Market Research.Biz, in its latest research report, asserts that the global solenoid valves market 2022 is thriving and poised to grow exponentially over the review period, recording a significant market valuation of USD 4.6 Billion by 2031, and a healthy 3.3% CAGR in the forecast period.
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Drivers and Restraints
One of the main driving forces on the global demand for solenoid valves is the steadily growing oil and gas industry. Projects previously postponed are gradually coming into service, rising demand from the upstream oil and gas sector for solenoid valves. Desalination activities are increasingly gaining acceptance among municipalities and industrial sectors in the case of water treatment, which is generating considerable demand for automation in the field. Wide product ranges, a wide range of applications, and high market penetration of solenoid valves keep the demand for these products steady, both in terms of replacement parts and new installations. Many of the major end-user industries that hold solenoid valve demand constant include oil and gas, automotive, food and beverage, and utilities.
Solenoid valves market is segmented by type, operating type, body material, and end user. ON the basis of the type, the market is segmented into 3 way, 2 way, 4 way, 5 way, and others. Based on the type, 2 way sub segment in solenoid valves market accounts for the significant market share and is growing with nearly 3.7% CAGR during review period. On the basis of the body material, the global market is segmented into stainless steel, brass body, aluminum body, plastic body, and others. On the basis of the body material, brass body sub segment accounts for the largest market share with approximately 3.30% CAGR by the end of assessment period. Based on operating type, the market is divided into indirect, direct, semi-direct and others. By operating type, commercial segment account for the largest market share and is growing with almost 3.71% CAGR by the end of review period. Whereas, based on end user, the global market is segmented into oil & gas, chemical & petrochemical, food & beverages, power generation, waste & wastewater, pharmaceuticals, automotive, medical and others. By end user, Chemical & Petrochemical segment holds the significant market share and is growing with approximately 4.13% CAGR by the end of review period.
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The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East and Africa.
The demand for solenoid valves is increasing in all regions, with optimistic growth. Increasing year-on-year application areas and developments in technology and emerging fluid automation technologies are driving the global marketplace. The market was segmented by area into North America, Europe, Asia-Pacific and the rest of the world. North America dominates the global market share of solenoid valves followed by Europe as the second largest market due to the growing demand for m-commerce while Asia Pacific is the third largest demand.
The major market players operating in the global market as identified by MRFR are Parker Hannifin Corporation (U.S.), GSR Ventiltechnik GmbH & Co. KG (Germany), Curtiss-Wright Corporation (U.S.), Asco Valve, Inc. (U.S.), IMI PLC (England) , GF Piping Systems (Switzerland), Danfoss A/S (Denmark), SMC Corporation (Japan), OMEGA Engineering (U.S.), Christian Bürkert GmbH & Co. Kg (Germany), Rotex Controls B.V (Netherlands), Cole-Parmer Instrument Company LLC (U.S.), The Lee Company (U.S.), Aira Euro Automation Pvt. Ltd (India), Cla-Val (U.S.) and Hansen Technologies (U.S.).
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