According to the Market Statsville Group (MSG), the global soleoid valve market size is expected to grow from USD 604.47 million in 2022 to USD 1,298.73 million by 2033, growing at a CAGR of 7.2% from 2023 to 2033. Some of the major reasons driving the growth of the solenoid valve market are the increasing uses of solenoid valves in many industrialized sectors, low power consumption, and decreasing pricing. Nevertheless, power outages and wrong voltage that might interfere with the operation of the solenoid valve are some of the primary reasons that may limit the growth of the solenoid valve market. Nevertheless, the introduction of innovative solenoid valves such as pinch, micro-miniature, and customized valves has boosted the worldwide solenoid valve industry.
A solenoid valve is a type of electromechanical valve. The properties of the electric current used, the intensity of the magnetic field generated, the mechanism used to govern the fluid, and the kind and qualities of fluid controlled distinguish solenoid valves. Linear action, plunger-type actuators, pivoted-armature actuators, and rocker actuators are all examples of mechanisms. The valve can be designed with two ports to regulate a flow or with three or more ports to switch flows between ports. A manifold may accommodate many solenoid valves.
In fluidics, solenoid valves are the most often utilized control components. Their responsibilities include turning off, releasing, dosing, distributing, and mixing fluids. They can be found in a variety of applications. Solenoids provide rapid and safe switching, excellent reliability, extended service life, good material medium compatibility, low control power, and a compact design.
As a result of which people were compelled to stay at home and forced companies to allow their employees to work at home to contain the spread of the epidemic. Every element has been affected, from service providers to consumers and other end users. The prospects of the Chinese export industries are highly fluctuating due to a sharp downturn in the demand due to the pandemic and an ongoing trade war between US and China. Hence, the spread of COVID-19 adversely affected the growth of the solenoid valves across the globe. The country’s economy is projected to contract in 2020 after a dramatic downturn in the forecast period due to the COVID-19 pandemic. Despite the earlier turnaround all around the globe, followed by other significant parts of the economy, there is substantial doubt regarding the continued speed of recovery.
Many countries continue to face existing or renewed restrictions on COVID-19, which could delay recovery, with anticipated long-term economic implications. The effect of COVID-19 continues to weigh on the short-term outlook across many end-market sectors, especially oil & gas, power generation, automotive, marine, and construction. Some end markets, such as power generation, shipping, data centers, and food and beverage, continue to demonstrate relative resilience. Hence the market is witnessing a slight downfall across the country. All the offices and factories were closed to manage the spread of the infection in the region.
The solenoid valves are used in various vertical applications, due to their properties and features. For instance, there has been a significant increase in the need for portable medical devices such as ventilators, gas plants, suction machines, and others. The valves are employed for these applications as they allow for precise flow control options, they moderate the oxygen flow rate with great speed and precision which provides effective patient care. And valves are very small and lightweight, which in addition help to reduce the size and weight of medical equipment. Global healthcare and medical device market is evolving and emerging, this will enhance the growth of the market in forthcoming years in the region.
Furthermore, solenoid valves are used in transportation industries as they are suitable for controlling pantographs, sliding or automatic doors, braking systems, suspensions, and all other kinds of pneumatic devices on trains, buses, and public transport. Moreover, various home appliances use solenoid valves such as RO water purifiers, sewing machines, thermoelectric heaters (combine the principles of fireplaces, boilers, and heaters), water pumps, and others. In addition, solenoid valves are also used in many industrial machines. It is utilized in devices that require locking, positioning, pinching, holding, rotating, diverting, valve operation, and others. Such factors will promote the growth of the market in the upcoming years in the region.
Counterfeiters cause significant losses in industries all around the world. These losses harm not just the makers of legitimate things, but also the general public. Consumers are the ultimate victims of unfair competition. They obtain low-quality items at exorbitant prices and are occasionally exposed to health and safety hazards. Governments lose tax revenue and suffer significant expenditures in enforcing intellectual property rights. There is also growing worried that counterfeiting is linked to other illegal operations such as drug trafficking, money laundering, and terrorism. It is estimated that trade in counterfeit goods is now worth more than 5 percent of world trade. This high level can be attributed to several factors such as advances in technology, increased international trade, emerging markets; and increased share of products that are attractive to copy, such as branded clothing and software.
Although counterfeiting happens around the world, East Asia, notably China, is still seen as the primary source of fakes. China is one of the leading countries in the supply of counterfeit items, which is one of the primary reasons impeding market growth.
Every solenoid valves represent indispensable elements in various engineering systems. Their failure can lead to unexpected problems. This failure may be caused by fluctuations in the coil resistance of the electromagnetic solenoid (EMS) which actuates these solenoid valves. Hence, the introduction of advancing technology such as machine learning, Artificial intelligence, and others, in the manufacturing and maintenance of solenoid valves, has increased their efficiency and improved services.
For instance, Artificial Intelligence (AI) is used to create a generative design-based software that can help us design multi-objective optimized valves. The software uses AI to instantly generate a valve design for a desired flow performance requirement. This will increase the adoption of the solenoid valves in various verticals and create a lucrative opportunity for the growth of the market across the region.
Introduction of the advancing technology in solenoid vales will create a lucrative opportunity for the growth of the solenoid valves market across the country during the forecasting period.
The study categorizes the soleoid valve market based on type, function, Technology, Operation, media, and industry area at the regional and global levels.
Based on technology, the market is divided into stainless steel, aluminum, plastic, and others. The stainless-steel segment is expected to dominate the market share in 2022 in the global soleoid valve market. The stainless-steel segment currently dominates the market share in the soleoid valve market. A stainless-steel body solenoid valve may be more appropriate for applications where the media is incompatible with brass. Stainless steel solenoid valves are well-suited for usage in harsh media and chemical applications. To further improve suitability with aggressive media the shading ring is generally produced from silver as opposed to the more commonly used copper. Silver has better resistance to the effects of harsh acids and alkali.
Moreover, stainless steel comprises several components that fuse and form a powerful alloy. This alloy contains chromium, nitrogen, and molybdenum. Additionally, the product is eco-friendly, corrosion resistant, long-lasting, neutral alloy, strong, and infinitely recyclable. These reasons are responsible for the growth for this segment over the forecast period.
Based on the regions, the global soleoid valve market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. The rise in the production of automotive vehicles in the region is expected to drive the market. Automotive solenoid valves are another type of electromechanically actuated valve. These valves control the flow of fluid or air via automobile systems and motors. As an electric current passes through the wire of a solenoid, it causes a magnetic response, which is how solenoids convert electrical energy into mechanical energy. Solenoid valves are frequently utilized in hydraulic and power fluid systems.
The soleoid valve market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Key Issues Addressed
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Near Field Communication Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 20243D Sensor Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024Semiconductor Silicon Wafer Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Outdoor LED Display Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Smart Mirror Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024