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Global Solenoid Valve Market Was Valued At US$ 3.81 Bn In 2019 And It Is Expected To Reach More Than US$ 5.2 Bn By 2028, Likely To Grow With The CAGR Of 3.8% During The Forecast Period.
A solenoid valve is an electromechanically controlled valve, which controls the liquid or gas flow in systems. Solenoid valve performs various tasks such as release, shut-off, mix or distribute fluids. The high reliability, compact design, safe and fast switching with low control power and extended service life are the features that are offered by the solenoid.
Increasing Applications of Solenoid Valves Into Various Industrialized Sectors Anticipated To Drive The Solenoid Valve Market
The solenoid valves become a necessity in large scale industrial plants as they are extensively used in boilers for automatic control of fluids. They mostly find applications in HVAC systems to control the flow of liquids or gases. The industries they are used are oil & gas, water & wastewater, automobiles, food & beverages, pharmaceuticals, chemical & petrochemical, and others.
The desalination activities are increasingly gaining popularity amongst municipalities and industrial sectors in the water treatment systems, which is creating considerable demand for automation in the sector. The rapidly recovering oil and gas industry is also the driving factor to the solenoid valves market
Moreover, the development of new solenoid valves such as the pinch, micro-miniature, and customized valves have boosted the growth of the solenoid valve market globally. The power failure and incorrect voltage that may affect the working of the solenoid valve are the common issues associated with solenoid valves which might impact the solenoid valve market growth negatively.
The Stainless Steel Segment Held a Significant Share In The Global Solenoid Valve Market In 2019
The stainless steel segment contributed a major share of the market in 2019 due to the higher demand for stainless steel for manufacturing solenoid valves. The use of durable and safer materials, prompting a rise in demand for products made from stainless steel, which is the most cost-effective material offering durability and resistance to corrosion.
In addition, the growing industrial developments in the Asia Pacific region fuelling the demand for stainless steel solenoid valves. In Japan, Stainless Steel solenoid valves will reach a market size of US$24.5 Million by the close of the analysis period. As the world's second-largest economy and the new game-changer in the global solenoid valve market.
Asia Pacific Region Anticipate The Fastest-Growing Region For The Solenoid Valve Market During The Forecast Period
Asia-Pacific would account for the highest sales in 2028 with close to 47 percent of global sales coming from this region, it is projected the fastest-growing region at xx% CAGR. The vendors are working towards penetrating this market by strengthening their sales and distribution networks. They have recognized the importance of this region, particularly in China and Japan which held a large share of the solenoid valves market in the medical device industry in the Asia Pacific in 2019.
However, North America is expected to hold the largest share of the global solenoid valve market by 2025. It is projected to grow at a significant rate. An increasing the application of solenoid valves in various process industries as the industries are currently upgrading their existing facilities with the deployment of automation technologies is attributed to this growth. These automation technologies help in providing greater performance, less manpower, and high efficiencies, thereby decreasing the overall production cost.
Some of the key players in the global solenoid valve market are Danfoss A/S, ASCO Valve, Inc., CKD Corporation, and SMC Corporation of America, Christian Bürkert GmbH & Co. KG, IMI plc Company, GSR Ventiltechnik GmbH & Co. KG, Parker Hannifin Corp., ODE s.r.l., Kaneko Sangyo Co. Ltd., CEME S.p.A., Takasago Electric Industry Co.Ltd., and Ningbo Mailing Pneumatic Co., Ltd.
Solenoid Valve market Key segments:
Solenoid Valve market, By Body Material
- Stainless Steel
Solenoid Valve Market, By Valve Design Type
Solenoid Valve Market, By Industry
- Water & Wastewater
- Oil & Gas
- Chemical & Petrochemical
- Food & Beverages
- Power Generation
Solenoid Valve Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America