The China solenoid valves market is projected to reach USD 1,057.2 Million by the end of 2030 with a significant CAGR of 7.4% during the forecast period. Also, the market is anticipated to grow with a CAGR of 6.7% in volume terms during the forecast period.
Increasing industrial automation along with rising demand for efficient alternatives for manual controlling of fluid flow in the industries have been instrumental for the growing demand and adoption of solenoid valves in China. Apart from that, wastage of raw materials including water, oil, chemical due to pipe leakage is another key reason for the rising adoption of solenoid valves in the manufacturing industry. For instance, according to an article by Elsevier N.V. in 2019 it was reported that 80% of the operating water tunnels in southwest China have cracking and water leakage issue.
Availability of Raw Materials in the Country
According to S&P Global Inc., it was stated that China is the world?s largest PVC producer. Also, gmk.center, the Chinese steel companies produced around 96.61 million tons of steel that is significantly higher than last 12 months. These materials are widely used as a raw material for the manufacturing of solenoid valve. Wide availability of these raw materials in China is supporting the significant market potential of solenoid valve in China. Apart from that, increasing development in the chemical industry, rising investment of the foreign investor in Chinese industry and wide application area of solenoid valves in chemical, food & beverages, pharmaceutical and other areas are fuelling the adoption rate of these valves in China market.
Large Dependency on Counterfeit Products Supply
Rising demand of solenoid valves along with advancement and widening the application field for these valves are supporting the growth of the market. However, increasing number of counterfeit products in the Chinese market is hindering the adoption of solenoid valves and substantially restraining the growth of the market during the forecast period. Also, the customers are experiencing problems such as substandard performance, failed applications, and increased cost of production and manufacturing delays and others. This subsequently resulting in the loss of brand reputation of the key players and affecting the adoption rate of their products in the Chinese market.
The Chinese solenoid valves market is segmented into type, function, material, operation, media and industry.
? Direct-acting valves
? Pilot-operated valves
The direct acting valve segment is anticipated to be valued more than USD 500.0 million during the period 2022-2030. Distinct key advantages including simple controlling system, faster response rate and tolerance to dirt are some of the reasons for the significant growth of this segment d uring the forecast period. On the other hand, pilot-operated valves segment is forecasted to grow with a significant CAGR. Undue advantages of these types of valves including compact structure, high flow capability and easy to adjust are some of the factors for the growth of this segment.
The 2-way segment holds more than 45% of the market share in 2021 in China. This segment is anticipated to grow with the highest CAGR during the forecast period. Wide range of applications including isolation, release, distribution, dosing, and mixing in a number of industries along with considerably lower cost as compared to other segments are the key reason for the significant market share of this segment.
? Stainless Steel
The stainless-steel segment is anticipated to cross USD 500.0 million by the end of 2028. Better chemical resistant along with high wear, temperature and pressure resistant material are some of the key reason for the significant market share of this segment. On the other hand, lower cost and preference towards plastic material for corrosive media like sea water is one of the key factors for the growth of the plastic segment during the study period.
? Normally open
? Normally close
Multipurpose use of the normally open solenoid valves is attributing majorly for more than 65% market share for this segment in 2021. These types of valves can also be used as safety devices which generally maintain low pressure of a system.
The universal valves are anticipated to grow with a significant CAGR during the study period. Technological advancement and alternative use for both as a close or open valve supports the growth of this segment.
The growing industrialization along with increasing research and development of the key market players towards integrating solenoid valves in the automation of the engines are offering a great opportunity to the air segment to generate more than USD 320.0 million during 2022-2030.
? Oil & Gas
? Chemical & Petrochemical
? Power Generation
The oil & gas segment held the lion?s share in the market by capturing more than 30% of the market share in 2021. The major reason for the growth of this segment is attributed to highest deployment of solenoid valves in this industry. Apart from that wide range of application starting from the collection, filtration, separation of oils and gases, solenoid valves are being deployed in every stages of the process.
Major players in the China Solenoid Valves market include Airtac, ASCO Valve Inc., BASF-YPC Company Limited, CKD Corporation, Danfoss Industries Limited, Darhor technology co., Limited, Curtiss-Wright Corporation, Festo Corporation, Fenghua Shengbang Machinery Factory, 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 30.0%.
Implementing inorganic growth strategies such as mergers and acquisition of other major players to consolidate the market share is the major attributing factor for the dominance of the major players. Apart from that recent introduction of advanced 4 way valve and universal valve are substantially increasing the market dominance of the major players in the China market.
The China 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 analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the china 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 China Solenoid Valves market report answers questions such as:
? What is the market size and forecast of the China Solenoid Valves Market?
? What are the inhibiting factors and impact of COVID-19 on the China Solenoid Valves Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the China Solenoid Valves Market?
? What is the competitive strategic window for opportunities in the China Solenoid Valves Market?
? What are the technology trends and regulatory frameworks in the China Solenoid Valves Market?
? What is the market share of the leading players in the China Solenoid Valves Market?
? What modes and strategic moves are considered favorable for entering the China Solenoid Valves Market?