Electronic Expansion Valves Market Size & Share, 2017-2027

Market Summary:

The global electronic expansion valves market size is estimated to grow from USD XX billion in 2019 to USD XX billion in 2027, registering a CAGR of XX% during the forecast years. The market growth is driven by extensive product usage for refrigeration and air conditioning applications. The electronic expansion valves were introduced as an evolution in the traditional thermal expansion valve. The product is way more sophisticated, which enables the refrigeration system to work efficiently and accurately. These valves prevent the flooding in refrigerant into the compressor and ensuring the compressor does not breakdown.

Electronic expansion valves not only offer better performance but significantly reduce energy consumption. Some of the key benefits offered by these valves include precise control, wider part load variation than thermal expansion valve, maximum capacity control even at part loads, fast & accurate response to load change, the right amount of refrigerant injections, and significant energy saving.

Growing cooling demand from various end-user industries, including commercial, industrial and residential settings, will boost product demand. Estimates suggest that the global air conditioning systems market will witness the installation of more than 137.7 Million units by 2027. This is likely to offer major opportunities for electronic expansion valves market share.

In addition, the smart refrigerator industry will exceed 2 million units in terms of installation over the forecast period. The growing environmental concerns and high electricity charges are bringing a paradigm shift towards energy-efficient appliances. A rise in the adoption of cost-saving, energy-efficient appliances for residential and commercial use will boost the demand for electronic expansion valves. Moreover, strict government regulations for energy savings will further drive price trends through 2027.

Several industry players are introducing new refrigerant and cooling products complaint with regulatory norms. For instance, on February 27, 2020, FläktGroup, an air conditioning contractor based in Germany providing custom cooling solutions has introduced a new FGAC series of air-cooled chillers that are compatible with lower GWP refrigerant (minimally impacts ozone). The new FGAC series comprises 12 models, and the units include EC fans and electronic expansion valves.

The key factor that may hamper industry growth is the cost of electronic valves, which is much higher than the conventional thermal expansion valve.

Regional Outlook:

East-Asia is estimated to lead the electronic expansion valves industry landscape on account of the growing demand for household refrigerators and air conditioners, with a rise in per capita income in the region.

Europe is expected to contribute significantly towards the electronic expansion valves market revenue share due to the growing adoption of energy-efficient cooling systems across various end-use industries, with the imposition of strict environmental norms.

North America is anticipated to carve out a major chunk of the electronic expansion valves market share on account of large-scale adoption of electronics expansion valves over the traditional thermal expansion valve. Growing awareness regarding environmental impact and several benefits associated with EEVs over TXV will boost regional growth.

South-Asia is anticipated to become a major regional ground for the electronic expansion valves market due to rapid urbanization and industrialization trends witnessed in India, Indonesia, and others, generating heavy product demand over the analysis period.

Product Outlook:

The modulating electronic expansion valves are primarily controlled by pressure or temperature sensors. In this system, the electronic regulating unit is programmed to measure differences in pressure and temperature at any given point across the system. As the electric actuator reacts only to signals from the regulator, these systems showcase a lower level of superheating as compared to a thermal expansion valve.

The electronic ON/OFF valve is an electronically controlled Solenoid Valve that offers a dual function of both a solenoid valve an expansion valve. While operating as an expansion valve, ON/OFF control is used, and during one cycle period, the valve is opened for six seconds and closes once.

Application Outlook:

Growing awareness pertaining to carbon emission and their harmful impact on the environment has resulted in the increasing adoption of electronic expansion valves across a myriad of end-use industries.

Apart from refrigerators and cooling systems, the automotive air-conditioning application will be a major contributor to the growth of electronic expansion valves market share. As the air conditioning system is becoming a prime accessory in vehicles, the demand for air conditioning systems will increase, which is likely to create growth avenues for the electronic expansion valves industry through 2027.

Product Development Outlook:

The industry players in the global electronic expansion valves market are focusing on product enhancement with incorporating novel technologies to gain a competitive edge over other players.

On 3^rd March 2020, Danfoss, a pioneer in electronic expansion valve control products, has added a new complete portfolio of components to enable OEMs to develop new air conditioning systems incorporating R32. The range also consists of Colibri electronic expansion valve, TGE, TR6 expansion valves, and MCHE adapted for R32 for US residential units. The new product line is compliant with environmental regulations and for saving on installation and maintenance.

In August 2019, Danfoss introduced BT/BU solenoid valve coils, a dual voltage/dual frequency product that can be used in walk-in coolers, food retail display cases, freezers, and for air conditioning applications. The new coils will be compatible with much of the company’s refrigeration components and system solutions portfolio, including electronic temperature controls, thermostatic and electronic expansion valves, condensing units, distributors, among others.

Market-O-Nomics

The global electronic expansion valves market size is estimated to grow from USD XX billion in 2019 to USD XX billion in 2027, registering a CAGR of XX% during the forecast years.
The market growth is driven by extensive product usage for refrigeration and air conditioning applications.
Electronic expansion valves not only offer better performance but significantly reduce energy consumption. Some key benefits offered by these valves include precise control, wider part load variation than thermal expansion valve, maximum capacity control even at part loads, fast & accurate response to load change, the right amount of refrigerant injections, and significant energy saving.
Estimates suggest that the global air conditioning systems market will witness the installation of more than 137.7 Million units by 2027. This is likely to offer major opportunities for electronic expansion valves market share.
The smart refrigerator industry will exceed 2 million units in terms of installation over the forecast period.
East-Asia is estimated to lead the electronic expansion valves industry landscape on account of the growing demand for household refrigerators and air conditioners, with a rise in per capita income in the region.
Europe is expected to contribute significantly towards the electronic expansion valves market revenue share due to the growing adoption of energy-efficient cooling systems across various end-use industries, with the imposition of strict environmental norms.
The automotive air-conditioning application will be a major contributor to the growth of electronic expansion valves market share.
The key factor that may hamper industry growth is the cost of electronic valves, which is much higher than the traditional mechanical thermal expansion valve.

Competitive Outlook:

Key players contributing towards electronic expansion market share are Sanhua Europe, DunAn, CAREL INDUSTRIES, Castel, VOLGA, Fujikoki Corp., Danfoss Group, Zhejiang DUNAN Artificial Environment co., LTD, Emerson Electric Co., and Parker-Hannifin Corporation, among others.

Segments Covered in the report

This report forecasts revenue growth at a global, regional, and country level, and provides an analysis of the market trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, Reports and Data has segmented the electronic expansion valve market on the basis of product type, applications, product development, manufacturers, and region: