Expansion Valves Market

2020 Analysis and Review of Expansion Valves Market by Product Type - Thermal Expansion Valves and Electronic Expansion Valves for 2020-2030

  • 2020-04-20
  • REP-GB-4681
  • 101 Tables
  • 285 Figures
  • 404 pages
  • Format: PDF/PPT/Excel
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Expansion Valves Market to Reach US$ 15 Bn in 2030

At-scale introduction of sustainability-centered initiatives is influencing end-use industries across the world to plug into eco-friendly approaches with their existing business models. The automotive industry, in particular, is at the frontline of this trend, as it is under constant pressure to achieve fuel efficiency. Several governmental and non-governmental agencies, worldwide, are offering rebates to refrigeration system and equipment manufacturers for the integration of energy-efficient and green manufacturing techniques. Combined, these factors are boding well for the expansion valves market, which will register over US$ 15 Bn revenue by 2030.

Expansion Valves Market: Key Insights

  • The global expansion valves market surpassed US$ 10 Bn in 2019.
  • Rising infrastructural development projects in commercial and residential spaces would be the chief growth driver.
  • Manufactures continue to eye the automotive industry for lucrative prospects.
  • Thermal expansion valves (TXV) would be a key value contributor; electronic expansion valves (EXV) to garner rapid traction.
  • East Asia would represent the most lucrative opportunities; market in South Asia to accelerate.

KEY FACTORS SHAPING EXPANSION VALVES MARKET

High Demand for Electric Vehicles to Improve Expansion Valves Growth Prospects

The automotive industry has been a major end-use industry for players in the expansion valves market. Though thermal expansion valves have proven to be the preferred choice among OEMs, electronic expansion valves are gaining significant traction in the global market. This shift of preference is mainly observed in electric vehicles. Norway, China, Sweden, Iceland, Germany, the United States, and Japan have been at the forefront in deploying maximum number of electrical vehicles. Regional governments have also been playing a major role in the transition of the automotive industry, from conventional-fuelled vehicles to battery-powered vehicles, in turn, creating opportunities for the global expansion valves market. China produced 43% of the global electric vehicles in FY 2016, while Norway accounted for 29% of the market share, and was followed by the Netherlands, which held 6.4% share of the global electric vehicle market.

Rebates for Energy-efficient Products & Practices to Boost Sales of Expansion Valves

Various governmental and non-governmental organizations across the globe offer rebates to refrigeration systems and equipment manufacturers for the integration of energy-efficient and green manufacturing techniques such as low GWP expansion valves. Energy Star, Environmental Protection Agency, U.S. (EPA), and the Department of Energy, U.S. (DOE) voluntary program, support businesses and individuals with rebates, and help in protecting the environment by setting high energy efficiency norms for refrigeration equipment. These norms are widely accepted in Canada, Australia, Japan, and New Zealand.  European Commission - the European Union’s executive body- has laid down the minimum energy performance (MEP) criteria for refrigeration systems and equipment manufacturers. These government initiatives related to energy efficiency are further expected to boost the demand for expansion valves for both, the first fit and retrofit segment, in the global expansion valves market.

Expansion of Cold Storage Capacity to Propel Market Growth

Over the last decade, there has been a significant expansion of retail stores and cold chain capacities. Many countries across the globe, especially China and India, are strengthening their cold chain infrastructure with the aim to reduce food wastage and meet growing consumer demand. Capacity expansion is especially being done on refrigerators and chillers that are used to store chilled and frozen products. According to the Global Cold Chain Alliance, in India, refrigerated warehouse capacity doubled from 2008 to 2014. Thus, the exponential growth of cold chain capacities is expected to drive the demand for sub-components such as expansion valves in the coming years.

East Asia Expansion Valves Market to Maintain its Supremacy throughout Forecast Period  

Both, in terms of volume sales and value, East Asia led the global expansion valves market, and is estimated to continue to do so over the projected period as well. In the global expansion valves market, India, China, and Thailand have been estimated as emerging countries presenting a wider market opportunity.

The global COVID-19 pandemic has put a majority of manufacturing and related activities on temporary downtime in China, where the outbreak originated. As the number of caseloads continue to surge, all industrial trade activities have been discontinued due to self-isolation regulations, resulting is labour shortages. The manufacturing industry is at the front line, due to suspension of all ongoing projects and contracts. After the containment of the COVID-19 pandemic, the expansion valves market would witness a shift of manufacturing facilities from China to other Asia Pacific (APAC) countries such as India.       

