The global solenoid valves market held a market value of USD 4,222.7 million in 2021 and is projected to grow at a CAGR of 5.6% in value terms from 2022 to 2030. Around 113,816.3 thousand units of solenoid valves were sold in 2021.
Increasing focus towards the automation of industries in the developed countries as well as emerging countries including China, India, Japan are augmenting the adoption of a number of advanced technologies such as solenoid valve during the study period. Furthermore, stringent initiatives towards decreasing wastage of raw materials during the flow through pipelines, majority of the industries adopted solenoid valve with an aim to control the flow of the raw material including liquid and gas and to stop the flow automatically when leakage is detected.
Surging Adoption of Solenoid Valves in Food & Beverage Industry
Increasing application of solenoid valves in sterilization, pasteurization systems, agro food processing, food freezing and others are constantly fuelling the demand of these valves in the market. This along with preference towards automatic controlling of the flow of liquid and gas to avoid contamination in the food industry is another key reason for the high adoption of these valve in this industry. This subsequently is driving the market growth during the study period.
Apart from that, recent advancement of technology has evolved the power source as renewable energy for the power generation of solenoid valve. Key manufacturers are taking initiatives to manufacture solenoid valves in certain way to withstand harsh environment and offer reliable function by a renewable energy source. This advancement has been instrumental for the higher adoption rate of these valves in the industries and support the market growth.
Although certain technical drawbacks are hindering the market growth of this valves. Some of them are sensitivity towards voltage fluctuation during operation, effect of flow on the valve fluid. Additionally, the solenoid coil may need to change over the lifetime of the valve. These drawbacks along with moderate to high price of 4-way and 5-way solenoid valves are restraining the market growth during the study period.
The global solenoid valves market is segmented into type, function, material, operation, media and industry.
? Direct-acting valves
? Pilot-operated valves
Direct-acting valves is anticipated to generate a revenue of more than USD 1,000.0 million during 2022 to 2030. Some distinct advantages of direct acting valves supported the growth of this segment during the forecast period. Some of them are, these valves can be used in negative pressure circuit, also widely available in compact 2/2 way normally open or closed version.
On the other hand, pilot operated valves are forecasted to grow with a significant CAGR due to efficiency during very large flow, in a minimum pressure differential.
The 2-way solenoid valves hold more than 35% of the market share in 2021. Wide range of application field along with affordability contribute to the significant market share of this segment. Application in variable flow system, chilled or hot water application are some of the application field for these types of valves.
Apart from that, 5-way solenoid valves are expected to grow with the highest CAGR during the study period. Technological advancement along with application as directional control valves are some of the factors for the highest CAGR of this segment.
? Stainless Steel
The stainless-steel segment is anticipated to cross USD 2,000.0 million by the year 2025. Increasing preference towards stainless steel due to its high anti corrosive nature along with high durability as compared to other materials. However, aluminum segment is also gaining popularity because of its wide adoption in automotive system, vacuum system, and others.
? Normally open
? Normally closed
The normally open solenoid valves hold more than 60% of the market share in 2021. Low cost structure and energy saving option for those industries where minimum stoppage of flow is required. This is leading to the large adoption of these valve across the globe. However, reversible use of universal valves are one of the major factors for the significant CAGR of this segment during the study period.
The air segment is anticipated to contribute more than USD 950.0 million during the forecast period. Increasing application of pilot operated pneumatic solenoid valves for the efficient control of air cylinder and air actuators are one of the major factors for the growth of this segment.
? Oil & Gas
? Chemical & Petrochemical
? Power Generation
The chemical & petrochemical segment is forecasted to grow with the highest CAGR during the study period owing to rising adoption of solenoid valve in the chemical industry to increase the efficiency and provide a safe and environment especially during the leakage of any harmful chemicals while operation.
Automotive segment is forecasted to contribute more than USD 500.0 million in 2023 owing to rising adoption of solenoid valve to regulate the flow of oil, anti-skid brake fluid and others in the motor vehicle.
By region, the global solenoid valves market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North America region accounted for the lion?s share of more than 40% of the market 2021. Increasing initiatives in the automation of the industries along with rising disposable income and presence of key players in this region is attributed for the largest market share of this region. Increased per capita income along with advanced lifestyle are some of the primary reasons for the growth of this region. However, Asia Pacific region is expected to grow with fastest CAGR during the study period. Increased industrialisation across this region is one of the major factors for the rising adoption of solenoid valves in this region. According to an article published in Investopedia in December 2021, China ranks number one producer of car in the world and completed 26 million motor vehicle production in 2019 which is roughly 28% of all cars and trucks produced globally. This rising initiatives of the industrialist of the emerging countries is fuelling the growth opportunity of this region on the market.
Major players in the global frozen food market include Airtac, ASCO Valve Inc., Danfoss Industries Limited, Curtiss-Wright Corporation, IMI Precision Engineering, Emerson Electric Co., Juliang Valve, Parker Hannifin Corporation, Zhejiang Yongjiu, among others. The cumulative market share of the five major players is close to 40%.
Emphasis on product introduction as well as rising initiatives for inorganic growth strategies such as merger and acquisition are some of the key factors for the dominance of the key players. For instance, in December 2021, Danfoss Industries Limited introduced new EVT solenoid valve range for CO2 systems upto 140 bar with an aim to work efficiently under high pressure. Also, in April 2022, Emerson Electric Co., expanded its ASCO series090 line of miniature solenoid valve by the addition of a 3-way series 090 valve configuration with an aim to offer more space efficient solution for gas control in oxygen therapy, compression therapy and others.
The global solenoid valves market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyses penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & aacquisitions, certifications, product launches in the global solenoid valves market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Frozen Food market report answers questions such as:
? What is the market size and forecast of the Global Solenoid Valves Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Solenoid Valves Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Solenoid Valves Market?
? What is the competitive strategic window for opportunities in the Global Solenoid Valves Market?
? What are the technology trends and regulatory frameworks in the Global Solenoid Valves Market?
? What is the market share of the leading players in the Global Solenoid Valves Market?
? What modes and strategic moves are considered favorable for entering the Global Solenoid Valves Market?