The solenoid valve market is expected to grow at a CAGR of 5.4% from 2020 to 2031. The growth of the solenoid valve market can be attributed to the increasing demand for solenoid valves from the automotive and oil & gas industries. The rising demand for energy-efficient and environment-friendly products is also contributing to the growth of the solenoid valve market.
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The report “Solenoid Valve Market by Type (2-way, 3-way, 4-way), Application (Automotive, Oil & Gas, Water Treatment, HVAC, Manufacturing), and Region – Global Forecast to 2031” published by PMR estimates that the global solenoid valve market will grow at a CAGR of 5.4% from 2020 to 2031 and reach a value of USD 2.37 Billion by 2031. The growth of the solenoid valve market can be attributed to the increasing demand for solenoid valves from the automotive and oil & gas industries. The rising demand for energy-efficient and environment-friendly products is also contributing to the growth of the solenoid valve market.
Solenoid valve is a device which uses a solenoid to control valve activation. In solenoid valve, electric current is passed through a solenoid. Solenoid valves are considered as electromechanically operated valve used for controlling liquid or gas flow. Solenoid valves are most commonly used in fluidics as a control elements. They perform the various task such as release, shut-off, mix or distribute fluids. Solenoid offers various advantages such as high reliability, fast and safe switching, extended service life, compact design and low control power.
Solenoid valve market is evolving continuously and expected to witness significant growth during the period of forecast. Constant evolution in solenoid valve market leads to the development of new technologies. Factors which are driving the growth of global solenoid valve market are increasing applications of solenoid valves into various industrial sectors, lower price of a valve and lower power consumption.
Key Players-
Key players are global solenoid valve market are ASCO Valve, Inc., Danfoss A/S, CKD Corporation, Christian Bürkert GmbH & Co. KG, SMC Corporation of America, IMI plc Company, GSR Ventiltechnik GmbH & Co. KG, ODE s.r.l., KANEKO SANGYO Co., Ltd, CEME S.p.A., TAKASAGO ELECTRIC INDUSTRY CO., LTD., Parker Hannifin Corp. and Ningbo mailing pneumatic co., Ltd. among others. Market players are focusing more on the development of new technologies which can provide improved features and better performance.
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Oil Pressure Control Solenoid Valve Market: Segmentation
Based on the type of design
- 2-way
- 3-way
- 4-way
- 5-way
Based on the type of material
- Aluminium
- Brass
- Stainless Steel
- Plastic
Based on their usage in various industries
- Oil and Gas
- Refining
- Chemical and Petrochemical
- Food and Beverage
- Pharmaceutical and Biotechnology
- Power Generation
- Pulp and Paper
- Mining and Ore Extraction
- Water and Waste Water Treatment
- Iron and Steel Production
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