- Summary
- Table Of Content
- Methodology
Solenoid Valves Market Size:
Solenoid Valves Market size is estimated to reach over USD 6,485.93 Million by 2031 from a value of USD 4,810.00 Million in 2023 and is projected to grow by USD 4,983.16 Million in 2024, growing at a CAGR of 3.8% from 2024 to 2031.
Solenoid Valves Market Scope & Overview:
A Solenoid valve is a control unit that is used to either allow or shut off fluid flow in systems or vessels when electrically de-energized or energized. A solenoid is used as a valve to trigger a pull or push force on a magnetic component device. Further, in electromagnetic devices, solenoids act as a switch. Solenoid valve is used in fluid power hydraulic and pneumatic systems to control fluid power motors, larger industrial valves, and cylinders. Additionally, the valves are used in several applications including oil & gas, machinery & manufacturing, automotive, aerospace, chemicals, and others.
Solenoid Valves Market Dynamics - (DRO) :
Key Drivers:
Rising adoption in the oil & gas sector propels the solenoid valves market growth
In the oil & gas sector, the solenoid valve is used to control the direction of liquid propane, fuel gas, and other grades of liquid oils used in combustion applications such as furnaces, ovens, industrial boilers, and incinerators. Additionally, it starts the burner to be used either with post-purge or pre-purge control systems, thereby blocking the oil flow until the purge period is complete. It is used for controlling main line fuel and combustion systems pilot in the oil and gas industry.
- For instance, in 2023, Al Zour Refinery, an oil refinery located in Kuwait with an initial development cost of USD 16 billion, boosted its total production capacity to 615,000 b/d (barrels per day).
Thus, the rising development of oil and gas facilities is driving the market.
Key Restraints :
Availability of substitutes is restraining the solenoid valve market trends
There are several substitutes for fluid control including ball valves, butterfly valves, and others for hydraulic systems, pneumatic systems, and others. Moreover, the substitutes have similar performance and applications which is a key factor restricting the market growth.
For instance, the ball valve and butterfly valve are a quarter-turn shut-off valve family that is used for isolation and controlling the flow of gas or liquid. Additionally, ball valves and butterfly valves provide leakproof service, shut off quickly, lightweight, and others. Hence, the rising number of substitutes including ball valves, butterfly valves, and others are hindering the solenoid valves market expansion.
Future Opportunities :
Rising automotive production is expected to drive the solenoid valves market opportunities.
In the automotive sector, the solenoid valve is used in a wide range of applications from enabling the engine to shifting the transmission, and fuel injection system, and controlling the airflow in the automobile’s air conditioning system. Additionally, the main function of these valves in automobiles includes starting engines, distributing fluids, mixing fluids, releasing, shutting off, and dosing fluids. Further, these valve acts as a control unit to shut off or allow fluid flow when electrically de-energized or energized.
- For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), production of automobiles including passenger and commercial vehicles in 2023 increased by 10% as compared to 2022, thereby driving the adoption of solenoid valves in automobiles.
Thus, as per the market analysis, the rising adoption of valves in automotive for fuel injection, distributing fluids, and others is driving the global solenoid valve market opportunities.
Solenoid Valves Market Segmental Analysis :
By Material:
Based on the material, the market is segmented into steel, aluminum, brass, plastic, and others.
Trends in the Material:
- There is an increasing trend towards the adoption of brass solenoid valves to control high moisture content in different environments.
- Rising trend towards utilization of steel valves because it is less prone to damage compared to other kinds of valves.
Steel accounted for the largest revenue in the overall solenoid valves market share in 2023
- Steel solenoid valves are available in several grades and types for different fluid applications in fabricating valves.
- They offer multiple benefits such as high-pressure tolerance, high-temperature tolerance, structural strength, corrosion resistance, durability, and others.
- Additionally, steel is compatible with various chemicals and different fluids making it an ideal metal used as a solenoid valve.
- For instance, R2G Fluidics launched a steel solenoid valve (Serie R2ICT) in closed version, which is used in sterilization, vacuum, steam or cleaning fluids, and others.
- Therefore, the rising developments and advancements in stainless steel solenoid valves are driving the solenoid valves market growth.
Aluminium is anticipated to register the fastest CAGR during the forecast period.
- Aluminium solenoid valve is used in various applications such as inert gas and compressed air applications in different industries.
- Additionally, the primary benefits include lightweight, high strength, low cost, and others.
- Further, the thermal properties of these valves make them ideal for automotive and aerospace applications.
