The global electronic expansion valves market size is expected to reach US$ 1.6 Bn by 2032. Rising demand for electronic expansion valves for air conditioning and refrigeration applications is anticipated to push the sales of electronic expansion valves in the forecast period.
According to the latest market report on electronic expansion valves by FMI, the electronic expansion valves market stood at US$ 695.99 Mn in 2022 and is set to exhibit growth at a CAGR of 8.4% in the forecast period from 2022 to 2032.
Over the projected period, the global electronic expansion valves market share is expected to increase due to the combination of electronic valve flexibility and vast product customization options.
In addition, the sales of electronic expansion valves are rising due to the expanding use of air conditioning systems in commercial locations such as workplaces, hotels, airports, educational institutions, hospitals, museums, and other places is anticipated to help the electronic expansion valves market size grow.
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The demand for electronic expansion valves is high due to their major advantages over traditional thermal expansion valves, such as reduced energy consumption from the refrigeration system and improved performance.
Furthermore, electronic expansion valves enable refrigeration systems to work more precisely and efficiently, which is a major factor driving the electronic expansion valves market outlook. Increased awareness of carbon emissions in many parts of the world has led to an increase in the adoption of electronic expansion valves in a variety of end-use sectors.
Future trends in electronic expansion valves market include expansion of the automobile industry and increased use of electronic expansion valves as air conditioning systems to become the primary vehicle accessory. This factor is likely to increase demand for electronic expansion valves and result in new growth opportunities for the electronic expansion valves market.
How is the Demand Outlook for the Electronic Expansion Valves Market?
Refrigerators, air conditioners, water chilling facilities, deep freezers, and water coolers are just a few of the products that use electronic expansion valves. Due to increasing industrialization and urbanization and emerging economies, the sales of electronic expansion valves is rising steadily during the forecast period.
Consumers in emerging countries choose convenience products, which is projected to propel the electronic expansion valves market share during the forecast period. During the projection period, demand for electronic expansion valves is likely to be driven by the construction of commercial spaces such as hotels, hospitals, retail malls, educational institutions, and offices.
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Similarly, rising consumer spending and the creation of low-cost items have made a wide range of end products more available to customers. During the forecast period, rising car demand and the introduction of electric vehicles are expected to fuel the sales of electronic expansion valves.
As the world’s population grows, so does the demand for food. Countries and businesses all across the world are employing cutting-edge food storage and waste prevention techniques.
The electronic expansion valve market size is likely to be fueled further by the development of cold storage systems and the rising popularity of frozen foods, as well as an increase in the number of cold storage stores.
Which Factors are likely to Hinder the Electronic Expansion Valves Market Growth?
Electronic expansion valves are more expensive than thermostatic expansion valves, which may have an impact on demand for electronic expansion valves.
Increased refrigerant flowing from electronic expansion valves to the condenser, which causes some liquid to enter the compressor and harm cooling equipment, may hinder electronic expansion valve market growth.
Which Region is likely to Dominate the Electronic Expansion Valves Market?
East Asia is predicted to lead the electronic expansion valves market, owing to rising electronic expansion valves consumption and manufacturing. China is the most important country in East Asia, fueling demand for electronic expansion valves (EEVs), which are extensively used in refrigerators and air conditioners in homes.
The electronic expansion valves market in Europe is predicted to grow rapidly, owing to rising industrialization and a growing number of end-use sectors, which is likely to have a substantial impact on the electronic expansion valves market share in Europe.
As the adoption of electronic expansion valves over conventional thermal expansion valves grows, North America is likely to see double-digit growth in the electronic expansion valves market. Furthermore, the electronic expansion valves market outlook in this region is being driven by various advantages of EEVs over TXV and increasing awareness about environmental effect.
Due to the existence of numerous rising countries such as India, Indonesia, and others, South Asia is predicted to grow rapidly and become an important area for the electronic expansion valves market growth. The global electronic expansion valves market is predicted to develop moderately in Latin America, the Middle East, and Africa.
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Market Competition
Some of the leading companies operating in the global electronic expansion valves market include Sanhua Europe, CAREL INDUSTRIES S.p.A., VOLGA, Danfoss Group, Fujikoki Corporation, Zhejiang DUNAN Artificial Environment co., LTD, Parker-Hannifin Corporation, Emerson Electric Co., and others.
Electronic expansion valves manufacturers are investing in research and development in order to introduce more improved goods. The expansion valve market was hit by COVID-19, and the market is also impacted by geopolitical crises and raw material price variations.
Electronic expansion valves manufacturers and distributors in the global market have benefited greatly from the growth of the eCommerce industry. Manufacturers’ improvements in product offerings and services, combined with penetration in developing countries, is projected to drive the electronic expansion valves market forward.
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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. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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