The Solenoid Valve Market size was valued at USD 5.6 billion in 2022 and is expected to grow to USD 8.02 billion by 2030 and grow at a CAGR of 4.6% over the forecast period of 2023-2030.
A solenoid valve can also be employed as a component of a system to control the flow of water in hydropower, a type of renewable energy. The increase in renewable energy projects is likely to drive the market under consideration. For example, as part of Invest Karnataka, ABC Cleantech and the Government of Karnataka signed an MoU in November this year to establish a green hydrogen production unit and costing an estimated USD Six billion dollars.
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Due to their widespread use in the process industries, two-way solenoid valves will account for 38.9% of the market in 2022. Automation requires equipment such as valves, actuators, positioners, sensors, and so on. Solenoid valves are most commonly seen in sawdust control, hydraulic lifts, log misting systems, process heating, and other applications. Furthermore, significant investment in process industries has spurred the use of solenoid valves in a variety of industries. Because of its automatic flow control capabilities, size, leak block, lower price, and reduced power consumption mechanism, the use of Solenoid valves with better electric current and magnetic field usage is rapidly increasing. The automotive industry is a rapidly developing area in the Solenoid Valves market, with a CAGR of 9.4% from 2021 to 2026, owing to widespread implementation in luxury and high-end automobiles as well as manufacturing processes. The rebound from low sales will be a major market driver for the automotive industry. The power generation industry is a significant end-user of solenoid valves. With the increasing energy demand, the sector is rapidly expanding. The chemical industry has also dominated the market for solenoid valves.
KEY DRIVERS:
Growing adoption in various industries is boosting market growth.
The increased utilization of solenoids in various industries is driving the market CAGR for solenoid valves. The solenoid valve is the most commonly utilized valve in the food processing industry. The growing demand in the wastewater treatment industries is propelling the solenoid valve market forward. The market will rise as a result of R&D efforts and technological advancement. Some of the benefits of solenoid valves that make them a sustainable alternative are reduced power consumption and lower pricing.
Increasing the number of power plants and the use of solenoid valves
RESTRAIN:
Design Options Are Limited
One of the most serious problems with solenoid valves is technological failure. The valves may not function effectively in certain scenarios, such as power outages and unequal pressure. OEMs, on the other hand, test the product before it is released to the market. Furthermore, end-user industries confront a significant difficulty with solenoid valves because foreign matter accumulates within the core tubes of the valves and obstructs function due to contaminated fluids and gases.
OPPORTUNITY:
Demand for wastewater treatment has increased
CHALLENGES:
High cost associated
The high cost of solenoid valves will slow the market's growth pace. The market will also face challenges from shifting component pricing and a demand-supply gap. Other constraints, such as technical restrictions and the advent of unfavorable conditions as a result of the COVID-19 outbreak, will impede market expansion.
IMPACT OF RUSSIA-UKRAINE WAR
Indeed, the war has expedited measures that were 'unthinkable' before the war, according to Kataryna Wolczuk, associate fellow at Chatham House Russia and Eurasia scheme, such as Ukraine's EU candidate status being granted within three months. Similarly, the European Peace Facility budget, which was rarely utilized before the crisis in Ukraine, has been used five times, providing €2.5 billion® in cash and equipment for Ukraine's defenses.
IMPACT OF ONGOING RECESSION
It's all over the place: A recent Wall Street Journal survey of economists put the likelihood of a recession in 2023 at 61%. Even 96-year-old former Federal Reserve Chairman Alan Greenspan has spoken out, declaring that a recession is "the most likely outcome" given the current economic conditions trajectory. Advanced economies emerging markets and developing economies are in recession for the first time since the Great Depression. Growth in advanced economies is expected to be -6.1% this year. Emerging markets and emerging economies with normal growth rates significantly higher than advanced economies are likewise anticipated to have negative growth rates of -1.0% in 2020, and -2.2% if China is excluded. Both advanced economies and developing economies. In 2021, emerging markets and developing economies are likely to recover partially.
By Type
Direct-acting Valves
Pilot-operating Valves
By Industry
Oil & Gas
Chemical & Petrochemical
Power Generation
Pharmaceutical
Automotive
Medical
Others
By Application
2-Way
3-Way
4-Way
5-Way
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REGIONAL ANALYSIS
Due to rising population, increased demand for fuel and petroleum products, and rising disposable income of the middle-class population, Asia Pacific is expected to be one of the fastest-growing markets for solenoid valve installations in food & beverage, automotive, power generation, oil & gas, healthcare & pharmaceutical region.
