Solenoid Valve Market expected to be worth 4.41 Billion USD by 2022

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 major solenoid valve body materials considered for the market study are stainless steel, brass, aluminum, and plastic. Among these body materials, the market for brass material is expected to hold the largest size during the forecast period. Some of the major reasons for this growth include the increasing adoption of brass solenoid valves as they are best suited for most non-aggressive and non-corrosive applications. It also has high thermal conductivity compared to other materials such as stainless steel or carbon steel. In addition, the brass material is easier to machine than stainless steel that lowers the manufacturing costs.

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. Also, the retrofit works in various phases of oil & gas extraction process further contribute to this growing market.

The solenoid valve market in the Americas region held the highest market size, in terms of value in 2015, while the market in APAC is expected to exhibit the fastest-growth rate between 2016 and 2022. The factors contributing to this growth include growing importance for providing safe and clean drinking water worldwide, which is leading to the increasing investments in water treatment plants thereby creating a demand for utilization of solenoid valves.

However, various technical problems associated with solenoid valves may hinder the growth of the market. For instance, solenoid valves faces various difficulties such as part closure of valves, valves not opening properly, valves making erratic sounds, and coil problems. Moreover, flow factor of the valve and the compatibility with medium also effects its operations.

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 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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