Global Solenoid Valve Market Research Report Information By Type (Direct-acting Valves and Pilot-operating Valves), By Function (2-Way, 3-Way, 4-Way, and 5-Way), By Industry (Oil & Gas, Chemical & Petrochemical, Power Generation, Pharmaceutical, Automotive, Medical, and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) Forecast Till 2032
Overview of the Market
In 2023, the solenoid valve market was estimated to be worth USD 4,995.4 billion. The market for solenoid valves is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2032, from USD 5,175.2 billion in 2024 to USD 7,016.7 billion. The main factors propelling the market's expansion are the growing use of solenoid valves across a range of sectors and a preference for cutting-edge technologies.
The growing use of solenoids in various industrial sectors is driving the solenoid valve market's compound annual growth rate. The most widely utilized valve in the food processing industry is the solenoid. The market for solenoid valves is growing because of the wastewater treatment industries' growing needs. The market will grow faster thanks to technical advancements and research and development efforts. Among the characteristics that make solenoid valves a sustainable choice are their low power consumption and reduced costs.
Because they are composed of stainless steel, which is resistant to contaminants, and can withstand both extreme room temperatures and damp, corrosive environments, solenoid valves are commonly employed in the food sector.
Perspectives on Market Segments
Direct-acting and pilot-operating valves are included in the type-based solenoid valve market segmentation.
Function-based market segmentation for solenoid valves includes 2-way, 3-way, 4-way, and 5-way.
Oil & gas, chemical & petrochemical, power generation, pharmaceutical, automotive, medical, and other industries are included in the market segmentation for solenoid valves based on application.
Regional Perspectives
North America, Europe, Asia-Pacific, and the Rest of the World are the regions for which the study offers market information. Because of the growing usage of sophisticated fluid automation technologies and the expanding applications in sectors including water treatment, food and beverage, chemical, and oil and gas, the North American solenoid valve market is the industry leader. End-user industries' manufacturing facilities are modernizing to update different production processes in an effort to decrease labor costs and boost productivity.
From 2023 to 2032, the solenoid valve market in Europe is anticipated to expand at the quickest CAGR. This is because of the increased demand for food and drink as well as medical care brought on by the stringent laws and regulations. Additionally, the German solenoid valve market was the one with the fastest rate of growth in the European region, while the UK solenoid valve market held the biggest market share.
Due to the significant growth in demand for solenoid valves and the potential presented by the various end-use industries, the Asia-Pacific solenoid valve market holds the second-largest market share. In addition, the solenoid valve market in China had the most market share, while the market in India was expanding at the fastest rate in the Asia-Pacific area.
Key Players
ASCO Valves Inc., Parker Hannifin Corporation, Curtiss Wright Corporation, Emerson Electric Corporation, Kendrion, GF Piping, IMI Precision Engineering, Danfoss Industries Ltd., Rotex SAutomation, SMC Corporation, The Lee Company, and others are major players in the solenoid valve market.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
