Ascending electric car sales will remain among the key factors driving sales of electronic expansion valves. Having surpassed the value pool of US$ 15 Bn in 2019, global market for expansion valves is upheld by superior functional attributes, such as superheat control over enhanced load range capacity. Even distribution of refrigeration, coupled with stabilized system fluctuations, make electronic expansion valves a high-growth area for manufacturers.
“Expansion valves market value will expand 1.5X during 2020 – 2030. Disrupted supply chains and distribution channels are compelling manufacturers to map trade alternatives through countries that show signs of recovery from COVID-19 crisis,” says the FMI analyst.
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Key Takeaways of Expansion Valves Market Study
- Thermal expansion valves hold a majority of revenue share in the total market value.
- Adoption rate of electronic expansion valves is twice as that of conventional thermal expansion valves.
- The East Asian market is emerging highly lucrative will be valued at US$ 6 Bn through 2030.
- Air conditioning applications will offer highly lucrative opportunities for market players.
- Automotive industry and commercial building end uses will emerge as remunerative investment pockets.
- R410A will continue to maintain its hegemony over other refrigerants, the segment will create incremental dollar opportunities worth US$ 2 Bn by 2030.
Expansion Valves Market – Key Growth Factors
- Proliferation of energy-efficient air conditioning in developing markets such as India, and China will present gainful opportunities of growth in Asia Pacific.
- Burgeoning revenues of frozen food product manufacturers, and fast-food restaurants leads to repetitive demand of refrigeration products such as expansion valves.
- Preference for electric cars on the back of increasing disposable income of millennial consumers also contributes to growth of the market.
Expansion Valves Market – Key Restraint
- The most commonly used refrigerant, R410A, has high global warming potential which will remain a restraint for market growth during the forecast period.
Impact of COVID-19 on Expansion Valves Market
The COVID-19 pandemic poses multiple challenges facing the manufacturing industry. Likewise, expansion valve manufacturers are also temporarily facing the adverse effects of COVID-19. However, the importance of refrigeration and air conditioning will continue to drive demand for expansion valves steadily. Since agriculture harvest is facing an unprecedented fall in the supply chain, cold storage providers will witness an increase in demand for their services to preserve the harvest. This will further increase demand for expansion valves from the refrigeration industry. Pharmaceutical products and vaccines will also present financially rewarding opportunities, as they require comprehensive refrigeration technology. Most importantly, servers and data centres that host IT services supporting social distancing during COVID-19 all run in carefully air conditioned systems. These systems employ expansion valves for effective and energy-efficient air conditioning.
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Competitive Landscape of Expansion Valves Market
Market players that shape the competitive landscape of the Expansion Valves market are, but 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, and Parker-Hannifin Corporation. Strong presence of local players in emerging markets shapes a fragmented competitive landscape. Hence, major players are adopting business strategies such as, capacity expansion, product innovation to penetrate developing markets
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