According to a recent FMI study, the solenoid valve market is anticipated to reach USD 4.5 billion in 2023. The market is projected to grow at a CAGR of 4.5% from 2023 to 2033, reaching USD 6.9 billion by 2033.
Strict regulations in the food and beverage and medical industries, especially in developed countries, are propelling the demand for solenoid valves in their production process. Additionally, today’s technology-driven environment is giving momentum to automation in several industries. Since the increase in industries requiring power is rising, governments are coming forward to boost the capacity of the prevailing power plants and have sanctioned projects to build new power plants.
Surging concerns over the plants’ safety magnify the solenoid valve’s prospects. Owing to their strong magnetic field and electric current, solenoid valve makes for a great safety measure to debilitate the effect of a potential disaster.
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Key players in the market are making significant investments in research activities to expand their product lines. Locally increasing the manufacturing capacity also helps reduce the company’s operational costs. Key manufacturers are employing this business tactic to help increase their overall revenue.
Top Highlights from the FMI’s Analysis of the Solenoid Valve Market:
- The United States industry is projected to reach USD 2.2 billion by 2033. From 2023 to 2033, the market is expected to record a CAGR of 3.4%.
- The United Kingdom solenoid valve industry is expected to reach US$ 347.2 million by 2033 end. In the coming decade, the industry is anticipated to perceive a market CAGR of 3.7%, in contrast to the 4.3% CAGR observed in the historical period.
- The China solenoid valve industry is expected to expand at a CAGR of 5.4% to reach US$ 595.5 million by 2033. In the historical period, the market recorded a CAGR of 6.9%.
- The Japan solenoid valve industry is projected to gain US$ 503.1 million by 2033. Over the forthcoming period, the market is anticipated to expand at a CAGR of 3.9%, as opposed to a 4.7% CAGR in the historical period.
- The South Korea solenoid valve industry is estimated to expand at a CAGR of 4.9% compared to the 6.2% CAGR observed in the historical period. By 2033, the market is projected to reach US$ 280.6 million 2033.
- Based on operation, the normally open segment is projected to expand at a CAGR of 4.4% over the forecast period. In the historical period, the segment registered a CAGR of 5.2%.
- Based on function, the 2-way segment is projected to represent a CAGR of 4.3% in the next ten years. In the historical period, the market registered a CAGR of 5%.
Market Update: New Developments Taking Place in the Market
- Kendrion exhibited its newly developed bistable solenoid valve 63.0 in October 2022 at COMPAMED 2022. The valve regulates the rate of flow. A joined permanent magnet ensures it is de-energized in the closed or open state without permanently energizing the coil. The valve is commercially available in a 3/2- or 2/2-way version and can be tailored to meet precise requirements.
- Emerson, an engineering, technology, and software firm, began operations in Mahindra World City, Chennai, in February 2022. This unit develops pneumatics and fluid control products, such as cylinders, solenoid valves, pneumatic valves and manifolds, air preparation units, etc., for Emerson’s field-proven brands ASCO, AVENTICS, TESCOM, and TopWorx.
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Challenges and Considerations:
- Material Selection: Choosing the right materials for solenoid valves is crucial to ensure compatibility with various fluids, pressure ratings, and operating environments.
- Leakage Control: Minimizing leaks is essential to prevent product waste, environmental contamination, and system inefficiency.
- Cost Optimization: Balancing the cost of solenoid valves with their performance and reliability is a key consideration for manufacturers.
