The automotive industry is exhibiting high demand for the electronic expansion valves as the demand from customers for advance air conditioning system increases.
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.
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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
“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.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 10, 2022