Solenoid Valve Market Key Players, Market Segments, Business Trends and Growth by Forecast to 2030
Solenoid Valve Market Overview
The global Solenoid Valve market was valued at USD 3,969.9 million in 2021 and is expected to reach USD 5,417.9 million by 2030, with a CAGR rate of 3.54% during 2022–2030.
Solenoid Valve Market Regional Analysis
North America to Lead in Global Solenoid Valve Market
North America is set to dominate the global solenoid valve market owing to focus on clean drinkable and potable water. This is highlighted by investments in water treatment plants in the U.S. and Canada. Automation in fluid technologies for improving efficiency and performance of processes can drive regional market growth.
APAC to Display Strong Growth Rate
Asia-Pacific (APAC) is expected to display a strong growth rate during the forecast period owing to elevated demand for solenoid control valves and expansion of sectors in developing economies of Japan, India, and China. Rise in foreign direct investments like Make in India can incentivize leading players.
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Solenoid Valve Market Segmentation
Chemical & Petrochemical Vertical to Dominate Market Demand
The chemical & petrochemical industry is set to dominate market by exhibiting 4.13% CAGR during the forecast period. Valves are used in controlling elements in fluidics and used for fast switching and reliability.
Direct Operating Type to Lead in Global Market
The direct operating type segment is slated to lead in demand in the solenoid valves market owing to its use in controlling flow of liquids and gases. It can be used in negative pressure circuits and 2/2 normally open or closed versions.
Solenoid Valve Market Scope
The global solenoid valve market is driven by production of miniature solenoid valves and its evolution through the years. Its long life, reliability, and shelf life in controlling the flow of gases and liquids can bode well for the market. Expansion of verticals such as construction, chemical & petrochemical, and food & beverage will spur market demand effectively. Use of solenoid valves in food handling and beverage dispensing processes as well as adherence to stringent safety standards can bode well for the market. For instance, Custom Valves creates valves with fluoropolymers for espresso machines.
But high costs of solenoid valve solutions may hamper market growth.
Solenoid Valve Market COVID-19 Impact
The COVID-19 pandemic positively impacted the solenoid valves market. This is due to huge demand for processed foods and need for essential services. The dip in crude oil prices and integration of solenoid valves in the oil & gas sector can bode well for the market. But disruption in supply of solar power components can have a negative impact during the pandemic.
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Solenoid Valve Market Competitive Analysis
Christian Bürkert GmbH & Co. Kg (Germany), Parker Hannifin Corporation (U.S.), Curtiss-Wright Corporation (U.S.), GSR Ventiltechnik GmbH & Co. K.G. (Germany), Cole-Parmer Instrument Company LLC (U.S.), The Lee Company (U.S.), Hansen Technologies (U.S.), G.F. Piping Systems (Switzerland), Cla-Val (U.S.), IMI PLC (England), SMC Corporation (Japan), Rotex Controls B.V. (Netherlands), Aira Euro Automation Pvt. Ltd (India), Danfoss A/S (Denmark), Asco Valve, Inc. (U.S.), and OMEGA Engineering (U.S.) are key players in the global solenoid valve market.
Industry News
Marotta Controls has delivered 20,000 solenoid valves to its clients marking the success of its CoRe Flow Controls series.
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