According to British Petroleum (BP), China is the Asia-Pacific region's top oil user, consuming 15.5 million barrels per day last year. In the same year, India consumed approximately 4.95 million barrels per day, making it the region's second-largest oil user. In addition, the Asia Pacific region's oil production was 7,428 thousand barrels per day in 2022 and 7,335 thousand barrels per day in 2021.
North America dominates the solenoid valve market and will continue to do so due to the presence of key manufacturers and significant players in this region. Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period due to the increasing investment in water treatment plants and rising efforts to deliver clean water in this region.
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
Some of the key players are CKD Corporation, Emerson Electric Corporation, Kendrion, GF Piping, IMI Precision Engineering, Danfoss Industries Ltd, Curtiss Wright Corporation, Parker Hannifin Corporation, ASCO Valves Inc., Rotex automation, SMC Corporation, The Lee Company and other players are listed in a final report.
Emerson Electric Corporation-Company Financial Analysis
RECENT DEVELOPMENTS
The CKD Corporation introduced a direct-acting 2,3-port solenoid valve in June 2022; these valves are multi-fit valves for multi-fluid management. The goal behind this series is to provide the market with ease of use and great reliability. This new series will aid in carbon neutralization by reducing waste and CO2 emissions through power savings.
Emerson introduced the ASCO Series 090 range of small solenoid valves in April 2022. A three-way Series 090 valve was added design to give more space-efficient and lighter gas control solutions for oxygen therapy, gas analyzer devices, and compression therapy.
GF Piping system introduced the OFUI pressure regulating valve in February 2021 for easier water management. It is a small polymer valve that is 9 times lighter and takes 40% less time to install than a regular metal PVR.
| Report Attributes | Details |
|
Market Size in 2022 |
US$ 5.6 Bn |
|
Market Size by 2030 |
US$ 8.02 Bn |
|
CAGR |
CAGR of 4.6% From 2023 to 2030 |
|
Base Year |
2022 |
|
Forecast Period |
2023-2030 |
|
Historical Data |
2019-2021 |
|
Report Scope & Coverage |
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
|
Key Segments |
By Type (Direct-acting Valves, Pilot-operating Valves), By Industry (Oil & Gas, Chemical & Petrochemical, Power Generation, Pharmaceutical, Automotive, Medical, Others), By Application (2-Way, 3-Way, 4-Way, 5-Way) |
|
Regional Analysis/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) |
|
Company Profiles |
CKD Corporation, Emerson Electric Corporation, Kendrion, GF Piping, IMI Precision Engineering, Danfoss Industries Ltd, Curtiss Wright Corporation, Parker Hannifin Corporation, ASCO Valves Inc., Rotex automation, SMC Corporation, The Lee Company |
|
Market Opportunities |
•Demand for wastewater treatment has increased |
|
Market Challenges |
•High cost associated |
Ans: The Solenoid Valve Market is growing at a CAGR of 4.6% from 2023 to 2030.
Ans: The Solenoid Valve Market size was valued at USD 5.6 billion in 2022.
Growing adoption in various industries is boosting market growth and increasing the number of power plants and the use of solenoid valves.
High cost associated.
North America is dominating the Solenoid Valve Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Solenoid Valve Market Segmentation, By Type
8.1 Direct-acting Valves
8.2 Pilot-operating Valves
9. Solenoid Valve Market Segmentation, By Industry
9.1 Oil & Gas
9.2 Chemical & Petrochemical
9.3 Power Generation
9.4 Pharmaceutical
9.5 Automotive
9.6 Medical
9.7 Others
10. Solenoid Valve Market Segmentation, By Application
10.1 2-Way
10.2 3-Way
10.3 4-Way
10.4 5-Way
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Solenoid Valve Market by Country
11.2.2North America Solenoid Valve Market by Type
11.2.3 North America Solenoid Valve Market by Industry
11.2.4 North America Solenoid Valve Market by Application
11.2.5 USA
11.2.5.1 USA Solenoid Valve Market by Type
11.2.5.2 USA Solenoid Valve Market by Industry
11.2.5.3 USA Solenoid Valve Market by Application
11.2.6 Canada
11.2.6.1 Canada Solenoid Valve Market by Type
11.2.6.2 Canada Solenoid Valve Market by Industry
