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North America to Account for Around 42.5% Global Thermostatic Mixing Valves Market Share: Persistence Market Research
Thermostatic Mixing Valves Market
High use of thermostatic mixing valves in the residential sector has been prominently driving market growth over the past few years. However, demand is expected to increase further due to new laws by various regulatory bodies to use thermostatic mixing valves for plumbing applications.
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Ongoing investments in new product development has been a key trend observed in the market as manufacturers are focused on providing cost-effective and innovative solutions for consumers, and also raising awareness regarding safety from scalding for children and in old-age homes.
The COVID-19 pandemic negatively impacted global demand for thermostatic mixing valves. A significant drop in residential & commercial construction hampered market growth in FY2020. However, with increasing vaccination pace and decreasing COVID-19 cases, coupled with government schemes, tax reliefs, and other initiatives to uplift the economy, the thermostatic mixing valves market is set to regain its normal growth path within the next few quarters.
Key Takeaways from Market Study
Global demand for thermostatic mixing valves is forecasted to reach a value of US$ 1.8 Bn by the end of 2032. North America is anticipated to remain one of the key markets accounting for around 42.5% of the global market share.
By application, the residential segment is anticipated to witness a CAGR of 4.3% over the decade.
By nominal diameter, the DN 15 segment is expected to grow at a substantial growth rate over the coming years.
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South Asia & Pacific to remain the fastest-growing regional markets through 2032.
"Rising awareness regarding safety from scalding is a key factor behind the growth of the thermostatic mixing valves market," says a Persistence Market Research analyst.
Competitive Landscape
The global market for thermostatic mixing valves has been identified as a moderately consolidated space, owing to which, leading companies account for more than 70% market share.
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Some of the key market players included in the report are Reliance Worldwide Corporation, MISUMI Group Inc, Honeywell International Inc, Watts Water Technologies Company, Danfoss A/S, Bradley Corporation, Armstrong International Inc., Caleffi S.p.A, Afriso-Euro-Index GmbH, Pegler Yorkshire, ESBE Group, Hans Sasserath GmbH & Co. KG, Bianchi F.lli S.P.A, Leonard Valve Company, and Geann Industrial Co. Ltd.
Key market participants are expected to maintain a competitive environment across the world.
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