The global electronic expansion valves market is anticipated to reach US$ 1.6 billion by 2032. Rising demand for electronic expansion valves for air conditioning and refrigeration applications is expected to drive sales of electronic expansion valves during the projected period.
According to FMI’s most recent market analysis on electronic expansion valves, the market was worth US$ 695.99 million in 2022 and is expected to rise at an 8.4% CAGR from 2022 to 2032.
The traditional thermal expansion valves have evolved into electronic expansion valves. An electronic expansion valve is a regulating component found in refrigerators and air conditioning units. It is much more systematic, it allows the refrigeration system to run much more precisely and effectively, and it regulates the flow of refrigerant into a direct expansion evaporator. The electronic expansion valve also ensures that the plant operates without any difficulties or risks, such as the compressor breaking, by preventing refrigerant from overwhelming the compressor.
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Electronic expansion valves help to in enabling significant energy savings and cost reductions. In electronic expansion valves, a small motor is used to open and close the valve port, this motor is controlled by an electronic controller and does not rotate continuously, it rotates a fraction of a revolution for each signal sent to them by the electronic controller.
Electronic expansion valves have several benefits as compared to conventional thermal expansion valves (TXV), such as precise control, wider part load variation, fast and accurate response to load change, and EEVs maintaining maximum capacity control even at part loads. The major advantage of electronic expansion valves is that it help in approximately 15% energy saving, and it also inject the right amount of refrigerant.
Electronic Expansion Valves Market: Dynamics
Demand of electronic expansion valves is increasing drastically, owing to its significant benefits over conventional thermal expansion valves such as energy consumption from the refrigeration system and as well as gaining better performance. Moreover, it allows refrigeration systems to operate much more accurately and efficiently, this is a major factor that propels the growth of the electronic expansion valve market. Increasing awareness regarding carbon emissions in several regions across the world resulted in the increasing adoption of electronic expansion valves in a number of end-use industries.
Growth in the automotive industry is a significant factor in the growth of the electronic expansion valves market, as the air conditioning systems are more likely to become the prime accessory for vehicles, thereby increasing demand of air conditioning systems, creating new growth avenues for expansion of electronic expansion valves in the market.
Electronic Expansion Valves Market: Regional Overview
The electronic expansion valves market is expected to be led by East Asia, owing to increasing consumption as well as production of electronic expansion valves. China is the most prominent country in East Asia which is driving the demand for electronic expansion valves in this region, commonly EEVs applied in household refrigerators and air conditioners. The electronic expansion valves market of Europe is expected to witness robust growth in the electronic expansion valves market, due to the growing industrialization, and the increasing number of end-use industries has a significant impact on the electronic expansion valves market of Europe.
North America is expected to witness double-digit growth in the electronic expansion valves market, as the adoption of electronics expansion valves over conventional thermal expansion valves is increasing significantly. Moreover, owing to the several benefits of EEVs over TXV and increasing awareness regarding environmental impact is driving the electronic expansion valves market in this region.
South Asia is expected to grow significantly and become a prominent region for the electronic expansion valves market, owing to the presence of several emerging countries such as India, Indonesia, and others, which is creating more demand for electronic expansion valves. Latin America and Middle East and Africa is expected to witness moderate growth in the global electronic expansion valves market.
Key Companies Profiled:
- Sanhua Europe
- CAREL INDUSTRIES S.p.A.
- VOLGA
- Danfoss Group
- Fujikoki Corporation
- Zhejiang DUNAN Artificial Environment Co., LTD
- Parker-Hannifin Corporation
- Emerson Electric Co.
- Others
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Key Segments Profiled in the Electronic Expansion Valves Industry Survey
By Flow Type:
- Electromagnetic expansion valves
- Electric expansion valves
By Application:
- Air Conditioning
- Refrigeration
- Others
By Region:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, UK, Spain, Russia)
- South Asia (India, ASEAN)
- East Asia (China, Japan, South Korea)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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