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Global Thermostatic Mixing Valves (TMVs) Market: Innovations and Forecasts 2024
Global Thermostatic Mixing Valves (TMVs) Market
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According to The Business Research Company's, The thermostatic mixing valves (TMVs) market size has grown strongly in recent years. It will grow from $1.09 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growth in disposable income, growing awareness regarding protection from scalding and major burn injuries, surging demand for residential thermostatic valves, enforcement of safety regulations and standards in several industries, and growing healthcare infrastructure.
The thermostatic mixing valves (TMVs) market size is expected to see strong growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to growing residential and commercial construction sector, growing investment in research & development activities, growing focus on energy efficiency and sustainability, surge in consumer demand for smart home integration, and rising awareness of the importance of temperature control for safety. Major trends in the forecast period include rising popularity of smart valve solutions, adoption of smart and connected TMV devices, shift towards lead-free thermostatic mixing valves (TMVs), demand for eco-friendly thermostatic mixing valves, and ongoing research for developing advanced products.
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Market Drivers and Trends:
The growing residential and commercial construction sector is expected to propel the growth of the thermostatic mixing valves (TMVs) market going forward. Residential construction refers to building homes and apartments for living, while commercial construction refers to building structures for commercial and institutional purposes. The rise in residential and commercial construction is attributed to urbanization, population, economic development, infrastructure investments, and demand for housing and commercial spaces. Thermostatic mixing valves are crucial for ensuring safety, comfort, and energy efficiency in residential and commercial buildings, controlling water temperature, and enhancing user experience and operational effectiveness. For instance, in July 2024, according to the United States Census Bureau, a US-based government administration, in June 2023, privately owned homes were occurring at a seasonally adjusted annual rate of 1.41 million, a 4.4 % higher than the May 2023 rate of 1.31 million. Furthermore, in August 2023, according to a report published by the Center for Sustainable Systems, a US-based research center, by 2050, commercial building floor space is expected to reach 124.6 billion square feet, a 29% increase from 2022. Therefore, the growing residential and commercial construction sector is driving the growth of the thermostatic mixing valves (TMVs) market.
Major companies operating in the thermostatic mixing valves (TMVs) market are focusing on developing innovative products such as lead-free thermostatic mixing valves to reduce lead contamination risk and enhance water temperature control efficiency and reliability. Lead-free thermostatic mixing valves (TMVs) are designed to regulate water temperature in plumbing systems without using lead-containing materials, addressing health concerns. They mix hot and cold water to achieve a precise temperature, ensuring safety and comfort by preventing scalding. For instance, in April 2022, ESBE AB, a Sweden-based hydronic heating and cooling systems product provider, launched the series VTA300. It is a lead-free version of a thermostatic mixing valve equipped with an anti-scald feature that cuts off the hot water supply if the cold water fails, protecting users from scalding, and it is ideal for sensitive environments like nurseries and nursing homes. It ensures a consistent water temperature for optimal comfort and safety. It is designed for domestic hot water and underfloor heating systems; it is easy to install in various setups, including hot water circulation systems. The valve provides immediate hot water access with minimal waste and is constructed from durable, high-quality materials, enhancing its longevity and energy efficiency.
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Major Key Players of the Market:
Honeywell International Inc., Danfoss A/S, Pegler Yorkshire Group Limited, Watts Water Technologies Company, Bradley Company LLC, Reliance Worldwide Corporation, Caleffi S.p.A, Cole-Parmer Instrument Company LLC, Morris Group International Inc., Hans Sasserath GmbH & Co. KG, ThermOmegaTech Inc., Armstrong International Inc., Galvin Engineering Pty Ltd., ESBE AB, Encon Safety Products Inc., Lehry Instrumentation and Valves Pvt Ltd., Leonard Valve Company, Geann Industrial Co. Ltd., Afriso-Euro-Index GmbH, Bianchi F.lli S.P.A, Dolphy India Pvt. Ltd., Pissente
Thermostatic Mixing Valves (TMVs) Market 2024 Key Insights:
• The thermostatic mixing valves (TMVs) market size is expected to see strong growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Residential And Commercial Construction Sector Fuels Growth In The Thermostatic Mixing Valves Market
• Advancements In Lead-Free Thermostatic Mixing Valves For Enhanced Safety And Efficiency
• North America was the largest region in the thermostatic mixing valves (TMVs) market in 2023
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Introduction
The North America thermostatic mixing valves (TMV) market is experiencing steady growth, driven by increasing demand for safety, water temperature control, and efficiency across residential, commercial, and industrial applications. With a projected compound annual growth rate (CAGR) of 4.2% through 2032, the market is set to expand significantly. Key factors fueling this growth include rising awareness of waterborne diseases, stringent safety regulations, and advancements in plumbing technology.
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