The global Solenoid Valve Market is expected to grow from USD 3.44 Billion in 2015 to USD 4.41 Billion by 2022, at a CAGR of 3.54% during the forecast period. The market registered a shipment of 12.94 million units in 2015 and is expected to reach 20.29 million units by 2022. The major factors driving the market include growing adoption of solenoid valves in various process industries and increasing preference for greater process automation. In addition, raising demand for water treatment plants provide significant opportunities for the market.
The main objectives of the report include:
- To define, describe, and forecast the global solenoid valve market segmented on the basis of body material, valve design type
- To provide the market statistics with detailed classifications and split in terms of value and volume
- To provide detailed information regarding the key factors influencing the growth of the market
- To strategically profile the key players operating in this market and comprehensively analyze their market rankings and core competencies
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The oil & gas, chemical & petrochemical, water & wastewater, food & beverages, power generation, pharmaceuticals, automotive, and medical are some of the key industry verticals where solenoid valves are utilized. The chemical & petrochemical industry held the largest market share in 2015, followed by oil & gas, water & wastewater, power generation, food & beverages, and automotive industries. The major reasons for this growth include the highest deployment of solenoid valves in this industry.
ASCO Valve, Inc. (U.S.) is one of the leading manufacturers of quality fluid controls products worldwide. It offers wide range of fluid automation products that include compressors, solenoid valves, generator controls, air-operated valves, manual reset valves, and pressure and temperature switches among others. The company aims to strengthen its market presence with the wide range of strategic initiatives such as new product launches.
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.