Demand From Various Industries Has Positioned The Expansion Valves Market To Surpass US$ 15.9 Bn In 2031

Thursday, 16 June 2022, 1:56 pm
Press Release: Future Market Insights

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.

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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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Key segment:

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)

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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.

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