The solenoid valve market is experiencing significant growth and is anticipated to grow considerably in the next few years. Solenoid valve is used in domestic as well as industrial applications, and a wide range of solenoid valves is available in the market. c. Solenoid valves are extensively used in various applications owing to their property for controlling fluid flow automatically. They are essential components in water treatment, food processing, and oil refining.
Furthermore, they consume less energy, have low maintenance cost, and can be used for both vertical and horizontal operations. They are capable of operating at extreme temperatures and provide protection against leakage. Thus, efficiency, safety, and reliability of solenoid valves have increased their use in many industries. Major players in solenoid valve industry adopt advanced technologies to increase the efficiency and accuracy of the products to sustain the competition in the solenoid valve market.
Description
Solenoid valves are control units that either shut off or allow fluid flow. When supplied with electricity, a magnetic field builds up which pulls a plunger against the action of a spring. When the electricity supply is stopped, the plunger returns to its original position by spring action. Direct acting two-way valves are shut-off valves, whereas three-way valves have three port connections and two valve seats. Solenoid valves are one of the most commonly used components in fluidics.
COVID-19 Impact analysis
- The COVID-19 pandemic ceased the production of various end users in the solenoid valves industry, attributed to the global lockdown. This hampered the growth of the market throughout 2021.
- Due to the steep decline in manufacturing activities, COVID-19 has already affected the sales of solenoid valves since second quarter of 2020 and is anticipated to have a negative impact on the market's growth in first half of 2022.
- The major demand for solenoid valves was previously noticed in giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for solenoid valves.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Solenoid valve manufacturers can afford declining sales only for a few months, after which the players have to modify their investment strategies. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. Whereas few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- With the increasing number of vaccinations and leniency in restrictions laid by the government, the manufacturing and processing industry has shown signs of recovery which, is a positive news for the solenoid valves market.
Top Impacting Factors
Rise in global population has increased demand for goods such as food, water, and beverages, as well as pharmaceuticals and health care products. The demand for fuel and petroleum products has increased substantially. These factors have driven the growth of solenoid valve market as they are extensively used in food processing, water treatment, and pharmaceutical industry. Increase in demand for fuel and petroleum products has fueled the use of solenoid valves in oil & gas industry. Furthermore, the availability of solenoid valves in various materials, sizes, and specifications has further increased the applicability of solenoid valves. However, the fluctuating prices of raw materials and energy are a major restraint on the growth of the solenoid valve market. Increase in purchasing power of middle-income population in developing countries has substantially boosted the demand for automobiles. Surge in demand for automobiles offers lucrative growth opportunities for the solenoid market as they are extensively used in automobiles for controlling the flow of automotive fluids such as oil, anti-skid brake fluid, and fuel.
Market Trends
- Major players in the industry are focused on offering solenoid valves that can be compatible with a wide range of fluids. For instance, Takasago Electric, Inc. offers diaphragm isolation valves that are sectioned with a diaphragm to prevent the fluid from coming into contact with the metal parts of the solenoid. The wetted portion of the valves is made of polytetrafluoroethylene (PTFE), polyether ether ketone (PEEK), polyphenylene sulfide (PPS), and other materials that are compatible with a wide range of fluids.
- Manufacturers of solenoid valves are working on the development of valves that are easy to install and offer high performance. For instance, in October 2021, Camozzi Group S.p.A. launched two new variants of solenoid valves that are easy to install and offer high performance within a compact footprint.
Key Benefits of the Report
- This study presents the analytical depiction of the solenoid valves industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents detailed information related to key drivers, restraints, opportunities, and the solenoid valves market share.
- A quantitative analysis highlights the solenoid valves market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed solenoid valves market analysis based on competitive intensity and how the competition will take shape in coming years.
Solenoid Valves Market Report Highlights
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