The report "Solenoid valve Market by
Body Material (Stainless Steel, Brass, Aluminum, and Plastic), Valve Design
(2-way, 3-way, 4-way, and 5-way), Industry, and Geography - Global Forecast to
2022", The solenoid valve market is expected to reach USD
4.41 Billion by 2022, at a CAGR of 3.54% between 2016 and 2022. This market
registered a shipment of 12.94 Million units in 2015 and is expected to reach
20.29 Million units by 2022, at a CAGR of 6.35% between 2016 and 2022. The
major factors driving the growth of this market include the growing investments
in various industries across developing economies such as China and India and
greater preference for increasing process automation worldwide thereby
decreasing production costs.
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The chemical
& petrochemical industry in the solenoid valve market held the largest
share in 2015
The solenoid valve market on the
basis of industry vertical has been segmented into oil & gas, chemical
& petrochemical, water & wastewater, food & beverages,
pharmaceuticals, power generation, automobile, medical, and others. Among the
various industries considered for the study, the chemical & petrochemical
industry held the largest share in 2015. This market is expected to grow at a
significant rate between 2016 and 2022, driven by the growing installations of
solenoid valves in different phases of oil & gas extraction processes. The
continuous retrofit works in this industry would significantly contribute to
this market.
The market for 3-way solenoid valves is expected to grow rapidly
during the forecast period
The solenoid valve market based
on valve design type has been segmented into 2-way, 3-way, and 4-way solenoid
valves. Among these valves, the 3-way solenoid valves are expected to witness
the highest growth during the forecast period. The major reasons for the growth
of this market include growing usage of these valves in water & wastewater
treatment plants.
The solenoid valve market in North America is expected to hold the
largest share of the global solenoid valve market by 2022
The solenoid valve market in
North America held the largest share during the forecast period, followed by
the markets in Europe and APAC. The market in North America is expected to grow
at the highest rate between 2016 and 2022. This growth is majorly attributed to
the increasing usage of solenoid valves in various process industries where
these industries are currently upgrading their existing facilities with the deployment
of automation technologies. These automation technologies help in providing
greater performance, less manpower, and high efficiencies, thereby decreasing
the overall production costs.
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The major players in the solenoid
valve market are ASCO Valve, Inc. (U.S.), Christian Bürkert GmbH & Co. KG
(Germany), Curtiss-Wright Corporation (U.S.), Danfoss A/S (Denmark), GSR
Ventiltechnik GmbH & Co. KG (Germany), IMI plc (U.K.), Parker Hannifin
Corporation (U.S.), Rotex Controls B.V. (The Netherlands), SMC Corporation
(Japan), and The Lee Company (U.S.) among others.
