Solenoid Valves Market - Forecast(2021 - 2026)
According to Trade Map statistics, taps and valves valued at $95,255,390 were imported throughout the world in the year 2018.[1] Such is the massive requirement of valves in the current industrial scenario as they are useful in controlling hydraulic systems in boilers and heaters. A massive division of this export belongs to the solenoid market which is being used for multiple purposes now. The solenoid valves market has a large end-user industry which includes water treatment plants, power generation plants, chemical industry, food and beverage industry, and many others. The most important end user industry is automotive in which solenoid valves are used in starting systems of trucks and cars. On starting a vehicle, the current passes from the battery to the valve which in turns generates power in the car or truck. Without these valves, driving a vehicle is almost impossible, which is why this application segment is expected to grow with a healthy compound annual growth rate (CAGR) of 5.30% during the forecast period of 2019-2025.
In the year 2018, the global solenoid market had an estimated size of $3.81 billion. During the forecast period of 2019-2025, this market will experience a standard growth with a CAGR of 4.31%.
Solenoid Valves Market Outlook:
A solenoid valve is an electromechanical device which is used wherever flow of a fluid needs to be controlled automatically. These valves have almost become a necessity in large scale industrial plants as they are extensively used in boilers for automatic control of fluids. Solenoid valves work on the physics principle of electromagnetism and are of many different types including two-port, three-port, and four-port valves, micro-miniature Valves, pinch valves, direct-acting, direct-acting 2-way, direct-acting 3-way, internally piloted solenoid valve, internally piloted 2-way, internally piloted multi-way, and externally piloted solenoid valve. Since APAC region is leading in automotive production with Japan and China extensively producing in this sector, solenoid valves market demand is high here. In the year 2018, the solenoid valve market size was 37.36% and is expected to attain more growth in the forecast period of 2019-2025.
Solenoid Valves Market Growth Drivers:
Ø Wastewater Management
Human beings are polluting water at an unprecedented rate. According to the Environment department of Queensland Government, 200-300 litres of wastewater is produced per person every single day. With rising population, treating this water for re-usage has become extremely essential and can only be done fruitfully in an industrial set up. Industries of wastewater management extensively demand solenoid valves for efficient treatment of this water, thereby generating a high demand for this market.
Ø Refrigeration Technology
According to a report published by analysts at IndustryARC, the cryogen free dilution refrigerators market is expected to increment at a robust CAGR of 12% during the forecast period of 2019-2025. This technology would be redundant without the use of solenoid valves and would lead to loss of a lot of market revenue since cryogen refrigerant technology is used in a multitude of industrial sectors including nuclear power, computer science, and others. This has provided a lot of impetus to the solenoid valve market and increased its demand universally.
Solenoid Valves Market Challenges:
Key market players in the solenoid valves market often face the challenge of technological failure. Sometimes due to power failure or uneven pressure, the solenoid valves may not function and lead to large scale industrial loss. To combat this challenge, companies should regularly test the product before releasing them into the market as well as schedule servicing of these valves in the industries.
Solenoid Valves Market Key Players Perspective:
Solenoid valves market has several key market players including Asco (Emerson), Parker, IMI PLC (Norgren), Eaton, Denso Corp., Bosch Rexroth, Danfoss A/S, Burkert Fluid Control Systems, ITT Inc., and Curtiss-Wright.
Eaton is a company specialising in power management founded in the US but with headquarters in Dublin. They are one of the leading producers of solenoid valves with their specialisation in screw-in cartridge valves. These valves are equipped with ingress protection which provides with maximum flexibility in order to completely control the hydraulic systems.
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