The recent FMI study shows that the solenoid valve industry is expected to record USD 4.5 billion in 2023. The market is projected to register a CAGR of 4.5% from 2023 to 2033, to top USD 6.9 billion by 2033.
Growth-inducing Factors for Solenoid Valve Market include:
For example, recently, Emerson enlarged its ASCO Series 090 line of miniature solenoid valve. It include a three-way Series 090 valve configuration to manifest space-efficient, lighter solutions for gas control in gas analyzer devices, compression therapy, and oxygen therapy.
Impediments to Future Growth include:
Emerging Opportunities in the Solenoid Valve Market:
| Attribute | Details |
|---|---|
| Solenoid Valve Market Size (2023) | USD 4.5 billion |
| Solenoid Valve Market Size (2033) | USD 6.9 billion |
| Solenoid Valve Market Forecast CAGR (2023 to 2033) | 4.5% |
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The solenoid valve industry registered a CAGR of 5.4% in the historical period, as opposed to the 4.5% CAGR predicted for the forecast period. The solenoid valve industry is gaining significance on account of rising renewable energy projects.
For instance, in recent years Karnataka Government and ABC Cleantech, as part of Invest Karnataka, signed an MoU to establish a green hydrogen production facility and a green ammonia production facility with an annual capacity of 0.2 million tons and 1 million, respectively. Both these units are integrated with 5 GW of renewable energy projects and cost an estimated USD 6 billion.
Solenoid valves are resistant to humidity, adverse temperature, and corrosive conditions, making them suitable for the food and beverages industry. To further extend the lifespan of these valves, they are constructed with stainless steel owing to their contaminant-resistant qualities. These valves are commonly deployed in the meat and abattoir industry, salting systems, fish canneries, fruit and vegetable canneries, and the ready-meal industry. Stainless steel ones are utilized in fish fillet preparation systems, salmon packing lines, and pasteurization systems that require high-pressure solenoid valves.
Apart from this, the solenoid valves are further deployed in the dishwasher, washing machines, and other similar appliances, where it performs the role of the water flow controller.
FMI has concluded that the solenoid valve industry is projected to arrive at a market estimation of USD 6.9 billion by 2033.
| Historical CAGR (2018 to 2022) | 5% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.3% |
The 2-way solenoid valve is emerging as a top function in the market, taking a high cut of market share in 2023. The segment is anticipated to assume a CAGR of 4.3% over the forecast period, in contrast to the 5% CAGR observed in the historical period. The device is usually deployed in hydraulic lifts, sawdust control, process heating, log misting systems, etc.
Large investment in process industries has also accelerated the solenoid valve application in multiple industries. The use of solenoid valves in conjunction with enhanced magnetic field and electric current is increasing rapidly due to their leak block, size, lower price, automatic flow control, etc.
The automotive industry is expanding at a significant pace and has been instrumental in pushing the sales of solenoid valves. Solenoid valves are placed in the exhaust, air intake systems, engine control, locking and safety systems, steering, etc.
The automobile sector is multiplying steadily, observing demand from emerging markets and manufacturing units transferring there. The automobile sector is witnessing healthy growth and profitability, thus aiding the overall solenoid valve industry.
| Market Value USD (2033) | USD 2.2 billion |
|---|---|
| Forecast CAGR % (2023 to 2033) | 3.4% |
The United States solenoid valve industry is expected to gain USD 2.2 billion by 2033. Over the forecast period, the market is projected to register a CAGR of 3.4%, in contrast to the 4% CAGR observed in the historical period. The market is observing a rise in the adoption of advanced fluid automation technologies and the surging application in sectors like chemicals, oil and gas, water treatment, and food and beverages. The manufacturing units of end-users are updating different production processes to minimize the workforce and enhance efficiency.
| Market Value USD (2033) | USD 595.5 million |
|---|---|
| Forecast CAGR % (2023 to 2033) | 5.4% |
The China solenoid valve industry is projected to generate USD 595.5 million by 2033. In the meantime, the market is projected to assume a CAGR of 5.4%. Several sectors, like food and drinks, water supply management, and chemical, are robustly adopting automation solutions. Thereby fueling the growth of the solenoid valve industry. Thriving oil and gas industries, water and wastewater, and other factors are augmenting the sales of the solenoid valve industry.
| Market Value USD (2033) | USD 347.2 million |
|---|---|
| Forecast CAGR % (2023 to 2033) | 3.7% |
The United Kingdom is slated to reach USD 347.2 million by 2033. From 2023 to 2033, the market is projected to assume a CAGR of 3.7%. In the historical period, however, the market is expected to register a CAGR of 4.3%. Increasing demand for clean and sanitary water supplies is catalyzing the prospects for water treatment plants. This is expected to have a positive impact on the solenoid valve industry. Surging industries and their need for process automation, like gas or liquid flow, are projected to propel market growth.
Competition in the solenoid valve industry is quite intense. There is substantial consolidation among the leading players in the market. Vendors are acquiring other companies to improve their market share. Additionally, huge investments in developing an advanced version of this device are also fueling the market growth.
Other common strategic steps include collaboration and partnerships.
New Developments Shaping the Market Growth:
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| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion/ million for Value and Volume in ‘000’ Units |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, the United Kingdom, Germany, France, Spain, Italy, Russia, India, Thailand, Indonesia, Malaysia, China, Japan, South Korea, Australia, Oceania, GCC Countries, South Africa, Türkiye |
| Key Segments Covered | Type, Function, Material, Operation, Media, Industry, and Region |
| Key Companies Profiled | Airtac; ASCO Valve Inc.; Danfoss Industries Limited; Curtiss-Wright Corporation; IMI Precision Engineering; Emerson Electric Co.; Juliang Valve; Parker Hannifin Corporation; Zhejiang Yongjiu; SMC Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 4.5 billion in 2023.
Airtac, ASCO Valve Inc., and Danfoss Industries Limited are the key market players.
the market recorded a CAGR of 5.4% from 2018 to 2022.
Increasing demand from the food processing industry to boost the market growth.
The United States is projected to expand at a CAGR of 3.4% through 2032.
| Market Value for 2024 | USD 81.55 billion |
|---|---|
| Market Value for 2034 | USD 123.05 billion |
| Market CAGR (2024 to 2034) | 4.2% |
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Solenoid Valve Market
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