1.1 MARKET SUMMARY
1.2 MARKET ATTRACTIVENESS ANALYSIS
2 MARKET INTRODUCTION
2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 RESEARCH OBJECTIVE
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 DRIVERS
4.2.1 INCREASING ADOPTION OF SOLENOID VALVES IN FOOD & BEVERAGES INDUSTRY
4.2.2 SHIFT TO RENEWABLE SOURCES FOR POWER GENERATION
4.2.3 DEVELOPMENT OF APPLICATION-SPECIFIC SOLENOID VALVES
4.2.4 DRIVERS IMPACT ANALYSIS
4.3 RESTRAINT
4.3.1 COMPATIBILITY AND TECHNICAL ISSUES
4.3.2 RESTRAINTS IMPACT ANALYSIS
4.4 OPPORTUNITY
4.4.1 INCREASING DEMAND IN WASTEWATER TREATMENT INDUSTRIES
4.5 THE IMPACT OF COVID-19 ON THE SOLENOID VALVE MARKET
4.5.1 OVERVIEW-IMPACT OF THE LOCKDOWN
4.5.2 ECONOMIC IMPACT
4.5.3 IMPACT ON SOLENOID VALVE MARKET
4.5.4 IMPACT ON THE SUPPLY CHAIN OF SOLENOID VALVE MARKET
4.5.4.1 PRICE VARIATION OF KEY RAW MATERIAL
4.5.4.2 PRODUCTION SHUTDOWN
4.5.4.3 CASH FLOW CONSTRAINTS
4.5.4.4 IMPACT ON IMPORT/EXPORT
4.5.5 IMPACT ON MARKET DEMAND OF SOLENOID VALVE MARKET
4.5.5.1 IMPACT DUE TO RESTRICTION/LOCKDOWN
4.5.5.2 CONSUMER SENTIMENTS
4.5.6 IMPACT ON PRICING OF SOLENOID VALVE MARKET
5 MARKET FACTOR ANALYSIS
5.1 SUPPLY CHAIN ANALYSIS
5.1.1 DESIGN & DEVELOPMENT
5.1.2 RAW MATERIAL SUPPLY
5.1.3 MANUFACTURE
5.1.4 DISTRIBUTION
5.1.5 END USER
5.2 PORTER'S FIVE FORCES MODEL
5.2.1 THREAT OF NEW ENTRANTS
5.2.2 BARGAINING POWER OF SUPPLIERS
5.2.3 THREAT OF SUBSTITUTES
5.2.4 BARGAINING POWER OF BUYERS
5.2.5 INTENSITY OF RIVALRY
6 GLOBAL SOLENOID VALVE MARKET, BY TYPE
6.1 OVERVIEW
6.1.1 GLOBAL SOLENOID VALVE MARKET, BY TYPE, 2023-2032 (USD MILLION)
6.2 2-WAY
6.3 3-WAY
6.4 4-WAY
6.5 5-WAY
6.6 OTHERS
7 GLOBAL SOLENOID VALVE MARKET, BY BODY MATERIAL
7.1 OVERVIEW
7.1.1 GLOBAL SOLENOID VALVE MARKET, BY BODY MATERIAL, 2023-2032 (USD MILLION)
7.2 BRASS BODY
7.3 STAINLESS STEEL
7.4 ALUMINIUM BODY
7.5 PLASTIC BODY
7.6 OTHERS
8 GLOBAL SOLENOID VALVE MARKET, BY OPERATING TYPES
8.1 OVERVIEW
8.1.1 GLOBAL SOLENOID VALVE MARKET, BY OPERATING TYPES, 2023-2032 (USD MILLION)
8.2 DIRECT
8.3 INDIRECT
8.4 SEMI-DIRECT
8.5 OTHERS
9 GLOBAL SOLENOID VALVE MARKET, BY END-USERS
9.1 OVERVIEW
9.1.1 GLOBAL SOLENOID VALVE MARKET, BY END-USERS, 2023-2032 (USD MILLION)
9.2 CHEMICAL & PETROCHEMICAL
9.3 OIL & GAS
9.4 FOOD & BEVERAGES
9.5 WATER & WASTEWATER
9.6 POWER GENERATION
9.7 AUTOMOTIVE
9.8 PHARMACEUTICAL
9.9 MEDICAL
9.10 OTHERS
10 GLOBAL SOLENOID VALVE MARKET, BY REGION
10.1 OVERVIEW
10.1.1 GLOBAL SOLENOID VALVE MARKET, BY REGION, 2023 VS 2032(USD MILLION)
10.1.2 GLOBAL SOLENOID VALVE MARKET, BY REGION, 2023-2032 (USD MILLION)
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA: SOLENOID VALVE MARKET, BY COUNTRY, 2023-2032 (USD MILLION)
10.2.2 NORTH AMERICA SOLENOID VALVE MARKET, BY TYPE, 2023-2032 (USD MILLION)
10.2.3 NORTH AMERICA SOLENOID VALVE MARKET, BY BODY MATERIAL, 2023-2032 (USD MILLION)
10.2.4 NORTH AMERICA SOLENOID VALVE MARKET, BY OPERATING TYPES, 2023-2032 (USD MILLION)
10.2.5 NORTH AMERICA SOLENOID VALVE MARKET, BY END-USERS, 2023-2032 (USD MILLION)
10.2.6 US
10.2.6.1 US SOLENOID VALVE MARKET, BY TYPE, 2023-2032 (USD MILLION)
10.2.6.2 US SOLENOID VALVE MARKET, BY BODY MATERIAL, 2023-2032 (USD MILLION)
10.2.6.3 US SOLENOID VALVE MARKET, BY OPERATING TYPES, 2023-2032 (USD MILLION)
10.2.6.4 US SOLENOID VALVE MARKET, BY END-USERS, 2023-2032 (USD MILLION)
10.2.7 CANADA
10.2.7.1 CANADA SOLENOID VALVE MARKET, BY TYPE, 2023-2032 (USD MILLION)
10.2.7.2 CANADA SOLENOID VALVE MARKET, BY BODY MATERIAL, 2023-2032 (USD MILLION)