Expansion Valves Market: Structure Analysis

  • Increasing spending on research & development for the launch of technological enhanced expansion valves is one of the primary strategies of tier-1 players in the global expansion valves market.
  • The Danfoss Group, Sanhua, Fujikoki Corporation, Parker-Hannifin Corporation, and Emerson Electric Co. are prominent players with maximum tenure in the global expansion valves market.
  • The global expansion valves market is estimated to be fragmented, owing to the presence of a large number of regional and in-house manufacturers. The expansion valves market is majorly driven by regulatory standards.

Report Metrics

Details

Base Year

2019

Historical Period

2015-2019

Forecast Period

2020-2030

Market Value in 2019

US$ 10.1 Bn

Segments Covered

Product Type, Application, Installation, End Use, Material, Refrigerant, Working Pressure, and Region

Regions Covered

North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa

Key Companies

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.

Growth Drivers

  • Upsurge in infrastructural development projects
  • Expanding on-road electric vehicle (EV) fleet
  • Increasing sales of refrigerators and chillers

Thermal Expansion Valves (TXV) to Fade Gradually

Thermal expansion valves (TXV) have been the conventional adjustable orifice throttling equipment in commercial refrigeration systems and air conditioning systems, globally. However, they will substantially lose their value share to electronic expansion valves (EXV), owing to better superheat control of the latter over a wide load range. While TXVs are highly preferable among OEMs, swelling production and sales of electric vehicles (EVs) are widening the application radar of EXVs. FMI further highlights that, EXVs would showcase a CAGR over twice that of TXVs over the following decade.

Market Players View Asia as Target Region

China is the manufacturing hub of the global automotive industry. Drastic transition toward EVs to meet fuel efficiency norms is triggering demand for expansion valves in East Asia. This study reveals that, the expansion valves market in the region would reach around US$ 6 Bn in 2030. This theme is also echoing in South Asia, especially in India, where the government has mandated the production and adoption of BS-6 compliant vehicles to achieve energy efficiency. Further, India leads the pack in cold storage capacities, thus, driving notable attention of expansion valve manufacturers.

Cold Storage Capacity Expansion Critical in Shaping Revenue Growth

Countries such as India, the U.S., and China have been reinforcing their cold chain facilities over the past decade, in order to curb food wastage in tandem with meeting ever-growing consumer demand. At present, refrigerators and chillers are gathering center stage in cold storage capacity expansion, as they are leveraged for the storage of frozen items. This current surge would continue to persist, offering a conducive ground for expansion valve manufacturers in the near term.

Thermal expansion valves (TXV) hold leading revenue share

Electronic expansion valves (EXV) to show rapid CAGR

Surging application in air conditioning

Usage in refrigeration to decline gradually

High installation rates in automotive industry

Application in commercial buildings on rise

R410A refrigerant stays in-demand

R407C refrigerant to falter markedly

How Growth will Unfold

R410A refrigerants continue to garner greater preference among other refrigerants in the expansion valves market, as they are non-flammable and exhibit zero ozone depletion potential (ODP). In the U.S., these refrigerants are becoming the standard gas in almost all residential air conditioners. By 2030, R410A refrigerants would be the sole refrigerant to register over US$ 2 Bn revenue. However, R410A refrigerants significantly contribute to global warming - global warming potential (GWP) value of 2088. Considering the imperative to achieve sustainability, manufacturers are turning to R290 refrigerants, as this is a low GWP refrigerant.

Expansion Valves Market by Refrigerants, 2020 (E)

* This data is only a representation. Actual data may vary and will be available in report.

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Overview

A recent market study published by FMI on the expansion valves market includes global industry analysis of 2015-2019 and opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. Our analysts have conducted thorough research on the historical as well as current growth parameters of the market to obtain the growth prospects with maximum precision.

Expansion Valves Market Taxonomy

Product Type

  • Thermal Expansion Valves (TXV)
  • Electronic Expansion Valves (EXV)

Application

  • Air Conditioning
  • Refrigeration

Installation

  • New Sales
  • Retrofit

End Use

  • Automotive
    • OEMs
      • TXV
      • EXV
    • Aftermarket
      • TXV
      • EXV
  • Industrial Facilities
  • Commercial Buildings
  • Retail Outlets and Warehousing
  • Residential

Material

  • Stainless Steel
  • Copper
  • Brass
  • Others

Refrigerant

  • R410A
  • R407C
  • R404A
  • R134A
  • R290
  • R744
  • R22
  • CO2
  • Glycol Water
  • R1234YF

Working Pressure

  • Up to 30 Bar
  • 30 to 50 Bar
  • 50 to 200 Bar

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • MEA

What's Included

The report gives a brief with the executive summary of the expansion valves market, which includes a summary of the key findings and statistics of the market. It also includes the demand & supply-side trends pertaining to the expansion valves market.

