The Solenoid Valve market is projected to grow at a CAGR of 3.20% to reach US$5.939 billion by 2026 from US$4.765 billion in 2019.
A solenoid valve is essential for an electromechanically operated valve. The valve consists of a solenoid, which is an electric coil. It has a movable ferromagnetic core located in its center. When electric current passes through the coil, a magnetic field gets created, which in turn, creates upward pressure on the ferromagnetic core. It is typically used to control the flow of air or liquid in fluid power systems.
A major reason for the growth of this market is the evolution of miniature solenoid valves.
The evolution of miniature solenoid valves is expected to boost market growth. They are effectively used to control the flow. Pressure and direction of both gases and fluids. The miniature solenoid valves have greater life and better-automated functions and hence they are used in the entire medical device industry. This, in turn, has driven the growth of the market of gas and liquid valves.
Their application in the construction industry is expected to drive the demand for this market in the forecast period.
Many developed countries have witnessed major economic growth and emerging markets. This growth is also backed by low-interest rates. This in turn has increased the growth in the construction market. The Middle East, North America, and the Asia Pacific are expected to flourish in the construction market in the coming years. The solenoid valve is extensively used in the construction industry and is expected to be boosted by the rapidly growing construction market.
The growth of the food and beverage industry is anticipated to fuel the growth of this market.
The demand for solenoid valves has increased in the food and beverage and agriculture industries. Corrosive and anti-bacterial fluids are extensively used to minimize the risk of food contamination by cleaning the food production lines. This method of aggressive cleaning requires solenoid valves. Moreover, the solenoid valves are used to automatically irrigate flowers, bushes, and plants. The growth in the food and agriculture industry is also expected to bolster the growth of the solenoid valve market.
The rising technological innovation is also projected to positively impact the sales of solenoid valves.
The solenoid valves are quite efficient in use and help in minimizing energy consumption and fluid flow resistance. Many companies are working towards developing low power, low noise motors, and energy-saving valves. This in turn will enable many industries to control the energy consumption and will help the valve industry to grow.
The increase in demand for Electric Vehicles is also expected to positively affect this market.
The solenoid valves are extensively used in Hybrid Electric Vehicles (HEV) and Electric Vehicles (EV). As technological progress in the electrification of vehicles is taking place, the demand for such vehicles is growing perpetually. This increase in demand is expected to contribute significantly to the growth of the solenoid valve market.
The rising need for water treatment is also bolstering the demand for this market.
According to the world water development report 2019, more than 2 billion people are living in countries facing secure water shortages. There has been a significant increase in the amount of industrial waste disposed of in water bodies. Manufacturing and industrial activities have witnessed a steep increase across the world. A variety of solenoid valves are used in the water treatment industry. These include valves such as plastic, brass, and stainless steel. Water treatment is gaining popularity amongst the municipalities and the industrial sector. This will increase the demand for solenoid valves.
The increase in oil production and a shift towards sustainable energies is expected to drive the growth of the market
Oil production across the world has increased rapidly. The oil and gas industries are investing significantly. Recently, OPEC and its allies have announced the gradual increase in oil production by 3,50,000 barrels. This calls for the need for an effective and efficient solenoid valve system.
Nowadays many countries across the world are heavily investing and shifting towards hydrogen energy, solar thermal power plants, and geothermal energy. This has driven the growth of the solenoid valve market.
The impact of COVID-19.
Due to the outbreak of the COVID-19 pandemic, the government has imposed many restrictions and has shut down all businesses. This has severely impacted the food and agriculture industry, oil and gas industry, and the market for electronic vehicles. The gradual spread of the virus had lowered the demand for almost all the products. Since the solar cells and modules are mainly imported from China, the surge of novel coronavirus has impacted the implements of solar projects, which in turn, has caused a decline in the growth of the solenoid valve market. The market is estimated to decline due to the COVID-19 pandemic.
|Market size value in 2019||US$4.765 billion|
|Market size value in 2026||US$5.939 billion|
|Growth Rate||CAGR of 3.20% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Material, Operations, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Emerson Electronic Co., Curtiss-Wright, GSR Ventiltechnik, Parker Hannifin Corp., SMC Corporation, The Lee Company, Burkert Fluid Control Systems, Danfoss A/S, Rotex Automation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global solenoid valve market?
A1. Solenoid Valve Market was valued at US$4.765 billion in 2019.
Q2. What will be the solenoid valve market size by 2026?
A2. The solenoid valve market is projected to reach a total market size of US$5.939 billion by 2026.
Q3. What are the growth prospects for the solenoid valve market?
A3. The global solenoid valve market is projected to grow at a CAGR of 3.20% during the forecast period.
Q4. What factors are anticipated to drive the solenoid valve market growth?
A4. The evolution of miniature solenoid valves is expected to boost the solenoid valve market growth.
Q5. How is the global solenoid valve market segmented?
A5. The global solenoid valve market has been segmented based on material, operations, end-user, and geography.