Germany's expansion valve market is projected to grow at a CAGR of 2.3% from 2024 to 2034, reaching USD 519 million by 2034. As the leading market within Europe, Germany is expected to maintain its dominant position throughout the forecast period.
NEWARK, DE / ACCESSWIRE / August 19, 2024 / The global expansion valve market is expected to reach USD 11.5 billion in 2024, with a projected compound annual growth rate (CAGR) of 4.2% from 2024 to 2034. By 2034, the market is anticipated to achieve a value of USD 17.3 billion, with a year-on-year (Y-o-Y) growth rate of 4.4% in 2024.
Thermal expansion valves (TXVs), a key product category within the expansion valves or orifice tubes segment, hold a dominant position in the market, representing approximately 70% of the industry's volume share. This segment is forecasted to grow at a CAGR of 3% throughout the forecast period.
The robust growth of the TXV segment is driven by their superior efficiency in regulating refrigerant flow, which ensures optimal performance in HVAC and refrigeration systems. Their capability to adapt to varying load conditions and deliver effective implementation further contributes to their sustained market growth.
The product finds critical applications in refrigeration and air conditioning systems to modulate the release of refrigerants. This enables efficient control of superheating and better compressor efficiency. It promotes greater compressor safety and longer service life by preventing leakage of refrigerant into the compressor. With the rising adoption of air conditioners due to global warming and rapid urbanization, the market is expected to steadily grow.
The product is in demand across diverse industries such as the cold storage industry, construction, and tourism industries. With improvements in residential and commercial construction standards, electronic expansion valves are being preferred over thermal expansion valves.
FMI presents a half-yearly comparison and insightful analysis of expansion valve market growth. The market has been primarily driven by the growth of the HVAC sector globally, HVAC sector is a direct consumer of expansion valves. Recent developments & expansion in the HVAC sector have created a huge opportunity for the demand for expansion valves in the global market.
Expanding the residential sector is a key growth factor for the demand growth of expansion valves, increasing per capita income has resulted in increasing per capita expenditure for a luxurious lifestyle, which has enhanced the demand for refrigeration & air conditioning products for the residential sector.
Rising automotive production & increasing automotive production & increasing penetration of electric vehicles has created high growth opportunities for the expansion valves market, with increasing research & development activities from the manufacturers the market is expected to experience incremental growth opportunities.
Key Takeaways from the Report
Market Growth Forecast: The global expansion valve market is expected to reach a valuation of USD 11.5 billion by the end of 2024, with a projected growth to USD 17.3 billion by 2034.
Key Market Players: Leading manufacturers driving the industry include Emerson Electric Co, Sanhua, Fujikoki Corporation, and Keihin.
Types of Expansion Valves: The market is primarily segmented into thermal and electronic expansion valves, catering to diverse applications across industries.
Projected CAGR: The expansion valve market is anticipated to grow at a steady CAGR of 4.2% from 2024 to 2034, reflecting a robust demand trajectory.
Regional Spotlight: In India, Hawa Valves emerges as one of the most prominent manufacturers, contributing significantly to the domestic market landscape.
Industry Outlook: The expansion valve market is poised for substantial growth over the next decade, driven by advancements in HVAC technologies and increasing demand for efficient cooling systems.
"An expansion valve is a crucial component in refrigeration and air conditioning systems, designed to regulate the flow of refrigerant into the evaporator. By controlling the pressure and temperature, the expansion valve ensures optimal efficiency and performance, preventing the risk of system overload." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Uncover Extensive Insights with the Full Report! https://www.futuremarketinsights.com/reports/expansion-valves-market
Innovations Expected to Improve Market Prospects During Forecast Period
Some of the leading expansion valve manufacturers are looking to provide innovative products in the market. This has resulted in the launch of an 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.
Short Term (2024 to 2027): During the present initial phase of the forecast period, expansion of cold chain infrastructure is expected to bolster the market. With the rise in population, developing nations are collectively trying to reduce food wastage and meet the demand of underserved communities.
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 expansion valves.
On the other hand, the rise in per capita disposable income is increasing cold storage applications across retail facilities. This is vital to serving the expanding consumer base.
Medium Term (2027 to 2030): Key innovations, research, and development activities could bear fruit during this period. Thus leading to highly efficient products, to be used in the new-age sophisticated air conditioning and cooling systems. This could include complete automation of air conditioning systems in the near future. Features such as voice control and smart sensing technology are already gaining wide acceptance.
