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Electronic Expansion Valve Market is expected to witness a compound annual growth rate (CAGR) of 8.6% during the period 2023-2030. This growth can be attributed to the rising demand for electronic expansion valves in commercial, automotive, and industrial sectors, Major Participants Includes are Sanhua, Danfoss, CAREL INDUSTRIES S.p.A., PARKER HANNIFIN CORP, SAGINOMIYA SEISAKUSHO, INC., Zhejiang DUNAN Artificial Environment co., LTD, Emerson Electric Co., Siemens, FUJIKOKI CORPORATION, Castel S.r.l.
New York, June 20, 2023 (GLOBE NEWSWIRE) -- As per the research report Global Electronic Expansion Valve Market published by Consegic Business Intelligence, the market was worth USD 673.72 Million in 2022 and is anticipated to reach over USD 1,279.12 Million by the year 2030, growing at a CAGR of 8.6%.
Electronic expansion valves refer to devices that are capable of controlling the flow of refrigerants into the evaporator in precise amounts. Electronic expansion valves are primarily utilized in heat pumps, air conditioners, and other equipment that follow the refrigeration cycle. The high reliability, ease of installation, and ability of electronic expansion valves to optimize the control of refrigerants make it ideal for deployment in automotive, commercial, and industrial applications.
The increasing utilization of electronic expansion valves in the automotive industry is one of the key factors driving market growth. Moreover, the rising automobile production and rising installation of HVAC systems are propelling the market demand for electronic expansion valves. For instance, according to the Society of Indian Automobile Manufacturers, the total passenger car production in India reached 45,78,639 units from April 2022 to March 2023, representing an increase from 36,50,698 units from April 2021 to March 2022. Therefore, the rising automobile production is driving the adoption of electronic expansion valves for application in automotive HVAC systems and heat pumps, thereby, driving the growth of the market.
Additionally, the rising application of electronic expansion valves in the industrial sector is expected to provide potential opportunities for the growth of the electronic expansion valve market. Electronic expansion valves are mainly deployed in the industrial sector for application in industrial HVAC systems to offer optimized cooling and regulate temperatures in large facilities including pharmaceutical production, food processing, chemical processing, and others. However, the availability of substitutes for electronic expansion valves is hindering the growth of the market.
Rising utilization of electronic expansion valves in commercial sector is driving the growth of the market.
Growing automotive industry is spurring the demand of electronic expansion valves.
Restraints
Instability in raw material prices is restraining the growth of the market.
The availability of substitutes is limiting the growth of the market.
Opportunities
The increasing applications of electronic expansion valves in the industrial sector is expected to promote potential opportunities for growth of the electronic expansion valve market.
Global Electronic Expansion Valve Market Segmentation Details:
Based on material, thestainless steel segment contributed the largest shares to the market growth in 2022. The properties of stainless steel electronic expansion valves including high strength, excellent resistance to extreme temperatures, high corrosion resistance, and others are prime aspects driving the growth of the segment. Moreover, the increasing utilization of stainless steel electronic expansion valves in automobile and industrial sectors are driving the growth of the stainless steel segment.
Based on end-user, the commercial segment accounted for the maximum revenue share in the year 2022. Electronic expansion valves are employed in heat pumps and air conditioning systems installed in commercial buildings including offices, restaurants, hotels, educational institutes, and others. Factors including the rising investments in commercial construction and increasing adoption of electronic expansion valves in heat pumps and central air conditioning systems installed in commercial buildings are boosting the growth of the commercial segment.
Based on region, North American region accounted for the largest revenue share in the year 2022. The rising pace of industrialization and growth of multiple sectors including commercial and automotive are driving the growth of electronic expansion valve market in North America. Moreover, the rising investments in automobile manufacturing among others are further propelling the growth of the market in the North American region.
Key Market Highlights
Globally, the electronic expansion valve market is divided based on the material into stainless steel, copper, brass, and others.
In the context of end-user, the market is separated into automotive, residential, commercial, and industrial.
The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in electronic expansion valve market.
In September 2021, Sanhua expanded its range of electronic expansion valves with new models in SEK Kit. The addition of new models in the SEK kit enables rapid system set-up for common applications in the commercial refrigeration industry.
List of Major Global Electronic Expansion Valve Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Sanhua
• Danfoss
• CAREL INDUSTRIES S.p.A.
• PARKER HANNIFIN CORP
• SAGINOMIYA SEISAKUSHO, INC.
• Zhejiang DUNAN Artificial Environment co., LTD
• Emerson Electric Co.
• Siemens
• FUJIKOKI CORPORATION
• Castel S.r.l.
Global Electronic Expansion Valve Market Segmentation:
Key Questions Covered in the Electronic Expansion Valve Market Report
What is electronic expansion valve?
- Electronic expansion valves refer to devices that are capable of controlling the flow of refrigerants into the evaporator in precise amounts. Electronic expansion valves are primarily utilized in heat pumps, air conditioners, and other equipment that follow the refrigeration cycle.
What is the dominating segment in the electronic expansion valve market by material?
- In 2022, the stainless steel segment accounted for the highest market share of 38.91% in the overall electronic expansion valve market.
Based on current market trends and future predictions, which geographical region will have the largest impact on the electronic expansion valve growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for electronic expansion valves from automotive and commercial sectors among others is driving the growth of the regional market.
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and rising building and construction activities.
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