The thriving solenoid valves market is benefitting from companies like Parker Hannifin Corporation (U.S.), Curtiss-Wright Corporation (U.S.), Asco Valve, Inc. (U.S.), GF Piping Systems (Switzerland), IMI PLC (England), Danfoss A/S (Denmark), SMC Corporation (Japan), Christian Bürkert GmbH & Co. Kg (Germany), OMEGA Engineering (U.S.), Rotex Controls B.V (Netherlands), GSR Ventiltechnik GmbH & Co. KG (Germany), Cole-Parmer Instrument Company LLC (U.S.), The Lee Company (U.S.), Cla-Val (U.S.), Aira Euro Automation Pvt. Ltd (India), and Hansen Technologies (U.S.).
Solenoid valve market’s growth is getting tractions from a well-balanced rise of the food & beverage industry, exponential increase in the automotive sector, and ever-transforming chemical industry. In the food & beverage industry, its pervasive application mostly depends on the fact that solenoid valves are made of steel. The segment finds two types of solenoid valves in usage, they are direct contact valves and utility service valves. The first one comes directly in contact with food items and it stays there for a long time. But for its corrosion-resistance properties, it can withstand the impact. On the other hand, utility service valves stay in contact with water, steam and other non-food related resources.
The automotive sector is expected to witness a hike in application of solenoid valves. Its requirement to maintain the automotive flow system creates enough scope for the solenoid valves market to expand. In addition, the rapidly increasing automotive sale is providing substantial tailwind to the market. Industries, such as, healthcare, manufacturing, chemical & petrochemical are also set to benefit from the surge in innovation in the global solenoid valves market.
On the flip side, the Solenoid Valve Market could seriously feel the heat owing to the size of the equipment, equipment customization issues, and application in which the equipment is getting used. But recent technologies like electronically-controlled solenoid valves are gaining substantial traction due to the opportunity it provides in delivering the optimum output.
MRFR has segmented the solenoid valve market into type, body material, operating type and end-user. Based on the type, the solenoid valve market can be segmented into 2 way, 3 way, 4 way, 5 way and others. Its ability to reduce cost and reliability are providing traction to the global market. By body material, the global solenoid valves market can be segmented into brass, stainless steel, aluminum, plastic, and others. Considering the operating type, the global solenoid valve market includes direct, indirect, semi-direct, and others. Based on the end-user, the solenoid valves market comprises oil & gas, chemical & petrochemical, waste & wastewater, food & beverages, automotive, power generation, pharmaceuticals, medical and others. The chemical & petrochemical segment has the largest market share and they are thriving for their impressive performance across myriad industries. Its utility to have a controlled combustion system is providing thrust to the solenoid market.
The solenoid valves market has a possibility of gaining a valuation worth USD 4.6 billion by 2027. This would completely depend on the region-wise performance of the market. It would also bring forth performers who are using their potentials to the optimum level to gain the most. North America has the lead. The region showcases a vast range of industries with robust technical support and infrastructural backup. These industries and their impressive growths are creating a strong field for the regional solenoid valves market to perform well. Europe’s prominent role is also based on features that are quite similar to that of North America. These two regions are thriving on the presence of developed countries like the US, Canada, France, Germany, the UK, and others.
The APAC region is getting boosts from markets like India, China, Australia, Thailand, and others. Among these countries, India are China emerging economies with immense prospects. Several industries are coming up and investments are flowing in from both government and private sectors. Such advantages are proving fertile for the regional market.
In June 2019, Mahindra received the first round of review for their newly-launched Mahindra XUV300. This new model features Marelli-sourced (previously Magnetti Marelli) actuator with an actuation pack comprising TCU solenoid valves. This is expected to give drivers unprecedented driving experiences.
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