Market Research Of Global Solenoid Valve Market By Knowledge Sourcing Intelligence

INTRODUCTION

Solenoid Valve Market is projected to witness a compound annual growth rate of 4.11% to grow to US$5.309 billion by 2022, increasing from US$4.341 billion in 2017. The key factor driving this growth is increasing the application of solenoid valves across different industry verticals. The solenoid valve is used in fluid power pneumatic and hydraulic systems, paintball industry, household water purifiers, and automatic irrigation sprinkler systems among others. The continuous technological development and product innovation have resulted in the development of customized valves, micro-miniature valves, and pinch valves among others which further augments the solenoid valve market growth. 

Shift to renewable sources of power generation and increasing adoption of the solenoid valve in various process industries some of the key factors driving the growth of the market. Moreover, the declining price and low power consumption have accelerated its demand over the substitutes. The shift towards a renewable source of energy for power generation is an additional factor boosting the demand for solenoid valves over the forecast period. Market Research is done by the knowledge sourcing industry due to the huge scope with the respective industry.

Sample view of global solenoid valve market share

EXPANDING APPLICATIONS IN VARIOUS INDUSTRIES.

The major factor driving the solenoid valve market growth is expanding applications of solenoid valve across different industries due to focus on the solenoid valve manufacturers on product launches and customization option being offered by vendors for different operating environments. The demand for solenoid valves are predicted to expand gradually during the forecast period as these offer advantages such as high efficiency, low or high-temperature applications, pressure control, and low-power consumption. 

TECHNICAL ISSUES

The growth of the global solenoid valve market during the next five years is expected to witness challenges arising out of technical issues associated with solenoid valves which may result in a power failure, overheating, and uneven pressure. Usage of solenoid valves may become a challenge for enterprises operating in industries with high voltage and temperature requirements. In developing countries where voltage fluctuation is a major issue, demand for solenoid valve remains moderate due to repetitive failures. Even though the overall impact originating from technical issues remains low, the market may not be able to reach its optimum potential until vendors are addressing these concerns. 

SOLENOID VALVE MARKET BY GEOGRAPHY

Geographically, the solenoid valve market has been segmented into the Americas (North America and South America), Europe Middle East and Africa (Europe, and the Middle East and Africa), and Asia Pacific regions. North America accounted for the largest share of the solenoid valve market in terms of value in 2016 and will continue its dominance until the end of the forecast period. A robust economy, presence of a large number of manufacturers, early adoption of technology, and a wide range of industries utilizing these valves for a range of applications are some of the key factors boosting the market growth. 

Sample view of global solenoid valve market share

Asia Pacific is projected to witness the fastest regional market growth during the forecast period. Rapid industrialization and rising manufacturing activities in emerging countries such as China and India is significantly boosting the demand of these valves across various end-use industries. Growing construction industry and booming infrastructural development in emerging economies, and focus on the manufacturing sector through initiatives like “Made in China”, and “Made in India” among others is significantly contributing to the market growth. Large population base coupled with rising disposable income and fast-growing economies has led to growth across various industries and entry of new players willing to tap the market potential. This has boosted the demand for flow control solutions by vendors operating in key industries, such as healthcare, water and wastewater, and oil and gas among others. 

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