Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Solenoid valves are used in proportional control technology, which is ideal for precise performance in variable pressure or flow applications. Equipment designers find solenoid valves less complicated than other technologies, providing dependable, cost-effective, compact solutions for faster response and consistent control.
Solenoid valves find vast applications in the automobile, chemical & petrochemical, food & beverages, and other industries. With the spurring rise in the above-mentioned end-user industries, the solenoid valve markets worldwide are garnering significant traction. According to Market Research Future (MRFR), the global solenoid valves market size is projected to reach approx USD 4.6 Billion by 2026, growing at a 3.3% CAGR during the forecast period (2016–2027).
Solenoid valves are used in various applications, including irrigation systems, refrigeration systems, dishwashers & washing machines, automatic locking systems, air conditioning systems, medical & dental equipment, car washes, and water tanks. Besides, solenoid valves are commonly used in oxygen therapy devices as pressures in medical device applications. Solenoid valves are increasingly finding uses in medical equipment as they offer medical device designers several benefits, such as easy portability, power management, scalability, electronics integration, smart technology, and custom design support.
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COVID-19 Impact
The COVID-19 outbreak severely affected the solenoid valves market, being responsible for closing several manufacturing facilities across the globe. The pandemic caused huge revenue losses in end-use industries like chemical & petrochemical, food & beverages, and automotive. The coronavirus lockdown put a brake on the production of several key raw materials in the global market, which, in turn, spiked the prices and lowered the demand for the product.
The strict lockdown mandates restricted cross-border trade between countries, which is detrimental to the solenoid valve market's growth. However, the solenoid valve industry is rapidly returning to normal, witnessing increasing demand from the burgeoning medical device and surgical tools market.
Solenoid valve manufacturers are drawing up plans for the international market as a new supply link in the global medical devices industry. As solenoid valve manufacturers look to re-engineer supply chains in the aftermath of COVID-19, the product demand in end-user sectors is expected to pick up following the uplift of the lockdown in numerous countries.
COVID-19 Impact on Solenoid Valves Market
https://www.marketresearchfuture.com/report/covid-19-impact-solenoid-valve-market
Industry Trends:
Continual miniaturization makes solenoid valves valuable and effective components for controlling the flow, direction, and pressure of gases & fluids. With automated functions, solid reliability, and long life, solenoid valves are used throughout the medical device industry. Also, the expanding construction industry and the increasing use of solenoid valves in burgeoning chemical & petrochemical, and food & beverage sectors drive the growth of the market for gas and liquid valves.
Emerging markets across the globe are projected to present untapped opportunities for the solenoid valve market. Over the last decade, the Asia Pacific region has become a global manufacturing hub for automotive and medical supplies, with many key companies setting up high-volume production facilities in the region. Additionally, significant demand for solenoid valves in equipment used in food & beverage and agriculture industries in emerging countries is estimated to offer a host of lucrative opportunities to global firms in the years to come. On the other hand, high product costs and fluctuations in prices, and the demand-supply gap in various key components required for the production of solenoid valves are major factor growth restraints for the market.
Segmentation:
The solenoid valve market is segmented into body material, operating type, end user, and region. The type segment is sub-segmented into 2 way, 3 way, 4 way, 5 way, and others. Among these, the 2 way solenoid valve segment accounts for the largest market share, witnessing increasing adoption across the end-user segment. The 2 way type segment is projected to grow approximately at a 3.7% CAGR during the review period.
The body material segment is sub-segmented into brass body, stainless steel, aluminum body, plastic body, and others. Among these, the brass body is the largest segment expected to grow approximately at a 3.30% CAGR during the forecast period. The operating type is sub-segmented into direct, indirect, semi-direct, and others. Among these, the direct operating type accounts for the largest market value and is expected to grow at a 3.71% CAGR during the forecast period.
The end user segment is further classified as chemical & petrochemical, oil & gas, food & beverages, waste & wastewater, power generation, automotive, pharmaceuticals, medical, and others. Among these, the chemical & petrochemical segment accounts for the largest market share expected to grow approximately at a 4.13% CAGR during the assessment period.
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Regional Segmentation:
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
North America is projected to retain its leading position in the global solenoid valves market. This striking market growth attributes to increasing application areas and advancement in fluid automation technologies.
Besides, the presence of many end-user industry verticals, such as automotive, oil & gas, chemicals, and pharmaceutical sectors, foster the region's solenoid valve market share. Increased usage of solenoid valves to automate several production processes due to the rising upgrades in manufacturing facilities influences the market's growth.
Europe is forecasted to acquire the second position in the global solenoid valves market. The market growth is driven by the rising demand for solenoid valves in the food & beverage and healthcare industry led by strict regulations and considerable healthcare spending.
Moreover, the extensive pool of medical device manufacturers and increasing demand for various solenoid valve parts, such as solenoid valve connectors & controllers and solenoid control valve, in the region boost the region's solenoid valves market share.
The Asia Pacific region is anticipated to emerge as a profitable the market for solenoid valves globally. Augmenting demand for solenoid control valves and the growth opportunities presented by a number of end-use industries position the region among the strongest contenders in the global market. Besides, the significant expansion of prominent end-use industries likes automotive, healthcare, food & beverage, and construction drive the regional market growth.
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Competitive Analysis:
The solenoid valves market is expected to witness significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
Notable Players in The Solenoid Valves Market Are:
- Asco Valve, Inc. (U.S.)
- Curtiss-Wright Corporation (U.S.)
- G.F. Piping Systems (Switzerland)
- IMI PLC (England), SMC Corporation (Japan)
- OMEGA Engineering (U.S.), Danfoss A/S (Denmark)
- Christian Bürkert GmbH & Co. Kg (Germany)
- Rotex Controls B.V. (Netherlands)
- GSR Ventiltechnik GmbH & Co. K.G. (Germany)
- The Lee Company (U.S.)
- Aira Euro Automation Pvt. Ltd (India)
- Cole-Parmer Instrument Company LLC (U.S.)
- Hansen Technologies (U.S.)
Industry News
For instance, recently, on June 09, 2020, Marotta Controls, a rapidly growing aerospace and defense supplier, announced expanding its product portfolio by adding four new solenoid valves to its CoRe Flow Controls series. These products support the commercial space industry's growing need for more efficient in-vehicle system designs and propellants that deliver better performance and greater returns on investments.
In another instance, on June 25, 2020, Godrej & Boyce announced that one of its businesses, Godrej Aerospace, has made and delivered 1,000 proportional solenoid valves, critical for making ventilators, for the Defense Research and Development Organization (DRDO).
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