Long Term (2030 to 2034): Factors such as global warming, urbanization, and industrialization are expected to have a long-term impact on the market. With rising, temperatures manufacturers could easily break into earlier untapped markets. Despite, the lower GDP of underdeveloped regions, air conditioning systems are expected to emerge as a dire necessity. By the end of the forecast period, most nations in the tropical regions are expected to emerge as lucrative markets.
Expansion Valves Market Category-wise Insights
Why is the Demand for Thermal Expansion Valve Rising?
Based on product type, thermal expansion valve which is also known as thermostatic expansion valve has emerged as the leading category, accounting for nearly 3/4th of the value share of the market in 2022.
The reason behind the rise in demand is the awareness regarding the advantages associated with thermal expansion valves. These kinds of Industrial Valve provide higher power efficiency, and better temperature control and are cost-effective which makes them highly popular amongst end users.
Who is the Leading End User in the Expansion Valves Market?
The residential sector is expected to hold the highest share in the expansion valves market and sales in this segment are expected to surpass US$ 6.0 Billion by 2033.
The primary reason behind the robust demand from the residential sector is the increased spending on refrigeration and air conditioning. The expenditure for air conditioning has increased in the past few years, which has resulted in high demand for expansion valves.
Which Application Utilizes Maximum Expansion Valves?
Application of The air conditioning segment is predicted to account for a revenue of USD 10.9 billion by 2034 owing to the robust demand for air conditioning from the automotive and commercial sectors. Nowadays almost every passenger vehicle is equipped with an air conditioning system. Considering this, surging passenger vehicle production is expected to steer sales of expansion valves in the coming years
Competition Outlook
Leading industry players, including Emerson Electric Co, Sanhua, Fujikoki Corporation, OTTO EGELHOF GmbH & Co. KG, Castel S.r.l., TGK CO., LTD., and Keihin, are actively investing in the expansion of their manufacturing facilities to maintain a competitive edge.
The development of novel and innovative valve designs, featuring enhanced efficiency, broad operational ranges, and compatibility with various refrigerants, is expected to play a pivotal role in driving market growth. The increasing demand for user-friendly orifice tubes is prompting manufacturers to refine their products, emphasizing ease of installation, clear labeling, and the provision of accessible technical support for installers and maintenance personnel.
Moreover, companies are consistently advancing customized valves tailored to specific applications and end-uses, such as residential air conditioners and heat pumps. A key focus is on the integration of electronic controls and communication capabilities within these valves.
Top Key Players in the Expansion Valve Market
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
Industry Updates
March 2023: Sanhua introduced its PEV series, featuring a pulse expansion valve specifically engineered for refrigeration systems. This innovative product offers precise control over refrigerant flow into the evaporator, enhancing system efficiency.
May 2024: Hankook Tire and Technology, based in Gyeonggi, made a significant strategic investment by acquiring Hanon Systems for USD 1.3 billion. Hanon Systems is recognized as the world's second-largest supplier of automotive thermal management solutions.
June 2024: Hanon Systems, headquartered in Daejeon, released its seventh consecutive sustainability report, showcasing its commitment to environmental, social, and governance (ESG) principles. The report highlights the company's ongoing ESG progress and its ambitious goal to achieve carbon neutrality by 2040, with an interim target set for 2030.
Key Segments of Market Report
By Product Type:
Based on product type, the industry is divided into thermal (TXV) and electronic (EXV) expansion valves.
By Refrigerant Type:
A few types of refrigerants are R410A, R407C, R404A, R134A, R290, R744, R22, CO2, glycol water, and R1234yf.
By Installation:
Two key installation-based segments are new sales and retrofit.
By Material Type:
Stainless steel, copper, and brass are the three leading types of materials.
By Application:
A few applications include air conditioning and refrigeration.
By Working Pressure:
Based on working pressure, the industry is segmented into up to 30 bar, 30 to 50 bar, and 50 to 200 bar.
By End-use:
Industrial facilities, commercial buildings, retail outlets and warehousing, residential buildings, and automotive are a handful of end-users. The automotive segment is further segregated into OEM and aftermarket, both of which are further divided into EXV and TXV.
By Region:
Information on key regions like North America, Latin America, Europe, South Asia, the Middle East and Africa, and Oceania is provided.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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