Thermal Expansion Tank Market REPORT OVERVIEW
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The global thermal expansion tank market size was USD 1035.9 million in 2022. As per our research, the market is projected to touch USD 1474.36 million by 2031, exhibiting a CAGR of 4.0% (2022-2031).
The global COVID-19 pandemic has been unprecedented and staggering, with it experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Thermal expansion tank is an additional product that can consequently settle the tension. Its capability is to retain the volume of the expansion tank when the temperature of the functioning medium builds, and to forestall the framework tension from rising excessively quickly, and to deliver the airbag when the temperature of the functioning medium abates and the volume recoils. The fluid is added to the framework to forestall the framework tension from falling too pointedly and decrease the hours of water recharging.
When water is heated, the molecules become excited, pressure increases, and more space is required. This is known as molecular agitation. Its function is to release the pressure that is created when water expands during heating. Without the additional room provided for the water to expand, water pressure can build up and lead to a variety of issues. One of these issues, which is typically brought on by ice accumulating in pipes throughout the winter, is the unexpected bursting of a pipe. A structure may suffer problems including a rotting wood frame and the development of deadly mold if a leak is left unnoticed. The different uses and benefits of it facilitates the growth of the thermal expansion tank market.
COVID-19 Impact: Production Problems to Impede Market Growth
The unfavorable effect of the pandemic had given the execution of heavy lockdown rules across different nations, accomplishing aggravations in the import and flimsy activities of the thing. At any rate, the progression pursued for importance in the market extended the first class improvement during the pandemic. With every one of the current circumstances additionally, the advancement of the market of thermal expansion tank figures post-COVID-19 is not yet shown in the market.
LATEST TRENDS
"Helping in Reducing Wastage to Improve Market Growth"
A tiny tank, known as a water heater expansion tank, is connected to the water heater's supply pipe. In order to prevent excessive water pressure, the expansion tank is made to accommodate the thermal expansion of water as it heats up in the water heater. When water pressure is too high, it can harm the water heater as well as supply pipe joints and valves on plumbing fixtures. Water pressure in the system is reduced as a result of expanding water from the water heater flowing into the expansion tank. The check valve stops sewage from a home from reentering the water system and contaminating the fresh water supply. Such demands are expected to pose an opportunity for global thermal expansion tank market growth during the forecast period.
Thermal Expansion Tank Market SEGMENTATION
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- By Type
Based on type; the market is divided into small size, medium size, large size.
Small sizes are the leading part in the type segment.
- By Application
Based on application; the market is divided into residential, commercial, and industrial.
Residential is the leading part in the application segment.
DRIVING FACTORS
"Reducing Excessive Pressure to Increase Production"
In order to properly maintain ideal water pressure levels in water heating systems, the thermal tanks and pressurized water expansion tanks are designed. It functions in conjunction with a backflow preventer or check valve. The proprietary leak safe technique is used in the construction of expansion tanks' stainless steel system connections. Each tank has a heavy-duty butyl rubber diaphragm inside of which the water is separated from the pre-charged air chamber by a polypropylene liner. The tank uses a sealed, compressible air cushion compartment to store and hold the extra expansion water volume to regulate the excessive pressure created inside the water heater. Such demands are anticipated to drive the thermal expansion tank market share.
"Helping in Changing the Temperature to Improve Market Growth"
Thermal expansion tank is a closed container with an interior bladder and gas charge that are often provided as pressure vessels. In the case that the volume of the liquid in the system varies as a result of temperature changes or another factor, they are made to let the gradual ingress/egress of liquid from the associated system to prevent over-pressure or vacuum circumstances. The ingress and egress of liquids from this sort of vessel are typically designed to occur at considerably lower rates than could be usual for a surge vessel. As a result, the inlet or outlet connection specifications varied greatly, with expansion tanks often requiring a significantly smaller connection than for a surge vessel of a comparable size. These factors and different uses are anticipated to drive the thermal expansion tank market growth during the forecast period.