11.2.6.3 Canada Solenoid Valve Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Solenoid Valve Market by Type
11.2.7.2 Mexico Solenoid Valve Market by Industry
11.2.7.3 Mexico Solenoid Valve Market by Application
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Solenoid Valve Market by Country
11.3.1.2 Eastern Europe Solenoid Valve Market by Type
11.3.1.3 Eastern Europe Solenoid Valve Market by Industry
11.3.1.4 Eastern Europe Solenoid Valve Market by Application
11.3.1.5 Poland
11.3.1.5.1 Poland Solenoid Valve Market by Type
11.3.1.5.2 Poland Solenoid Valve Market by Industry
11.3.1.5.3 Poland Solenoid Valve Market by Application
11.3.1.6 Romania
11.3.1.6.1 Romania Solenoid Valve Market by Type
11.3.1.6.2 Romania Solenoid Valve Market by Industry
11.3.1.6.4 Romania Solenoid Valve Market by Application
11.3.1.7 Turkey
11.3.1.7.1 Turkey Solenoid Valve Market by Type
11.3.1.7.2 Turkey Solenoid Valve Market by Industry
11.3.1.7.3 Turkey Solenoid Valve Market by Application
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Solenoid Valve Market by Type
11.3.1.8.2 Rest of Eastern Europe Solenoid Valve Market by Industry
11.3.1.8.3 Rest of Eastern Europe Solenoid Valve Market by Application
11.3.2 Western Europe
11.3.2.1 Western Europe Solenoid Valve Market by Type
11.3.2.2 Western Europe Solenoid Valve Market by Industry
11.3.2.3 Western Europe Solenoid Valve Market by Application
11.3.2.4 Germany
11.3.2.4.1 Germany Solenoid Valve Market by Type
11.3.2.4.2 Germany Solenoid Valve Market by Industry
11.3.2.4.3 Germany Solenoid Valve Market by Application
11.3.2.5 France
11.3.2.5.1 France Solenoid Valve Market by Type
11.3.2.5.2 France Solenoid Valve Market by Industry
11.3.2.5.3 France Solenoid Valve Market by Application
11.3.2.6 UK
11.3.2.6.1 UK Solenoid Valve Market by Type
11.3.2.6.2 UK Solenoid Valve Market by Industry
11.3.2.6.3 UK Solenoid Valve Market by Application
11.3.2.7 Italy
11.3.2.7.1 Italy Solenoid Valve Market by Type
11.3.2.7.2 Italy Solenoid Valve Market by Industry
11.3.2.7.3 Italy Solenoid Valve Market by Application
11.3.2.8 Spain
11.3.2.8.1 Spain Solenoid Valve Market by Type
11.3.2.8.2 Spain Solenoid Valve Market by Industry
11.3.2.8.3 Spain Solenoid Valve Market by Application
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Solenoid Valve Market by Type
11.3.2.9.2 Netherlands Solenoid Valve Market by Industry
11.3.2.9.3 Netherlands Solenoid Valve Market by Application
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Solenoid Valve Market by Type
11.3.2.10.2 Switzerland Solenoid Valve Market by Industry
11.3.2.10.3 Switzerland Solenoid Valve Market by Application
11.3.2.11.1 Austria
11.3.2.11.2 Austria Solenoid Valve Market by Type
11.3.2.11.3 Austria Solenoid Valve Market by Industry
11.3.2.11.4 Austria Solenoid Valve Market by Application
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Solenoid Valve Market by Type
11.3.2.12.2 Rest of Western Europe Solenoid Valve Market by Industry
11.3.2.12.3 Rest of Western Europe Solenoid Valve Market by Application
11.4 Asia-Pacific
11.4.1 Asia-Pacific Solenoid Valve Market by Country
11.4.2 Asia-Pacific Solenoid Valve Market by Type
11.4.3 Asia-Pacific Solenoid Valve Market by Industry
11.4.4 Asia-Pacific Solenoid Valve Market by Application
11.4.5 China
11.4.5.1 China Solenoid Valve Market by Type
11.4.5.2 China Solenoid Valve Market by Application
11.4.5.3 China Solenoid Valve Market by Industry
11.4.6 India
11.4.6.1 India Solenoid Valve Market by Type
11.4.6.2 India Solenoid Valve Market by Industry
11.4.6.3 India Solenoid Valve Market by Application
11.4.7 Japan
11.4.7.1 Japan Solenoid Valve Market by Type
11.4.7.2 Japan Solenoid Valve Market by Industry
11.4.7.3 Japan Solenoid Valve Market by Application
11.4.8 South Korea
11.4.8.1 South Korea Solenoid Valve Market by Type
11.4.8.2 South Korea Solenoid Valve Market by Industry
11.4.8.3 South Korea Solenoid Valve Market by Application
11.4.9 Vietnam
11.4.9.1 Vietnam Solenoid Valve Market by Type
11.4.9.2 Vietnam Solenoid Valve Market by Industry
11.4.9.3 Vietnam Solenoid Valve Market by Application
11.4.10 Singapore
11.4.10.1 Singapore Solenoid Valve Market by Type
11.4.10.2 Singapore Solenoid Valve Market by Industry
11.4.10.3 Singapore Solenoid Valve Market by Application
11.4.11 Australia
11.4.11.1 Australia Solenoid Valve Market by Type
