Solenoid Valve Market Scope
The Solenoid Valves Market is expected to grow at USD 6.05 Billion by 2030, at 4.6 % of CAGR between 2020 and 2030.
The global solenoid valve market is driven by the production of miniature solenoid valves and their 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. Expanding verticals such as construction, chemical petrochemical, and food beverage will effectively spur market demand. 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 the market growth.
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Solenoid Valve Market Regional Analysis
North America to Lead in Global Solenoid Valve Market
North America is set to dominate the global 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 the 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 COVID-19 Impact
The COVID-19 pandemic positively impacted the solenoid valve market. This is due to the massive demand for processed foods and need for essential services. The dip in crude oil prices and the integration of solenoid valves in the oil gas sector can bode well for the market. But disruption in the supply of solar power components can have a negative impact during the pandemic
Solenoid valve Market Segmentation
Chemical Petrochemical Vertical to Dominate Market Demand
The chemical petrochemical industry will dominate the the market by exhibiting a 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.
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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.
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.
