The global EGR
valve market is subject to witness a substantial growth
due to the capability to improve engine efficiency and fuel economy. Factors
responsible for robust market growth include ability of EGR valve to reduce
high temperatures within the combustion chamber, substantial enhancement in the
fuel economy and engine efficiency. Globally, the market is predicted to
generate massive revenue over next seven years, providing numerous
opportunities for market players to invest for research and development in the
exhaust gas recirculation (EGR) valve market.
Exhaust gas recirculation (EGR) valve are
extensively used in the internal combustion engines. Exhaust gas recirculation
(EGR) valve helps to reduce the carbon emissions occurred in diesel and petrol
or gasoline engines. Exhaust gas recirculation (EGR) valve functions such as
that it circulates the engine's exhaust back to the engine cylinders. These
factors are significantly contributing to market growth in the past few years.
Exhaust gas recirculation (EGRs) valves that are used in the diesel engines
assists in changing the parts of the oxygen, which is in excess amount in the
mixture of pre-combustion.
Shifting trend towards automation &
digitalization of various industrial processes is expected to boost market
growth over the forecast period. In addition, rapid expansion of existing
facilities and petroleum refining plants are estimated to drive the growth of
valve market over the forecast period. Development of advanced flow control
tools is projected to have positive impact on market growth in the near future.
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Highly efficient and effective
maintenance techniques for EGR valve are important for safer and cost efficient
functions of in internal combustion engine. However, European region has witnessed
economic slowdown in the EGR valve market over last few years. Yet, rise in the
number of offshore sites and high-end demand from booming automotive sector
from BRICS economies is expected to favor market growth over the next seven
years.
The market is broadly categorized into
two major segments based on the application type such as electric EGR valve and
pneumatic EGR valve. The electric EGR valve is considered as one of the fastest
growing segment in the with substantial revenue generation in the last few
years. Growing popularity of the electric EGR valve segment is attributed to
the increasing demand from passenger vehicles.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies, growing manufacturing activities, soaring demand for
automobile industry, market expansion for petroleum refining plants, increase
in the number of research & development activities in the region and
existence of well-established infrastructure.
Asia-Pacific region is predicted to
hold major market share in the EGR valve market with massive growth in forecast
period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with rapid growth in automotive and energy & power
sectors, strong economic growth, rising per capita income, and significant
investment by leading industry players considering potential growth
opportunities in the region.
The key players in the EGR valve
market are Lames S.p.a, SHB Group, Inc., Inteva Products, LLC, Aisin Seiki Co.,
Ltd., ZhongShan ShengTai Automobile Parts Co., Ltd., Hi-Lex Co., Grupo Antolin
Co., and Valeo Pvt., Ltd.
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