The global solenoid valve market was valued at USD
3.44 Billion in 2015 and is expected reach USD 4.41 Billion by 2022, at a
CAGR of 3.54% during the forecast period. The market is expected to
register a shipment of 20.29 Million units by 2022 from 12.94 Million
units in 2015. The base year considered for the study is 2015 and the
market size has been forecast between 2016 and 2022.
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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 forecast the size of the market segments with respect to four main geographies
- 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
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 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.
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.
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