Expansion Valves Market: Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2022-203

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.

According to
the most recent FMI research, global sales of expansion valves are expected to
exceed US$ 10.7 billion in 2021, with a stable 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 the expansion valve
market 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 in 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.

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.

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.

Access Full Report: https://www.futuremarketinsights.com/reports/expansion-valves-market