Global Solenoid Valves Market was valued at US$ 4.1Bn in 2019 and is expected to reach US$ 5.9Bn by 2027, at a CAGR of 4.65% during a forecast period.
The increased incorporation of valves in different phases of the extraction process in the chemical and petrochemical industries could be a major driver for the solenoid valves market globally. The continuous retrofitting works in the aforementioned industries would significantly drive the market. Additionally, the rising need for automation in the power industry is expected to drive the market during the forecast period. Solenoid valves are significant components to the power generation industry, and so the growing investment in expanding power generation capacity will also be a market driving factor.
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The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Major challenges of the global solenoid valves market are, various economic, environmental, political, and social factors are moving the price of solenoid valves. Also, the slump in oil & gas prices and the rise in decommissioning of thermal power generation plants are greatly affecting the solenoid valves market.
Based on body material, the stainless steel segment established a major share of the market in 2017 followed by brass because of the higher demand for stainless steel for manufacturing solenoid valves. Brass body segment holds the largest market rising with approximately 3.2% CAGR by the during the forecast period.
Region-wise, the Asia Pacific will dominate the Global Solenoid Valves Market during the forecast period. It is expected to generate US$ 3.2Bn by 2026 at a CAGR of 5.8%. The adoption of solenoid valves in industrial applications will increase the growth of the Asia Pacific market during the forecast period. China has the largest share in the solenoid valves market. Increasing countries like India and South Korea also present better opportunities for solenoid valve manufacturers. In China, the rising investment in the power generation industry, which depends on renewable energy sources, is the second largest industry for solenoid valves. The solenoid valve is a significant component in these industries and aids the control of liquids and gases.
Recent development in global solenoid valves market, Pentair Plc., a water treatment company that designs and productions valves and actuators, merged with Emerson Electric Company, a leading key player in the industry that deliveries products for industrial automation, process management, network power, and commercial solutions in 2017.
In China, Rotork fitted ELB units into gas-over-pipeline actuators for line break monitoring. The task of the ELB units is to permit the operator to monitor the running condition of the gas pipeline and the status of the valves. The ELB units are providing with an array of programmable alarm and alert indicators, which can assist the operator closes the appropriate valves.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Solenoid Valves Market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Solenoid Valves Market.
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Scope of Global Solenoid Valves Market
Global Solenoid Valves Market, By Body Material:
• Stainless Steel
Global Solenoid Valves Market, By Valve Design Type:
Global Solenoid Valves Market, By Industry:
• Oil & Gas
• Chemical & Petrochemical
• Water & Wastewater
• Food & Beverages
• Power Generation
Global Solenoid Valves Market, By Region:
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in the Global Solenoid Valves Market
• Asco Valve, Inc.
• Christian Bürkert GmbH & Co. Kg
• Curtiss-Wright Corporation
• Danfoss A/S
• GSR Ventiltechnik GmbH & Co. Kg
• IMI PLC
• Parker Hannifin Corporation
• Rotex Controls B.V.
• SMC Corporation
• The LEE Company
• Norgen Industrial Co.
• Emerson Electric Co.
• Kaneko Sangyo
• Fenghua Fuyida Electrical
• Anshan Electromagnetic Value
• PRO UNI-D
• Takasago Electric
• Infoblox Inc
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Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
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