11.4.11.2 Australia Solenoid Valve Market by Industry
11.4.11.3 Australia Solenoid Valve Market by Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Solenoid Valve Market by Type
11.4.12.2 Rest of Asia-Pacific Solenoid Valve Market by Industry
11.4.12.3 Rest of Asia-Pacific Solenoid Valve Market by Application
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Solenoid Valve Market by Country
11.5.1.2 Middle East Solenoid Valve Market by Type
11.5.1.3 Middle East Solenoid Valve Market by Industry
11.5.1.4 Middle East Solenoid Valve Market by Application
11.5.1.5 UAE
11.5.1.5.1 UAE Solenoid Valve Market by Type
11.5.1.5.2 UAE Solenoid Valve Market by Industry
11.5.1.5.3 UAE Solenoid Valve Market by Application
11.5.1.6 Egypt
11.5.1.6.1 Egypt Solenoid Valve Market by Type
11.5.1.6.2 Egypt Solenoid Valve Market by Industry
11.5.1.6.3 Egypt Solenoid Valve Market by Application
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Solenoid Valve Market by Type
11.5.1.7.2 Saudi Arabia Solenoid Valve Market by Industry
11.5.1.7.3 Saudi Arabia Solenoid Valve Market by Application
11.5.1.8 Qatar
11.5.1.8.1 Qatar Solenoid Valve Market by Type
11.5.1.8.2 Qatar Solenoid Valve Market by Industry
11.5.1.8.3 Qatar Solenoid Valve Market by Application
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Solenoid Valve Market by Type
11.5.1.9.2 Rest of Middle East Solenoid Valve Market by Industry
11.5.1.9.3 Rest of Middle East Solenoid Valve Market by Application
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Solenoid Valve Market by Type
11.5.2.3 Africa Solenoid Valve Market by Industry
11.5.2.4 Africa Solenoid Valve Market by Application
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Solenoid Valve Market by Type
11.5.2.5.2 Nigeria Solenoid Valve Market by Industry
11.5.2.5.3 Nigeria Solenoid Valve Market by Application
11.5.2.6 South Africa
11.5.2.6.1 South Africa Solenoid Valve Market by Type
11.5.2.6.2 South Africa Solenoid Valve Market by Industry
11.5.2.6.3 South Africa Solenoid Valve Market by Application
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Solenoid Valve Market by Type
11.5.2.7.2 Rest of Africa Solenoid Valve Market by Industry
11.5.2.7.3 Rest of Africa Solenoid Valve Market by Application
11.6 Latin America
11.6.1 Latin America Solenoid Valve Market by Country
11.6.2 Latin America Solenoid Valve Market by Type
11.6.3 Latin America Solenoid Valve Market by Industry
11.6.4 Latin America Solenoid Valve Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Solenoid Valve Market by Type
11.6.5.2 Brazil Solenoid Valve Market by Industry
11.6.5.3 Brazil Solenoid Valve Market by Application
11.6.6 Argentina
11.6.6.1 Argentina Solenoid Valve Market by Type
11.6.6.2 Argentina Solenoid Valve Market by Industry
11.6.6.3 Argentina Solenoid Valve Market by Application
11.6.7 Colombia
11.6.7.1 Colombia Solenoid Valve Market by Type
11.6.7.2 Colombia Solenoid Valve Market by Industry
11.6.7.3 Colombia Solenoid Valve Market by Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Solenoid Valve Market by Type
11.6.8.2 Rest of Latin America Solenoid Valve Market by Industry
11.6.8.3 Rest of Latin America Solenoid Valve Market by Application
12. Company profile
12.1 CKD Corporation
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Emerson Electric Corporation
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Kendrion
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 GF Piping
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 IMI Precision Engineering
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Danfoss Industries Ltd
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Curtiss Wright Corporation
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Parker Hannifin Corporation
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 ASCO Valves Inc.
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Rotex automation
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 SMC Corporation
12.11.1 Company Overview
12.11.2 Financials
12.11.3 Product/Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
12.12 The Lee Company
12.12.1 Company Overview
12.12.2 Financials
12.12.3 Product/Services Offered
12.12.4 SWOT Analysis
12.12.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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