Solenoid Valve Market Growth, Analysis, Development Status, Opportunities and Forecast To 2027

Market Highlights

The worldwide market for solenoid valve has been evolving steadily over the years and can note substantial growth in the coming years as well. The said evolution in the solenoid valve market has led to emergence of new and more advanced technologies. The market growth is induced by the rising applications of solenoid valves in several industrial sectors, their low price along with a tendency to consume less power. In addition, introduction of solenoid valves like customized valves, pinch valves and micro-miniature valves has also favored the global solenoid valve market to a great extent.

Solenoid valve refers to a device that makes use of a solenoid to manage valve activation. Solenoid valve involves an electric current passing through a solenoid. These valves are also known as electromechanically operated valve that is used to control gas or liquid flow. Solenoid valves find widespread use in fluidics, acting as control elements. These conduct various tasks like shut-off, release, distribute, or mix fluids. Besides, solenoid valves offer a host of advantages including fast and safe switching, high reliability, longer service life, low control power as well as compact design.

Market Research Future (MRFR), in its latest research report, asserts that the global solenoid valves market 2020 is thriving and poised to grow exponentially over the review period, recording a significant market valuation of USD 4.6 Billion by 2027, and a healthy 3.3% CAGR in the forecast period.

Furthermore, to make hotel rooms safer, solenoid valves are now being used to lock doors. Solenoid valves are fitted within the locking mechanism of the doors and the door is locked, these valves do not take up power from the battery. However, when the door opens, the room lights automatically turn on. This has provided a significant boost to the market demand, as this technology is now spreading over to other areas, wherein security plays a major role, like remote access systems, parking areas, vending machines, and others.

Competitive Analysis

The global solenoid valve market manufacturers are Parker Hannifin Corporation (U.S.), GSR Ventiltechnik GmbH & Co. KG (Germany), Curtiss-Wright Corporation (U.S.), Asco Valve, Inc. (U.S.), IMI PLC (England) , GF Piping Systems (Switzerland), Danfoss A/S (Denmark), SMC Corporation (Japan), OMEGA Engineering (U.S.), Christian Bürkert GmbH & Co. Kg (Germany), Rotex Controls B.V (Netherlands), Cole-Parmer Instrument Company LLC (U.S.), The Lee Company (U.S.), Aira Euro Automation Pvt. Ltd (India), Cla-Val (U.S.) and Hansen Technologies (U.S.).

Regional Analysis

The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East and Africa.

The demand for solenoid valves is increasing in all regions, with optimistic growth. Increasing year-on-year application areas and developments in technology and emerging fluid automation technologies are driving the global marketplace. The market was segmented by area into North America, Europe, Asia-Pacific and the rest of the world. North America dominates the global market share of solenoid valves followed by Europe as the second largest market due to the growing demand for m-commerce while Asia Pacific is the third largest demand.

Segmentation:

The global market for solenoid valve has been extensively analyzed, with respect to primary segments like type, body material, operating type and end user.

Depending on the type, the market segments are 2 way, 3 way, 4 way, 5 way and others. The 2 way segment forms the biggest market for solenoid valves and has the capacity to attain a decent growth rate of roughly 3.7% during the appraisal period.

Given the body material segment, the market covers stainless steel, brass body, plastic body, aluminum body, and others. Brass body has been identified as the largest segment in the market, with the most potential to achieve a CAGR of 3.30% by the end of the conjectured timeframe.

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