In this rapidly changing world of technology, solenoid valves market is projected to show major growth prospects during the forecast period. The market is growing prominently owing to the convincing features like these valves offer such as low power consumption, effective and efficient output and the proven reliability with thousands of successful applications. These are just some of the compelling reasons why so many end users turn to solenoid valves when it comes to critical application such as hazardous area fluid control. Additionally, technology advancement coupled with automotive flow system is fostering the market growth. Moreover, increasing demand for solenoid valves across various industry verticals such as healthcare, manufacturing, chemical & petrochemical and others is fueling the growth of the global market.
The global Solenoid Valve Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the electronic cash register market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the North American electronic cash register market owing to the presence of a large number of established key players such as Curtiss-Wright Corporation, Asco Valve, Inc., Parker Hannifin Corporation and OMEGA Engineering in this region. Due to a considerable shift demand for water treatment plants and increasing adoption of solenoid valves in the food and beverages industry in the region, the market is likely to show immense growth in the coming future. Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the global solenoid valves market.
In the global electronic cash register market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of digital advancements and increasing adoption of workflow automation across different countries in the region.
The factors that hinder the market growth are the size of the equipment, level of customization of the equipment, and application in which the equipment is used. Adversely, solenoid valves are becoming more popular these days as it can be controlled electronically giving optimum output
The solenoid valves market is growing rapidly over 3.3% of CAGR and is expected to reach at approx. USD 4.6 Billion by the end of forecast period.
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- The global solenoid valves market is expected to reach USD 4,661.15 Million by 2027.
- By type, 2 way sub segment in solenoid valves market accounts for the largest market share and is growing with approximately 3.7% CAGR during forecast period.
- By body material, brass body sub segment holds the largest market growing with approximately 3.30% CAGR by the end of forecast period.
- By operating type, commercial sub segment holds the largest market share and is growing with approximately 3.71% CAGR by the end of forecast period.
- By end user, Chemical & Petrochemical sub segment holds the largest market share and is growing with approximately 4.13% CAGR by the end of forecast period.
- Geographically, North America region has been projected to hold the largest market share in global solenoid valves market followed by Europe region, while Asia Pacific ranks third in the solenoid valves market.
Solenoid valves Market Segmentation:
The solenoid valves market has been segmented on the basis of type, body material, operating type and end user. The end user segment is further classified into chemical & petrochemical, oil & gas, food & beverages, waste & wastewater, power generation, automotive, pharmaceuticals, medical and others. Various industries are adopting it to increase their efficiency and development. However, Chemical & petrochemical end users segment holds the largest market share of the solenoid valve market. Solenoid valves in petrochemical industries are used to control combustion systems and control line applications. Owing to this, they are increasing being implemented in chemical and petrochemical industries.
The prominent players in the solenoid valves market are – Curtiss-Wright Corporation (U.S.), Asco Valve, Inc. (U.S.), Parker Hannifin Corporation (U.S.), IMI PLC (England) , GF Piping Systems (Switzerland), SMC Corporation (Japan), Danfoss A/S (Denmark), OMEGA Engineering (U.S.), Christian Bürkert GmbH & Co. Kg (Germany), GSR Ventiltechnik GmbH & Co. KG (Germany), Rotex Controls B.V (Netherlands), The Lee Company (U.S.), Cole-Parmer Instrument Company LLC (U.S.), Aira Euro Automation Pvt. Ltd (India), Cla-Val (U.S.) and Hansen Technologies (U.S.).
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Market Research Analysis:
North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The North American market is witnessing a rapid growth due to technological advancements and increasing demand for efficient solenoid valves across different industry verticals in this region. U.S. holds the majority of market share both in terms of revenue as well as the growing demand for automation.
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