Rise in Demand for Electric Vehicles Owing to Ongoing Developments in Automotive Sector and Rising Applications across the Transportation and Logistics Sector is Anticipated to Boost Solenoid Valve Market During The Forecast Period 2021-2026. Solenoid Valve market is estimated to surpass $4,226.8 million by 2026 driven by transportation sector growing at CAGR of 5.8% during 2021-2026.
Solenoid Valve Market Size is forecast to reach $4.2 billion by 2026, at a CAGR of 2.9% during 2021-2026. A solenoid valve is an electrically controlled valve, featuring an electric coil with a movable ferromagnetic plunger in its centre. The electric current through the coil creates a magnetic field to exert an upward force on the plunger opening the orifice. Growing adoption of solenoid valves in various process industries and increasing preference for greater process automation is driving the market. In addition, rising demand for water treatment plants provide significant opportunities for the market. There are various types, but the main variants are direct control, pilot operated and manual reset. Pilot operated valves are most widely used in industrial applications and direct operated are used in systems requiring low flow capacities or applications. Their role is to shut-off, release, dose, distribute or mix fluid and gases.
In fluidics, solenoid valves are the most widely used control components. They're often used to turn off, release, dose, spread, or blend liquids. As a consequence, they can be used in a wide variety of applications. Solenoids are known for their easy and secure switching, long service life, high reliability, low control strength, and small size. In most flow control systems, the fluids in the device must be regulated by starting or stopping the flow in the circuit. This is normally achieved using an electronic solenoid valve. Solenoid valves can be mounted in remote areas and operated effectively with basic electrical switches as they are solenoid actuated. Solenoid valve’s fluidic usage include a wide variety of industrial environments, including general on-off control, plant control loops, process control systems, and various original equipment manufacturing applications. This results in rise in demand for fluidic solenoid valves thereby positively impacting the market growth.
According to the International Energy Agency (IEA), in 2019, global capital investment on power generation through fossil fuel, nuclear energy, renewable energy included $130 billion, $39 billion, $311 billion respectively. Moreover, $294 billion investments was made on electricity networks. Such investments boosts the development of energy and power sector thereby driving the market growth. Furthermore, in 2019, McDermott International, Inc announced that it had been awarded a USD 1.5 billion contract by Saudi Aramco for its Marjan Field. The contract for engineering, construction, and installation (EPCI) covers the production of offshore and pipeline oil and gas installations. The plant's production consists in the use of solenoid valves for process regulation. Growing oil and gas exploration and development, increasing new technology investments by O&G companies to improve worker efficiency and lower costs, increasing offshore and unconventional drilling, boosts the market growth of oil and gas which in turn propels the market growth of fluidic solenoid valves.
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Solenoid Valve Market Growth Drivers:
Rising Adoption in Advanced Farming Technologies
Farmers are planning to adopt the advanced farming technologies nowadays. The farmers are looking for the technology that is easy to work on and which can substitute the work of a labor for the better. Taking all these problems into consideration solenoid valve manufacture are developing a device that detects the moisture level in the soil when the devise is placed in the field. The solenoid valves which are provided with the sensors identifies the condition of the soil and the solenoid is triggered which in turn activates the water pump in the field, it waits for the condition to go normal and automatically switches off. The increasing adoption of bio intensive agriculture which is an organic agriculture system which focus on achieving maximum yields from a minimum area of land, while simultaneously increasing biodiversity and sustaining the fertility of the soil. The adoption of organic agriculture system is expected to increase the crop production in near future. This is set to open up new opportunities for solenoid valves.
The Major Players in this Market Include
Major players in Solenoid Valve include Asco (Emerson), Parker, IMI PLC (Norgren), Eaton, Denso Corp., Bosch Rexroth, Danfoss A/S, Burkert Fluid Control Systems, ITT Inc., and Curtiss-Wright. In January 2019, Finland based company Metso had announced the acquisition of Rotex Manufacturers and Engineers Pvt Ltd which manufacturers valves including solenoid valves. This acquisition is intended to assist Metso in expanding its valve operations in India.
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