Solenoid Valves Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario

The global solenoid valves market is expected to see substantial growth in revenue, increasing from US$ 4,429.6 Mn in 2022 to US$ 7,281.6 Mn by 2031. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2031. Meanwhile, the volume of the market is expected to grow at a CAGR of 5% during the same period.

Solenoid valves are widely used in various industries due to their ability to control the flow of liquids or gases with great speed and precision. This eliminates the need for manual intervention and saves time and money. For instance, solenoid valves are widely used in the medical sector for precise flow control in devices such as ventilators, gas plants, and suction machines. Additionally, solenoid valves are used in transportation industries for controlling various systems such as pantographs, braking systems, automatic doors, and suspensions. Solenoid valves are also widely used in home appliances such as water purifiers, washing machines, refrigeration systems, and air conditioners, among others.

The solenoid valves market t is primarily driven by factors such as the growing use of solenoid valves in the food and beverage industry and the increasing focus on renewable energy for power generation. Solenoid valves are ideal for use in food processing as they can withstand wet and corrosive environments, as well as extreme temperatures. Additionally, their resistance to contaminants makes them highly desirable for use in the food and beverage industry. Furthermore, solenoid valves are also used for power generation from renewable energy sources, such as solar panels.

However, there are certain technical challenges associated with solenoid valves that may hamper market growth. Despite these challenges, the solenoid valves market is expected to continue its upward trajectory in the coming years due to the growing demand for precise flow control in various industries. 

Market Dynamics 

The top three drivers of the global solenoid valves market are:

• Adoption of Advanced Fluid Automation Technologies: The growing adoption of advanced fluid automation technologies, such as smart solenoid valves, has increased the demand for solenoid valves in various end-user industries. These advanced technologies enhance the performance and efficiency of solenoid valves and help reduce downtime and maintenance costs.
• Expansion of End-User Industries: The expansion of end-user industries, such as oil and gas, chemical, food and beverage, and water treatment, among others, is driving the demand for solenoid valves. The growth of these industries is creating new opportunities for the solenoid valves market, as they require efficient and reliable fluid control systems to maintain their production processes.
• Upgrades in Manufacturing Facilities: The rising upgrades in the manufacturing facilities of end-user industries to automate several production processes are also driving the growth of the solenoid valves market. These upgrades aim to provide better performance, reduced workforce, and increased efficiency, thereby driving the demand for solenoid valves.

Challenges 

• Technical difficulties: Technical difficulties associated with solenoid valves such as malfunctions, leaks, and corrosion can lead to significant issues, especially in critical applications. This can impact the market growth negatively.
• High costs: Solenoid valves can be relatively expensive compared to other types of valves, which can be a barrier to adoption in some industries, especially in developing countries.
• Lack of standardization: The lack of standardization in the manufacturing of solenoid valves can lead to issues such as compatibility problems and reduced reliability.
• Limited application knowledge: There is a lack of awareness about the potential applications of solenoid valves, which can impact the market growth.
• Competition from alternative technologies: The solenoid valves market faces competition from alternative technologies such as pneumatic valves, hydraulic valves, and manual valves.

Global Solenoid Market Segmental Analysis 

By Type

The direct-acting valves segment commands the largest share in the solenoid market as of 2022 and is expected to remain the leader throughout the forecast period. This can be attributed to the simple working principle of direct-acting solenoid valves. Unlike other types of solenoid valves, direct-acting valves do not require a minimum operating pressure or pressure differential, making them suitable for use in a wide range of pressure conditions in the global solenoid valves market, from 0 bar up to the maximum allowable pressure. Furthermore, the widespread use of direct-acting solenoid valves in hazardous locations has greatly contributed to the growth of the market.

By Function

With regards to function, the 2-way segment leads the solenoid valves market in 2022, accounting for the largest share. 2-way solenoid valves have two ports - an inlet and an outlet. It is important to note the flow direction for proper operation, which is typically indicated by an arrow. A 2-way valve is utilized to open or close the orifice. The growth of this segment can be attributed to its properties, such as strong corrosion resistance and aesthetic appearance. However, the 5-way segment is projected to register the highest CAGR over the forecast period.

By Material

Stainless steel dominates the global solenoid valves market in terms of material, with the largest market share as of 2022 and is expected to continue its dominance over the forecast period. This is due to the fact that stainless steel solenoid valves are ideal for use in aggressive media and chemical applications.

By Operation

The normally open segment dominates the solenoid valves market in terms of operation as of 2022. This type of solenoid valve is ideal for applications that require the valve to be open for long periods of time as it is more energy efficient. With a normally open solenoid valve, the valve is open when de-energized and the media can flow through it. However, the normally closed segment is projected to register the highest growth rate over the forecast period.

By Media

The air segment holds the largest share in the solenoid valves market in terms of media as of 2022. Solenoid valves are commonly used in air conditioning systems to control air pressure. On the other hand, the gas segment is expected to register the highest CAGR over the forecast period 2023-2031.

By End User

The chemical and petrochemical segment holds the largest share in the global solenoid valves market as of 2022 and is also expected to register the highest CAGR over the forecast period. This is due to the fact that solenoid valves play a crucial role in controlling gases, liquids, steam, or chemical compounds by regulating pressure, flow levels, and distributing the energy of pressure differentials to ensure the integrity of the process in the chemical and petrochemical industry.

Regional Analysis 

North America held a dominant position in the global solenoid valves market in 2022, with a significant share attributed to the region's robust infrastructure and flourishing end-user industries. The growth in the region can be attributed to the growing adoption of advanced fluid automation technologies and the increasing application areas in industries such as oil and gas, chemical, food and beverage, and water treatment, among others.

Moreover, the rising upgrades in the manufacturing facilities of end-user industries to automate several production processes has contributed to the growth of the market in North America. These upgrades aim to provide better performance, reduced workforce, and increased efficiency, thereby driving the demand for solenoid valves.

However, the Asia Pacific region is expected to register the highest compound annual growth rate (CAGR) over the projection period, owing to the increasing expansion of end-use industries in the region. The growth can be attributed to the increasing demand for solenoid valves in countries such as China, India, and Japan, among others, driven by the booming industrial sector and increasing investment in automation technologies.

In addition, the rise in disposable income and growing consumer awareness about the benefits of automation technologies are expected to further drive the growth of the solenoid valves market in the Asia Pacific region. Furthermore, the growth of the region's food and beverage, water treatment, and chemical industries is expected to create new growth opportunities for the market.

List of Key Companies Profiled:

• Airtac
• Anshan Electromagnetic Value
• ASCO Valve Inc.
• CEME S.p.A.
• Christian Bürkert GmbH & Co. KG
• CKD Corporation
• Curtiss-Wright Corporation
• Danfoss A/S
• GSR Ventiltechnik GmbH & Co. KG
• Juliang Valve
• ODE S.r.l.
• Takasago Electric Industry Co., Ltd
• YONG CHUANG
• Zhejiang Sanhua
• Zhejiang Yongjiu
• Other Prominent Players

Segmentation Overview

The following are the various segments of the Global Solenoid Valves Market:

By Type: 

• Direct-acting valves
• Pilot-operated valves

By Function: 

• 2-way
• 3-way
• 4-way
• 5-way

By Material: 

• Stainless Steel
• Aluminum
• Plastic
• Others

By Operation: 

• Normally open
• Normally closed
• Universal

By Media: 

• Air
• Gas
• Water

By Industry: 

• Oil & Gas
• Chemical & Petrochemical
• F&B
• Power Generation
• Pharmaceuticals
• Automotive
• Medical
• Others

By Region: 

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa