Thermal expansion valve is a component that is used in automobile air conditioners in order to regulate cooling. Thermal expansion valves along with an evaporator are installed in the air conditioning system.
These valves provide adaptable refrigerant flow, keep the evaporator active and perform optimally, enhance power efficiency, eliminate the risk of compressor breakdown, handle variation in refrigerant charge, and enable better temperature control. These valves are widely utilized in air conditioning systems and refrigeration. The advantages mentioned above fuel the demand for thermal expansion valve across the world
Rapid expansion of the automotive sector, surge in product innovation, increase in demand for vehicles, rise in per capita income, and technology advancements are major factors driving the thermal expansion valve market.
Manufacturers are focused on product innovation and development in order to gain a competitive edge in the market. Manufacturers introduced AC expansion valves with stainless steel power element in order to prevent corrosion and increase the lifespan of devices. These factors are expected to drive the market
The global thermal expansion valve market can be segmented based on type, end-user, application, distribution channel, and region.
Based on type, the global thermal expansion valve market can be classified into external balance and internal balance. As compared to externally balanced valves, internally equalized valves have a low-pressure drop. Externally equalized thermal expansion valves can be used on all applications such as depressurization, control flow, and control of superheat. However, externally equalized valves cannot be replaced with internally equalized thermal expansion valves.
Based on application, the global thermal expansion valve market can be divided into throttling depressurization, control flow, and control of superheat.
In terms of end-user, the global thermal expansion valve market can be bifurcated into OEM (Original Equipment Manufacturer), and aftermarket. The OEM segment can be further classified into passenger cars, light commercial vehicles, buses and coaches, and heavy trucks. Increase in automotive production and increased demand for comfort among consumers are anticipated to boost the automotive air conditioning market and subsequently, propel the demand for automotive expansion valve/AC expansion in the near future.
In term of distribution channel, the global thermal expansion valve market can be classified into online distribution channel and offline distribution channel.
Based on region, the global thermal expansion valve market can be classified into Middle East & Africa (GCC, South Africa and Rest of Middle East & Africa), Europe (U.K, Germany, France, Italy, and Rest of Europe), South America (Brazil and Rest Of South America), Asia Pacific (China, India, Japan, and Rest Of Asia Pacific), and North America (U.S, Canada and Rest Of North America). The thermal expansion valves market in North America, South America, and Europe is expanding at a higher growth rate, as compared to that in the other regions, due to higher industrialization in these regions. The market in Asia Pacific is estimated to expand at a rapid pace, followed by the market in Middle East & Africa, since the region has several local/regional manufacturers of thermal expansion valves
The global thermal expansion valve market is highly fragmented. Major players operating in the global thermal expansion valve market include Bothra Electric & Refrigeration Company, Fujikoki America, Parker Hannifin, Danfoss Industrial Automation, EMERSON Climate Technologies, JOHNSTONE SUPPLY, Castel, Armstrong International, ACTROL, and Aashinita Engineering. Based on the current market situation, companies face high levels of competition among themselves. Key players are focused on new product offerings and product innovations in order to consolidate their position in the market. This strategy is expected to help them sustain in the market during the forecast period