Pune, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Solenoid Valve Market Overview:
“As per the SNS Insider Research, The Solenoid Valve Market size was valued at US$ 4.98 billion in 2023 and is expected to grow to US$ 7.05 billion by 2032, achieving a compound annual growth rate (CAGR) of 3.94% over the forecast period of 2024-2032.”
The Evolution of Solenoid Valves: Intelligent Solutions for a Changing Marketplace
Technological innovations and changing customer demands are causing significant progress in the solenoid valve market. One significant development is the rise of intelligent and IoT-enabled solenoid valves, providing improved features by allowing real-time monitoring and predictive maintenance. These advancements are in line with the industry's move towards automation and digitalization, allowing manufacturers to offer solutions that enhance system performance and boost operational efficiency. Moreover, there is a growing need for solenoid valves that are customized and designed for specific applications, prompting manufacturers to create specialized solutions to meet individual customer needs. This level of flexibility allows companies to stand out in a competitive environment and cater to a wide range of industries like automotive, healthcare, and water management. In spite of these chances, the solenoid valve industry is dealing with obstacles that may impede expansion. Significant upfront expenses of setup and upkeep can be a hindrance, especially in industries prioritizing cost savings due to budget limitations. Furthermore, solenoid valves can be limited in their operation under extreme conditions like high pressure and temperature, which can limit their use in specific environments. This may cause customers to explore other options for flow control such as manual valves, pneumatic actuators, and electric actuators.
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Major Players Analysis Listed in this Report are:
- CKD Corporation
- Emerson Electric Corporation
- Kendrion
- GF Piping Systems
- IMI Precision Engineering
- Danfoss Industries Ltd
- Curtiss-Wright Corporation
- Parker Hannifin Corporation
- ASCO Valves Inc.
- Rotex Automation
- SMC Corporation
- Bosch Rexroth
- Festo AG
- Schneider Electric
- Rockwell Automation
- Siemens
- Honeywell International Inc.
- ABB Group
- Yokogawa Electric Corporation
- Mitsubishi Electric & Other Players
Solenoid Valve Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.98 billion |
| Market Size by 2032 | USD 7.05 billion |
| CAGR | CAGR of 3.94% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The increasing adoption of automation across industries like oil and gas, pharmaceuticals, chemicals, and food & beverages is driving the demand for solenoid valves, as they improve efficiency, accuracy, and minimize human errors in fluid control processes. |
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Segmentation: 2023 Solenoid Valve Market Overview: Stainless Steel and 2-Way Function Trends
By Material: In 2023, the stainless-steel segment held the majority share of 35.32% in the solenoid valve market and is expected to grow significantly in the coming period. Stainless steel is a popular choice for manufacturing items because it is extremely durable, corrosion-resistant, and can withstand high temperatures and pressures. Its ability to handle harsh chemicals makes it particularly suitable for industries such as oil & gas, chemical processing, food & beverage, and pharmaceuticals.
By Function: In 2023, the 2-way function segment was the leading player in the solenoid valve market, capturing a revenue share of 42.93% and expected to see significant growth in the future. These valves are often used for regulating the opening and closing of functions in a range of applications like water systems, HVAC, industrial automation, and medical devices. They have a simple design and practicality, making installation and maintenance easy.
Solenoid Valve Market Key Segmentation:
By Material
- Stainless Steel
- Brass
- Aluminum
- Plastic
By Function
- 2 Way
- 3 Way
- 4 Way
- Other Functions
By End Use
- Oil & gas
- Chemical & Petrochemical
- Water & Wastewater
- Food & Beverages
- Power Generation
- Pharmaceuticals
- Automotive
- Other End Uses
Key Regional Development: Europe Holds 42.06% Share in Solenoid Valves, Forecasting Significant Growth
Europe is dominating the solenoid valve market with a share of around 42.06% in 2023 and is expected to see significant expansion during the projected period. The area's advancement is powered by its sophisticated industrial capacities, stringent environmental rules, and emphasis on technological creativity. The primary markets driving this demand include Germany, France, the UK, and Italy. Furthermore, efforts to reduce carbon footprints and enhance energy efficiency are still backing the utilization of advanced solenoid valves, which offer precision and reliability in the field.
Future Growth of the Market
| Key Trend | Description |
| Automation | Increasing investments in smart manufacturing and industrial automation make solenoid valves essential in modern industrial processes. |
| IoT Integration | The proliferation of IoT and smart technologies enhances solenoid valves with capabilities like real-time monitoring, predictive maintenance, and user control. |
| Demand for Smart Valves | Growing automation needs drive significant demand for smart solenoid valves, which incorporate advanced features such as IoT connectivity and data analysis. |
| Energy Efficiency | The demand for energy-efficient solutions fuels innovation in valve design, focusing on low energy consumption and compliance with international energy standards. |
| Customization | The need for application-specific solutions drives growth; manufacturers offering tailored products gain a competitive edge, especially in healthcare and automotive. |
| Emerging Markets | Industrialization and infrastructure improvement in Asia-Pacific and Latin America contribute significantly to market growth and demand for solenoid valves. |
| Strategic Collaborations | Anticipated partnerships, mergers, and acquisitions among companies aim to expand product offerings and enhance competitiveness through innovative solutions. |
Recent Developments
In August 2023: SMC Corporation introduced their latest product, 2-port solenoid valves made of stainless steel. It is anticipated that this product will be utilized for drinking water purposes.
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Table of Contents- Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Solenoid Valve Market Segmentation, By Type
9. Solenoid Valve Market Segmentation, By Industry
10. Solenoid Valve Market Segmentation, By Application
11. Regional Analysis
12. Company profile
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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