Dublin, Jan. 13, 2021 (GLOBE NEWSWIRE) — The “Global Valve Driver Market with COVID-19 Impact Analysis by Function (Solenoid, Proportional), Valve Type (Conventional Control Valve, Expansion Valve), End-user (Commercial & Residential, Industrial, Motion Equipment) and Region – Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global valve driver market size is expected to grow from USD 421 million in 2020 to USD 519 million by 2025, at a CAGR of 4.3%.
The growth of this market is mainly driven by Increase in government regulations and policies for saving energy and increase in focus on enhancing efficiency and power consumption. Integration of IIoT technology in industrial valve drivers and increase in demand of valve drivers in commercial & residential end users provide lucrative opportunities for the players in the valve driver market.
Expansion valves to grow at highest CAGR during the forecast period
Expansion valve drivers are the drivers for the management of ON/OFF and stepper electronic expansion valves with integrated display. These drivers ensure the sub-cooling of the refrigerant fluid and the superheat adaptive control. The drivers are used mainly in the heating ventilation and air conditioning or refrigeration (HVAC/R) systems. Furthermore, their primary function is to ensure stable superheat at the required value; these drivers also provide maximum installation flexibility, managing a vast variety of refrigerants in any industry, from small residential heat pumps to large industrial evaporators, as well as air-conditioning units to chillers for air-conditioning or process applications.
Commercial & residential end users to hold a significantly large share of valve driver market by 2025
The increased adoption of HVAC/R systems in the residential segment has led to the growth of the valve drivers market. In situations where the government has set new performance norms to save energy as there focus is to make the machinery or operations more efficient, manufacturers of HVAC/R systems are encouraged to manufacture new versions of those systems, which will increase the demand for the HVAC/R systems. Thus, driving the growth of the market for valve drivers in residential and commercial end users.
Market in APAC to grow at highest CAGR during the forecast period
The rapid urbanization and industrialization in developing countries, such as China, Japan, and India, growing construction activities, and rising population are the major factors driving the growth of the valve driver market in the region. This, in turn, has led to an increase in demand for valve drivers until 2019. However, COVID-19, a global health emergency and an economic crisis, which has impacted the growth of the valve driver market in 2020 adversely. The valve driver market is projected to witness a significant decline as a few of the…