RESTRAINING FACTORS
"Difficulty in Maintenance to Impede Market Growth"
An expansion tank may develop tears and wear in important places if it is left out for a long time. It will result in the water tank leaking. Therefore, it's imperative that you carefully watch the expansion tank and determine the source of the leak. If, by chance, the pipe at the top of the expansion tank is where the leak is coming from. Hot water heater expansion tanks come in at least two different varieties. Steel was used in the development of previous tanks. To maintain pressure, steel tanks typically blend water and air within. But with time, a little air might be absorbed by the water inside. The expansion tank will lose pressure in this scenario. These factors restrict the growth of the thermal expansion tank market.
Thermal Expansion Tank Market REGIONAL INSIGHTS
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"North America to Dominate Market due to High Rate of Consumers"
North America holds the biggest piece of the thermal expansion tank market because of the biggest assembling organizations in various conditions of nations like the U.S. being the main makers. The accessibility of assets primarily relies upon the nations of America. The pace of utilization being higher in these districts is additionally one reason. This additionally added to the development in the foundation of different producer organizations to extend the market development in the area.
KEY INDUSTRY PLAYERS
"New Creations by Manufacturers to Improve Market Growth"
The report revolves around the overall relationship of get-together individuals and their turn of events. Working out as expected to parties the fundamental data, it is utilized through basic assessment, innovative developments, acquisitions, and interests. Discretionary viewpoints noted for this market consolidate affiliations that work with and offer new things, the geographic areas they base on, computerization, lead gathering, making the most irrefutably reimbursing fragments, and having guaranteed contact with their things.
List of Market Players Profiled
- Amtrol (U.S.)
- Winkelmann (Reflex & Nema) (Germany)
- Flamco b.v. (Netherlands)
- Swan Group (Flexcon Industries & GWS) (U.S.)
- IMI Pneumatex (Switzerland)
- Zilmet (Gitral)
- Yuanhua (China)
- CIMM (Malaysia)
- TankPro (China)
- Elbi S.p.A. (Italy)
- Varem (Italy)
- Aquasystem (Belgium)
- Dezhi (China)
- Wessels Company (U.S.)
- Aquasky (China)
- Ibaiondo (Germany)
- EDS Global (U.S.)
- John Wood Co (U.S.)
REPORT COVERAGE
This evaluation furnishes a report with appraisals that consider the depiction freed from the business ties that could change the time period that is being convoluted. The survey gives a sensible viewpoint concerning organizing affiliations with its limitless appearance structures, market legitimacy, and late new turns of events. By investigating the parts, for instance, division, expected open pieces, energy reestablishes, plans, improvement, size, shares, drivers, blocks, and others, it gives an overall assessment under the course of the completed point by point assessment. This assessment could be changed considering the central data and future market part changes.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1035.9 Million in 2022 |
Market Size Value By |
US$ 1474.36 Million by 2031 |
Growth Rate |
CAGR of 4% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the thermal expansion tank market expected to touch by 2031?
The global thermal expansion tank market is expected to reach USD 1474.36 million by 2031.
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What CAGR is the thermal expansion tank market expected to exhibit by 2031?
The thermal expansion tank market is expected to exhibit a CAGR of 4.0% by 2031.
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Which are the driving factors of the thermal expansion tank market?
Drivers of this thermal expansion tank market are to reduce excessive pressure and help in changing the temperature.
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Which are the top companies operating in the thermal expansion tank market?
Amtrol, Winkelmann (Reflex & Nema), Flamco b.v., Swan Group (Flexcon Industries & GWS), IMI Pneumatex, Zilmet (Gitral), Yuanhua, CIMM, TankPro, Elbi S.p.A., Varem, Aquasystem, Dezhi, Wessels Company, Aquasky, Ibaiondo, EDS Global, John Wood Co are key companies operating in the thermal expansion tank market.