 2020 the economies started recovering from the impact of the pandemic.
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In the coming years, the demand for electronic expansion valves is expected to grow considerably. Electronic expansion valves are more convenient to use and are more energy efficient c, which makes them more popular among end users.
The growing requirement for air conditioning applications from automotive, commercial, residential, and industrial sectors is expected to propel the expansion valves market.
Key takeaways from expansion valves market study
- By application, expansion valves application for air conditioning purposes are projected to hold over 60% volume share of the global market in 2021.
- In terms of product type, the thermal expansion valves segment is set to hold over 69.1% of the market share by the end of 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 segment of expansion valves is set to surge at CAGR of approximately 4.1% over the coming decade.
- By installation, sales of expansion valves is 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.
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Who is winning?
The expansion valves market is moderately consolidated with key players accounting for around more than 50% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
Some of the key players in this industry include but are not limited to emerson electric co, sanhua ,fujikoki corporation, otto egelhof gmbh & co. Kg, castel s.r.l., tgk co., ltd., keihin, carel industries s.p.a., danfoss group, parker-hannifin corporation, denso, hanon systems.