Expansion Valve Market: Introduction
- Expansion valve is a product which is used to control the flow of refrigerant in a system. The two basic functions of expansion valves are controlling the flow of refrigerant in an evaporator and maintaining the difference between high pressure side (condenser) and low pressure side (evaporator).
- Selection criteria of the various types of expansion valves available in the global market depends on the system it is being used. The increasing demand for refrigeration systems due to growing residential, commercial, hospitality, automobile, and tourism sector will drive the demand for expansion valves during the forecast period.
Key Drivers and Opportunities of the Global Expansion Valve Market
- Expansion valves finds application in various products such as refrigerators, air-conditioners, water chilling plants, deep freezers, and water coolers. Growing industrialization and urbanization have led to the development of various economies. Consumers in developing nations are opting for convenience products which is expected to drive the market of expansion valves during the forecast period.
- The development of commercial spaces such as hotels, hospitals, shopping malls, education institutes, and offices will generate demand for expansion valves during the forecast period. Similarly, the increased consumer spending and development of affordable products has made various end products easily accessible to consumers. Increasing demand for automobiles and introduction of electric vehicles is also likely to fuel the demand for expansion valves during the forecast period.
- Food demand is also increasing with the growing population. Countries and companies around the world are implementing advance methods of storing food and avoiding food wastage. Development of cold storage systems and increasing popularity of frozen foods coupled with increasing number of cold storage stores is expected to further fuel the expansion valve market.
- Manufacturers operating in this market are investing in R&D to introduce new advanced products. Covid -19 impacted the expansion valve market and the market is also impacted due to geo political situations and the fluctuations in raw material prices.
- Growth in e-commerce industry has created huge opportunities for manufacturers and distributors in the global market. Improvement in product offerings & services by manufacturers coupled with penetration in developing nations will fuel the market growth during the forecast period.
Asia Pacific to Hold Major Share of the Global Expansion Valve Market
- In terms of region, the expansion valve market can be divided into North America, Europe, Asia Pacific, Middle East & Africa and South America.
- Asia Pacific holds majority share in the global expansion valve market followed by North America and Europe. Asia Pacific is a growing consumer market and is home to various developing economies. The increasing presence of manufacturers in the region is making end products easily available to consumers. The growing economies in the region will help the expansion valve market flourish during the forecast period.
Key Players Operating in the Global Expansion Valve Market
- Armstrong International, Inc.
- Castel S.r.l.
- Emerson Climate Technologies
- Fujikoki Corporation
- GESTRA AG
- Otto Egelhof GmbH & Co. KG
- Sanhua Holding Group Co., Ltd.
- Siemens AG
- TGK Co. Ltd.
Global Expansion Valve Market: Research Scope
Global Expansion Valve Market, by Type
- Capillary tubes
- Electronic expansion valves
- High-pressure float valves
- Low-pressure float valves
- Thermal expansion valves (TEVs)
- Others (Manual valves, etc.)
Global Expansion Valve Market, by Price
Global Expansion Valve Market, by End-use
Global Expansion Valve Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Global Expansion Valve Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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