Solenoid Valve Market Comprehensive Plans, Competitive Landscape and Trends by Forecast 2023
Solenoid valves are used to control valve activation that is electronically operated. These are used for controlling liquid or gas flow and most commonly used in fluidics as control elements. They are multifunctional in a way to release, shut off, mix or distribute fluids with high reliability and fast processing. Solenoid valves market is growing with the imperative growth in all the regions. Increasing application areas year on year and advancement in technology and developed fluid automation technologies, all are driving the market on a global scale.
Market Research Future’s investigation of the market has found that the global solenoid valve market is expected to grow at a CAGR of 3.3% during the review period from 2016 to 2027. It is estimated that the growth of the market at this rate will likely lead to a market evaluation of USD 4.6 Billion by the end of 2027. Solenoid valves are essentially electronic devices which transmit electric over solenoid. This means that solenoid valves can be used in a harsh environment, where there is a possibility of explosion.
Solenoid offers various advantages such as fast and safe switching, extended service life, compact design and low control power, which is making the global solenoid valve market to spur with whopping valuation and higher CAGR as well.
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Major Key Players:
- Curtiss-Wright Corporation (U.S.),
- Asco Valve, Inc. (U.S.),
- Parker Hannifin Corporation (U.S.),
- IMI PLC (England) ,
- GF Piping Systems (Switzerland),
- SMC Corporation (Japan),
- Danfoss A/S (Denmark),
- OMEGA Engineering (U.S.),
- Christian Bürkert GmbH & Co. Kg (Germany),
- GSR Ventiltechnik GmbH & Co. KG (Germany),
Rotex Controls B.V (Netherlands), The Lee Company (U.S.), Cole-Parmer Instrument Company LLC (U.S.), Aira Euro Automation Pvt. Ltd (India), Cla-Val (U.S.) and Hansen Technologies (U.S.).
According to MRFR, The global Solenoid Valves Market is expected to grow at approx. USD 4.6 Billion by 2027, at 3.3% of CAGR between 2016 and 2027.
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Drivers & Constraints
The imperative factors behind the growth of solenoid valves market revolve around its extreme usability in the industry such as food & processing industry. Solenoid valves are accessible due to its combat design which efficient withstands humid and corrosive environments and having the capability to perform well at extreme room temperatures. Due to such robustness approach, the solenoid valves are increasingly being used in the food processing industry owing to save food production from being moist, damaged and other related resources to enter.
In recent times, solenoid valves are majorly used for fluid automation and control, but with a shift toward renewable resources such as the sun, water, air for power generation, there has been an increase in the growth of solenoid valves market. The shift toward solar thermal power plants, hydrogen energy, and geothermal energy processes are majorly driving the growth of solenoid valves and taking up chances for more futuristic opportunities across the globe.
Industries like oil & gas, chemical, water treatment, and others might come up with incidents of gas or vapor release with a high tendency, which ends up spoiling employees with losing their life. At the same time, such leakages become hazardous to the environment as well. Therefore, the adoption of solenoid valves in these industries protect explosions and save life as well as the environment.
Having such unique quality, many government regulations are being made for environment safety and considering the use of solenoid valves in the industry to contribute to environmental protection from hazardous gas or chemical explosions. These are some of the provoking factors that are contributing to the high demand and future opportunities for the explosion-proof solenoid valves market.
Regionally, the solenoid valve market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. By reports of MRFR, North America is leading the global solenoid valves market share followed by Europe which stands as the second biggest market due to rising m-commerce market whereas, the Asia Pacific holds as the third largest.
the global solenoid valves market has been segmented based on type, body material, operating type and user.
By mode of type, the segment is further classified into 2-way, 3-way, 4-way, five-way, and others.
By mode of body material, the market is segmented into the brass body, stainless steel, aluminum body, plastic body, and others.
By mode of operating type, the market is segmented into direct, indirect, semi-direct and others. Whereas, by the end user, the market is segmented into chemical & petrochemical, oil & gas, food & beverages, waste & wastewater, power generation, automotive, pharmaceuticals, medical and others.
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List of Tables
TABLE 1 GLOBAL SOLENOID VALVE MARKET BY TYPE, 2016-2027 (USD MILLION)
TABLE 2 GLOBAL SOLENOID VALVE MARKET, BY BODY MATERIAL, 2016-2027 (USD MILLION)
TABLE 3 GLOBAL SOLENOID VALVE MARKET, BY OPERATING TYPE, 2016-2027 (USD MILLION)
TABLE 4 GLOBAL SOLENOID VALVE MARKET, BY END USER, 2016-2027 (USD MILLION)
TABLE 5 GLOBAL SOLENOID VALVE MARKET, 2016-2027 (USD MILLION)
TABLE 6 NORTH AMERICA SOLENOID VALVE MARKET BY COUNTRY,2016-2027 (USD MILLION)
TABLE 7 NORTH AMERICA SOLENOID VALVE MARKET BY TYPE, 2016-2027 (USD MILLION)
List of Figures
FIGURE 1 GLOBAL SOLENOID VALVE MARKET: DRIVERS CHALLENGES & OPPORTUINITIES
FIGURE 2 SOLENOID VALVE: SUPPLY CHAIN
FIGURE 3 GLOBAL SOLENOID VALVE MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 4 GLOBAL SOLENOID VALVE MARKET BY TYPE, 2016-2027
FIGURE 5 GLOBAL SOLENOID VALVE MARKET, BY BODY MATERIAL, 2016-2027
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