Global Solenoid Valves Market is projected to witness a major rise in its revenue from US$ 4,222.7 Mn in 2021 to US$ 6,903.8 Mn by 2030. The market is registering a CAGR of 5.6% during the forecast period 2022-2030. In terms of volume, the market is registering a CAGR of 5% over the projection period.
A solenoid valve is an electro-mechanical valve that is commonly employed to control the flow of liquid or gas, thereby eradicating the need for an engineer to manually control the valve, saving time and money. Solenoid valves are used in various industries. For instance, the valves are employed in medical devices such as ventilators, gas plants, suction machines, and others as they allow for precise flow control options and moderate the oxygen flow rate with great speed and precision which provides effective patient care. Furthermore, solenoid valves are used in transportation industries for controlling pantographs, sliding or automatic doors, braking systems, suspensions, and others. In addition, various home appliances use solenoid valves such as RO water purifiers, sewing machines, thermoelectric heaters, refrigeration systems, washing machines, air conditioners, and water pumps & tanks, among others.
The market is majorly driven by factors such as the surging adoption of solenoid valves in the food & beverage industry and the expanding attention toward renewable energy for power generation. Solenoid valves are regularly utilized in food processing as these valves are built to tolerate wet, corrosive environments, as well as severe room temperatures. Further, due to stainless steel's contaminant resistance, solenoid valves have huge adoption in the food & beverage industry. In addition, solenoid valves are used for power generation using renewable energy. Low-power solenoid valves are an optimal solution for applications powered by renewable energy sources, such as solar panels. However, the technical problems associated with solenoid valves are expected to hinder market growth.
Key Insights of the Report:
Key Takeaways from the Global Solenoid Valves Market Report:
Competitive Dashboard
The key players in the Global Solenoid Valves Market are Danfoss Industries Limited, Curtiss-Wright Corporation, IMI Precision Engineering, Emerson Electric Co., and Parker Hannifin Corporation, among others.
Segmentation Overview
The following are the various segments of the Global Solenoid Valves Market:
By Type segment of the Global Solenoid Valves Market is sub-segmented into:
By Function segment of the Global Solenoid Valves Market is sub-segmented into:
By Material segment of the Global Solenoid Valves Market is sub-segmented into:
By Operation segment of the Global Solenoid Valves Market is sub-segmented into:
By Media segment of the Global Solenoid Valves Market is sub-segmented into:
By Industry segment of the Global Solenoid Valves Market is sub-segmented into:
By Region of the Global Solenoid Valves Market is sub-segmented into:
Global Solenoid Valves Market was valued at US$ 4,222.7 Mn in 2021.
Solenoid valve is an electro-mechanical valve that is commonly employed to control the flow of liquid or gas, thereby eradicating the need for an engineer to manually control the valve.
Global Solenoid Valves Market is projected to expand at a CAGR of 5.6% during the forecast period.
The market is majorly driven by factors such as the surging adoption of solenoid valves in the food & beverage industry and the expanding attention toward renewable energy for power generation.
Technical problem associated with solenoid valves is expected to hinder the market growth.
Growing application of solenoid valves in the wastewater treatment industry is providing a lucrative opportunity for market growth.
The various segmentations considered to analyze the Global Solenoid Valves Market are based on type, function, material, operation, media, end-use industry, and region.
Direct-acting valve holds the highest market share in 2021.
Stainless-steel material segment dominates the Global Solenoid Valves Market.
Normally open segment holds the highest market share in 2021.
Chemical & petrochemical industry is the highest end-use industry in the Global Solenoid Valves Market.
The key players in the Global Solenoid Valves Market are Danfoss Industries Limited, Curtiss-Wright Corporation, Emerson Electric Co., and Parker Hannifin Corporation, among others.