Solenoid Valves Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

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: 

• The latest study published by Astute Analytica analyzes the Global Solenoid Valves Market for the study period of 2017-2030; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 16 chapters distributed across 270 pages with 88 lists of tables and 113 lists of figures.
• The market is segmented based on type, function, material, operation, media, end-use industry, and region.
• The market estimates are presented in terms of value (US$ Mn) and Volume (Thousand Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, solenoid valve manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Solenoid Valves Market Report:

• Based on type, the direct-acting valves segment holds the highest share in the solenoid market in 2021 and is projected to continue its dominance over the projection period. Direct-acting solenoid valves have a simple working principle. Direct operated solenoid valves require no minimum operating pressure or pressure difference, so they can be used from 0 bar up to the maximum allowable pressure. Further, the high deployment of direct-acting solenoid valves in hazardous locations is contributing to major market growth.
• In terms of function, the 2-way segment records the highest market share in 2021. A 2-way solenoid valve has two ports - an inlet and an outlet. Flow direction is critical to ensure proper operation, so there is typically an arrow indicating the flow direction. A 2-way valve is used to open or close the orifice. Further, the 2-way segment is augmenting the market growth owing to its properties such as strong corrosion resistance, tightly wounded and beautiful appearance. However, the 5-way segment registers the highest CAGR over the forecast period.
• Based on material, stainless steel holds the highest share in the Global Solenoid Valves Market in 2021 and is estimated to continue its dominance over the forecast period. Stainless steel solenoid valves are ideal for use in certain aggressive media and chemical applications.
• In terms of operation, the normally open segment dominates the solenoid valves market in 2021. A normally open solenoid valve is ideal for applications that require the valve to be open for long periods of time as this is then more energy efficient. For a normally open solenoid valve, the valve is open when de-energized and the media can flow through it. However, the normally closed segment holds the highest growth rate over the projection period.
• In terms of media, the air segment holds the highest market share in 2021. Air conditioning systems use solenoid valves to control air pressure. Further, the gas segment records the highest CAGR over the forecast period 2022-2030.
• Based on end use industry, the chemical & petrochemical segment registers the highest share in the global solenoid valves in 2021 and further registers the highest CAGR over the forecast period. This is because these important valves control gases, liquids, steam, or chemical compounds by maintaining pressure, flow levels or disseminating the energy of pressure differentials to ensure the integrity of the process.
• North America is the highest shareholder region in the Global Solenoid Valves Market in 2021 owing to the increasing application areas and advancement in fluid automation technologies. Further, the rising upgrades in manufacturing facilities of end-user industries to automate several production processes to provide greater performance, less workforce, and higher efficiencies, is also propelling the market growth in the region. However, Asia Pacific records the highest CAGR over the projection period owing to the rising expansion of end use industries in the Asia Pacific region.

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: 

• Direct-acting valves
• Pilot-operated valves

By Function segment of the Global Solenoid Valves Market is sub-segmented into: 

• 2-way
• 3-way
• 4-way
• 5-way

By Material segment of the Global Solenoid Valves Market is sub-segmented into: 

• Stainless Steel
• Aluminum
• Plastic
• Others

By Operation segment of the Global Solenoid Valves Market is sub-segmented into: 

• Normally open
• Normally closed
• Universal

By Media segment of the Global Solenoid Valves Market is sub-segmented into: 

• Air
• Gas
• Water

By Industry segment of the Global Solenoid Valves Market is sub-segmented into: 

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

By Region of the Global Solenoid Valves Market is sub-segmented into: 

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