Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 4.62 Billion | USD 7.12 Billion | 4.92% | 2023 |
According to Zion Market Research, the global Solenoid Valve Market was worth USD 4.62 Billion in 2023. The market is forecast to reach USD 7.12 Billion by 2032, growing at a compound annual growth rate (CAGR) of 4.92% during the forecast period 2024-2032.
The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Solenoid Valve industry over the next decade.
Solenoid valve refers to the system within which solenoid is used in order to control valve activation. In the solenoid valve, electrical current flows within the solenoid valve. Solenoid valves are known to be electromechanically controlled valves used to regulate gas or liquid flow. Solenoid valves are most widely used as control components in fluids. They perform a number of functions, such as releasing, shutting down, combining or distributing fluids.
As the solenoid valve industry is progressing at a fast speed, a substantial rise is anticipated in the coming years. New innovations are emerging in the solenoid valve industry due to continuous advances. The factors driving the global evolution of the solenoid valve industry are the increased use of solenoid valves in different industrial sectors, poor power usage, and lower prices.
In addition, the production of new solenoid valves, such as micro-miniature, pinch, and personalized valves, has stimulated the global growth of the solenoid valve industry. Few issues have had a detrimental effect on the market development of the solenoid valve; some of them are power failure, an incorrect voltage that can impair the function of the solenoid valve, as a result of which the solenoid valve cannot be opened, and so on are typical problems associated with the solenoid valve.
The global solenoid valve market is segmented based on material, valve design type, and end user.
By body material, the target market is segmented as stainless steel, brass, aluminum, and plastic.
On the basis of valve design type, the target market is divided into 2-way, 3-way, 4-way, and 5-way.
On the basis of end-user, the target market is divided into oil and gas, chemical and petrochemical, water and wastewater, food and beverages, power generation, pharmaceuticals, automotive, medical, and others.
Report Attributes | Report Details |
---|---|
Report Name | Solenoid Valve Market |
Market Size in 2023 | USD 4.62 Billion |
Market Forecast in 2032 | USD 7.12 Billion |
Growth Rate | CAGR of 4.92% |
Number of Pages | 110 |
Key Companies Covered | ASCO Valve, Inc., Danfoss A/S, CKD Corporation, Christian Bürkert GmbH & Co. KG, SMC Corporation of America, IMI plc Company, GSR Ventiltechnik GmbH & Co. KG, ODE s.r.l., Kaneko Sangyo Co., Ltd., CEME S.p.A., Takasago Electric Industry Co., Ltd., Parker Hannifin Corp., and Ningbo Mailing Pneumatic Co., Ltd. among others. Major players in the global market are focusing on strengthening their position in the target industry by applying various business strategies |
Segments Covered | By Material, By Valve Design Type, By End User And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The North America and Europe solenoid valve market are projected to hold a significant share globally in the future, owing to a well-established health care system, strong research & development infrastructure, technological advancements, and the presence of major players in these regions. Further, the presence of well-established domestic players is expected to fuel the growth of the market in the Asia Pacific. The MEA solenoid valve market is anticipated to grow at a moderate rate in the years ahead.
Some main participants of the solenoid valve market are
By Body Material
By Valve Design Type
By End User
Solenoid Valve Market: Regional Segment Analysis
FrequentlyAsked Questions
A solenoid valve is an electromechanical device that regulates the passage of fluids (liquids or gases) within a system. It operates by generating a magnetic field that moves a plunger or armature, thereby opening or closing the valve, using an electric current. Solenoid valves are extensively employed in a variety of applications, such as industrial operations, HVAC systems, and irrigation systems.
The demand for solenoid valves to regulate fluid flow in automated systems is being driven by the increasing prevalence of automation in a variety of industries, such as manufacturing, oil and gas, and water treatment.
According to Zion Market Research, the global Solenoid Valve Market was worth USD 4.62 Billion in 2023. The market is forecast to reach USD 7.12 Billion by 2032.
According to Zion Market Research, the global Solenoid Valve Market a compound annual growth rate (CAGR) of 4.92% during the forecast period 2024-2032.
Further, the presence of well-established domestic players is expected to fuel the growth of the market in the Asia Pacific. The MEA solenoid valve market is anticipated to grow at a moderate rate in the years ahead.
Some main participants of the solenoid valve market are ASCO Valve, Inc., Danfoss A/S, CKD Corporation, Christian Bürkert GmbH & Co. KG, SMC Corporation of America, IMI plc Company, GSR Ventiltechnik GmbH & Co. KG, ODE s.r.l., Kaneko Sangyo Co., Ltd., CEME S.p.A., Takasago Electric Industry Co., Ltd., Parker Hannifin Corp., and Ningbo Mailing Pneumatic Co., Ltd. among others. Major players in the global market are focusing on strengthening their position in the target industry by applying various business strategies.
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