Electronic Expansion Valves (EEVs) Market Size, Share, Growth, and Industry Analysis, By Type (Electromagnetic EEVs and Electric EEVs), By Application (Home Inverter Air Conditioner, Commercial Air Conditioning & Heat Pump and New Energy Car), and Regional Forecast By 2031

Updated On: 06 May 2024

Electronic Expansion Valves (EEVs) Market Report Overview

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The global electronic expansion valves (EEVs) market size was 970.2 million in 2022, as per our research, the market is expected to reach USD 5119.91 million by 2031, exhibiting a CAGR of 20.3 % during the forecast period.

The COVID-19 pandemic has been staggering and unprecedented, with the electronic expansion valve (EEVs) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The electronic expansion valves (EEVs) market refers to the sector of the economy that produces, distributes, and applies electronic expansion valves in a variety of ways. The growing need for environmentally friendly and energy-efficient cooling solutions has led to significant growth in the market for electronic expansion valves in recent years. By minimizing refrigerant leaks and improving system performance, the use of EEVs contributes to improved system efficiency, lower energy consumption, and less environmental impact.

Electronic expansion valves are tools used in air conditioning and refrigeration systems to manage the refrigerant flow into the evaporator. EEVs use electronic control signals instead of conventional mechanical expansion valves to dynamically alter the refrigerant flow rate based on system variables like temperature, pressure, and load conditions. As a result, the evaporator superheat can be precisely controlled, improving system performance, energy efficiency, and total cooling or heating capacity.

COVID-19 Impact: Negative effect on the market demand due to shutdown of supply chains 

The electronic expansion valve (EEVs) market has experienced a substantial impact as a result of the COVID-19 pandemic. Demand for HVAC systems and related parts, such as EEVs, has slowed as a result of supply chain issues, lockdowns, and decreased consumer spending. The installation of modern HVAC systems was hampered by the cancellation or postponement of numerous construction projects. The market is anticipated to pick up steam as the world begins to recover from the epidemic and economies begin to progressively reopen, led by increased attention to indoor air quality, energy efficiency, and the demand for sustainable cooling solutions in both residential and commercial sectors.

Latest Trends

"Integration of smart and IoT capabilities to boost the market growth"

The incorporation of smart and IoT capabilities is one of the newest trends in the electronic expansion valves (EEVs) market. In order to provide remote monitoring, control, and diagnostics of the valves, manufacturers are integrating networking capabilities and clever control algorithms into EEVs. This trend enables better energy management, predictive maintenance, and system optimization. Smart EEVs provide useful insights into system performance and enable proactive measures to optimize efficiency and decrease downtime by utilizing data analytics and real-time monitoring. More sophisticated and intelligent EEV solutions are being developed for the market as a result of the integration of smart and IoT capabilities.

Electronic Expansion Valves (EEVs) Market Segmentation

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• By Type Analysis

According to type, the electronic expansion valves (EEVs) market can be segmented into electromagnetic EEVs and electric EEVs.

• By Application Analysis

Based on application, the market can be divided into Home Inverter Air Conditioner, Commercial Air Conditioning & Heat Pump and New Energy Car.

Driving Factors

"Energy efficiency and environmental regulations to stimulate market demand"

The EEVs market is significantly influenced by the growing emphasis on energy efficiency and environmental sustainability. Environmental requirements and strict energy efficiency laws drive the introduction of technologies that can reduce the amount of energy used by HVAC systems. By carefully regulating the refrigerant flow and preserving optimal system performance, EEVs play a significant part in attaining energy efficiency. In line with international sustainability goals, they help to reduce energy waste, boost system effectiveness, and minimize environmental impact.

"Growing demand for HVAC systems to amplify market expansion"

The electronic expansion valves (EEVs) market growth is the result of the rising demand for HVAC systems in the residential, commercial, and industrial sectors. The demand for effective and dependable cooling solutions is driven by factors including urbanization, population growth, and increased construction activity. EEVs are crucial parts of HVAC systems because they allow for exact control of refrigerant flow, ensuring ideal heat transmission and temperature regulation. The market for EEVs is growing at a similar rate as the demand for HVAC systems does so globally.

Restraining Factors

"High initial cost of EEVs compared to conventional expansion valves to limit market growth"

The electronic expansion valves (EEVs) market is hampered by a number of problems. For starters, the high initial cost of EEVs compared to traditional expansion valves makes widespread adoption difficult, particularly in price-sensitive sectors. Furthermore, the complexity of EEVs necessitates the need of professional personnel for installation, maintenance, and troubleshooting, resulting in higher labor costs. Furthermore, compatibility concerns with current HVACR systems, as well as the necessity for extra sensors or control systems, can limit EEV retrofitting potential, stifling market expansion. Finally, a lack of awareness and comprehension of the benefits provided by EEVs among end-users and system designers can stymie their market demand.

Electronic Expansion Valves (EEVs) Market Regional Insights

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"Rapid industrialization to assist Asia Pacific to lead the market"

Asia-Pacific is the largest electronic expansion valves (EEVs) market. With their rapid industrial expansion, expanding infrastructure projects, and increasing need for energy-efficient solutions, countries such as China, Japan, and South Korea are driving the adoption of EEVs.  The electronic expansion valve (EEVs) market is hampered by a number of problems. For starters, the high initial cost of EEVs compared to traditional expansion valves makes widespread adoption difficult, particularly in price-sensitive sectors. Furthermore, the complexity of EEVs necessitates the need of professional personnel for installation, maintenance, and troubleshooting, resulting in higher labor costs. Furthermore, compatibility concerns with current HVACR systems, as well as the necessity for extra sensors or control systems, can limit EEV retrofitting potential, stifling market expansion. Finally, a lack of awareness and comprehension of the benefits provided by EEVs among end-users and system designers can stymie their market demand.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Fujikoki, SANHUA, DunAn, Saginomiya (Danfoss Poland), Danfoss, Parker, Emerson and Castel.

Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over electronic expansion valves (EEVs) market share by the key players stimulates the market growth.

List of Market Players Profiled

• Fujikoki:  Japan
• SANHUA: China
• DunAn: China
• Saginomiya (Danfoss Poland): Headquarters in Poland (part of the Danfoss Group, which has its global headquarters in Denmark).
• Danfoss:  Denmark

 Report Coverage

This report examines an understanding of the electronic expansion valves (EEVs) market size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.