In this chapter, readers can find the definition and a detailed taxonomy of the expansion valves market, which will help them understand the basic information about the expansion valves market. Along with this, comprehensive information about expansion valves is provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the expansion valves market report.

This section includes key successful factors and strategies adopted by key market participants.

This section also explains the global market volume analysis and forecast for the expansion valves market in the forecast period of 2020-2030.

Pricing analysis of the expansion valves market at the regional level has been provided in this section.

This section explains the global market value analysis and forecast for the Expansion Valves market for the forecast period of 2020-2030. This chapter includes a detailed analysis of the historical expansion valves market, along with an opportunity analysis for the future. Readers can also find the absolute $ opportunity for the current year (2019), and incremental $ opportunity for the forecast period.

This chapter explains key macroeconomic factors that are expected to influence the growth of the Expansion Valves market over the forecast period. Along with the macroeconomic factors, this section also highlights supply chain, forecast factors, and value chain analysis for the expansion valves market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.

This chapter provides details about the expansion valves market on the basis of product type, and has been classified into thermal expansion valves and electronic expansion valves. In this chapter, readers can understand the market attractiveness analysis based on product type.

This chapter provides details about the expansion valves market based on application, and has been classified into air conditioning and refrigeration.

This chapter provides details about the expansion valves market based on installation, and has been classified into first fit and retrofit.

This chapter provides details about the expansion valves market based on end use, and has been classified as automotive, industrial facilities, commercial buildings, retail outlets and warehousing, and residential buildings.

This chapter provides details about the expansion valves market based on material, and has been classified as stainless steel, copper, brass, and others.

This chapter provides details about the expansion valves market based on refrigerant, and has been classified as R410A, R407C, R404A, R134A, R290, R744, R22, CO2, glycol water, and R1234YF.

This chapter provides details about the expansion valves market based on working pressure, segmented as up to 30 bar, 35 to 50 bar, and 50 to 200 bar.

This chapter explains how the expansion valves market will grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa (MEA).

This chapter includes a detailed analysis of the growth of the North America expansion valves market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on material and countries in North America.

This chapter provides the growth scenario of the expansion valves market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.

Important growth prospects of the expansion valves market based on its end users in several countries such as Germany, Italy, France, the U.K., Spain, BENELUX, NORDIC, Russia, and the Rest of Europe are included in this chapter.

This chapter highlights the growth of the expansion valves market in South Asia by focusing on India, ASEAN countries, and the Rest of SA. This section also helps readers understand the key factors that are responsible for the growth of the Expansion Valves market in South Asia.

This chapter highlights the growth of the expansion valves market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the Expansion Valves market in East Asia.

This chapter highlights the growth of the expansion valves market in Oceania by focusing on Australia and New Zealand. This section also helps readers understand the key factors that are responsible for the growth of the Expansion Valves market in Oceania.

This chapter provides information about how the expansion valves market will grow in major countries in the MEA region such as GCC Countries, Turkey, Northern Africa, South Africa, and the Rest of MEA, during the forecast period of 2020-2030.

This chapter provides information about how the expansion valves market will grow in emerging countries. India, China, and Thailand have been identified as emerging countries in the global expansion valves market.    

In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the expansion valves market, along with their market presence analysis by region and product portfolio.

In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the expansion valves market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are 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.

This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the expansion valves market report.

This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the expansion valves market.

How the research was conducted?

Primary Research

  • C - Level Executives
  • Marketing Directors
  • Product Managers 
  • Engineers
  • Business Development Officers 
  • Production Managers
  • Procurement Heads
  • Sales Executives
  • Distributors
  • Traders 
  • Raw Material Suppliers
  • Industry Experts
  • End Users
  • Current market dynamics and challenges
  • Yesteryear trends 
  • Market characteristics
  • Market performance and growth quadrants
  • Competition structure and market structure
  • Strategic growth initiatives
  • Near-term and long-term market growth prospects
  • Market segment splits and authenticity
  • Opinions on market projections and validity of assumptions

Secondary Research

  • Industry Publications
  • Industry Associations
    • OICA
    • International Trade Association
  • Factiva
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Research Papers
  • Government Websites and Publications
  • Trade Websites

Primary Interview Splits

Primary Interview Splits expansion valves market designation

Primary Interview Splits expansion valves market stakeholder

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