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Controlling fluid flow in oil and gas industry is a paramount process. Maintaining the upstream and downstream flow decides the transportation and consumption of such fluids. The solenoid valve is a control element applied in numerous industries to manage the fluid flow in fluid handling industries as per a business analysis report by IndustryARC. According to it, the global solenoid valves market size was evaluated at $3.81 billion as of 2018. With the increasing application in the oil and gas sector, the opportunities aiding the solenoid valves market growth is estimated to rise at a healthy compound annual growth rate (CAGR) of 4.31% throughout the forecast period of 2019 to 2025.The report is titled “Solenoid Valves Market: By Type (Two-way, Three-way, Four-way, and Others); By Component (Coil, Plunger, Seal, Others); By Seal (NBR, EPDM, Others); By Operation (Direct Acting, Pilot Operated, Manual Reset); By Industry (Water Treatment, Power, Chemical, Others); & By Geography - Forecast (2019-2025).” The assessment includes comprehensive insights related to trends, outlook, demands, forecast, and geographical distribution in the market. The report covers Solenoid Valves Market size by type and applications, Solenoid Valves Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Global Solenoid Valves Market: Leading Segments
The increasing demands of solenoid valves in the APAC region hustled the area to hold the largest global solenoid valves market share of 37.36% in 2018. The hefty market share is mainly acquired due to the rising usage of solenoid valves in multiple process industries. Moreover, upgradation of existing facilities to automation facilitated industry is driving the growth in the demands for solenoid valves market.
The automotive sector is the largest application industry in the solenoid valves market. According to the analysis, the opportunities for solenoid valves in the automotive sector is estimated to grow at an application CAGR of 5.30% through to 2025. The reason for growth can be justified by the growing demand for passenger and heavy commercial vehicles.
Global Solenoid Valves Market Analysis
Oil and Gas: The oil and gas industry is the backbone of the energy sector. Moreover, the emerging alternative energy such as hydro energy, thermal energy, and electric energy are also backed by crude oil and other fossil fuels. According to the Organization of the Petroleum Exporting Countries, the medium-term oil demand is expected to grow from 95.4 MB/D to 102.3 MB/D, showing an increase of 6.9 MB/D during the year 2016 and 2022. [1] The incrementing demands in the oil and gas sector will also contribute to the profits in the global solenoid valves market.
Automotive:
Solenoid valve is an electromechanical device used for converting electric energy into magnetic energy which is further used to control physical components of a machine. The solenoid valve can be a direct current or alternating current powered solenoid which handles the mechanical movements through its magnetic field. This technique is highly applied in various components of an automobile. Also, the upsurge of the emerging electric vehicle is a key driver in market growth. Thus, the rising demands in the automotive industry will inject significant profits in the global solenoid valves market.
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Global Solenoid Valves Market Trends
The solenoid valves have capabilities to resist humidity, corrosion, and temperature differences. Due to this feature, the solenoid valves are employed in the food and beverage industry in the packing lines. The popularity of processed and canned foods is increasing around the world which will induce demands in the adjacent packaging industry further increasing opportunities in the global solenoid valves market.
Global Solenoid Valves Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the solenoid valves market are Asco (Emerson), Parker, IMI PLC (Norgren), Eaton, Denso Corp., Bosch Rexroth, Danfoss A/S, Burkert Fluid Control Systems, ITT Inc., and Curtiss-Wright.
Related Reports:
A. Automotive Solenoid Valves Market
https://www.industryarc.com/Report/9594/automotive-solenoid-valves-market-research-analysis-report.html
B. Direct Actuated Solenoid Market
https://www.industryarc.com/Report/19064/direct-actuated-solenoid-valve-market
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