- For instance, Tameson offers aluminium solenoid valves in its product offerings. The aluminium solenoid valve offers benefits such as ease of handling and installation.
- Therefore, the rising advancement related to aluminium solenoid valves is driving the market.
By Application:
Based on the application, the market is segmented into oil & gas, machinery & manufacturing, automotive, aerospace, chemicals, and others.
Trends in the Application:
- Rising trends towards utilization of valves in the automotive sector for reducing operational costs and increasing energy savings.
- Rising trend towards the adoption of valves in chemical plants for regulating chemical flow.
Oil & gas accounted for the largest revenue share of 23.11% in the total solenoid valves market share in 2023.
- Solenoid valve is used in the oil and gas sector for controlling main line fuel, combustion systems, and control line applications
- It offers various benefits such as quick response time, low energy consumption, and lower cost, which makes it ideal for application oil and gas refineries. Additionally, it is used in oil refineries for enhanced leakage protection.
- For instance, in November 2023, Emerson launched the ASCO series 327C solenoid valve, which is designed for application in oil refineries, power plants, and chemical facilities.
- According to the analysis, the rising development of these valves for application in the oil & gas sector is driving the solenoid valves market trends.
Automotive is anticipated to register the fastest CAGR during the forecast period.
- In automobiles, the solenoid valve is used in fuel injection systems and controlling the airflow. It also helps in starting the four-wheel drive system and shifting transmission.
- Further, the solenoid is ideal for a variety of applications and automobile machinery due to the low cost of parts for replacement as well as manufacturing.
- For instance, according to the European Automobile Manufacturers' Association (ACEA), 10.9 million passenger cars were produced in the European Union in 2022, an overall increase of 8.3% compared to 2021.
- According to the analysis, the rising automotive production is driving the solenoid valves industry.
Regional Analysis:
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 1,403.28 Million in 2023. Moreover, it is projected to grow by USD 1,456.27 Million in 2024 and reach over USD 1,930.86 Million by 2031. Out of this, China accounted for the maximum revenue share of 35.8%. As per the solenoid valve market analysis, the adoption of solenoid valves, particularly in countries such as China, India, and Japan is growing, due to the growth of chemicals, automotive, manufacturing, and other industries. The rapid development and growing investments in the manufacturing sector are accelerating the solenoid valves market expansion.
- For instance, in March 2024, Asahi Kasei unveiled a hydrogen plant in Kawasaki, Japan to accelerate its hydrogen business activities. This is further increasing the market demand for solenoid valves for application in hydrogen plants.
North America is estimated to reach over USD 2,166.95 Million by 2031 from a value of USD 1,606.58 Million in 2023 and is projected to grow by USD 1,664.46 Million in 2024. As per the North American solenoid valves market analysis, the market growth is driven by the rising need for leak control and constant control in fluid flow for high-pressure applications in various industries such as petrochemicals, energy, and others. In addition, increasing investment in the energy sector is massively contributing to the ball valves market demand.
- For instance, according to the International Energy Agency (IEA), the Bipartisan Infrastructure Investment and Jobs Act of 2021 allocated USD 550 billion for clean energy and infrastructure, thereby increasing the market demand for solenoid valves for application in energy plants.
The regional analysis depicts that the rising growth of the automotive sector is increasing the demand for solenoid valves in fuel injection systems and power generation in vehicles, in turn driving the solenoid valves market demand in Europe. Further, as per the market analysis, the primary factors driving the solenoid valves market demand in the Middle East and African region include increasing investment in the oil & gas sector for improving leak control and development of oil refinery projects. In addition, the rising investments in the chemical sector are accelerating the demand for solenoid valves, in turn driving the solenoid valve share and market growth in the Latin America region.
Top Key Players & Market Share Insights:
The solenoid valves market is highly competitive with major players providing services to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global solenoid valves market. Key players in the solenoid valves industry include -
Recent Industry Developments :
Product Launches:
- In May 2022, CKD launched the Multifit Valve, a 2 and 3-way solenoid valve that is used for controlling a wide variety of fluids.
- In September 2021, M&M International launched the solenoid valve series, which included options for stainless steel and brass bodies.
- In 2022, Emerson launched ASCO miniature solenoid valves, which can be used in various applications such as gas analyzers, compression therapy, and oxygen delivery.
Solenoid Valves Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 6,485.93 Million |
| CAGR (2024-2031) | 3.8% |
| By Material |
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| By Application |
|
| By Region |
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| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
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Key Questions Answered in the Report
How big is the solenoid valves market? +
The solenoid valves market was valued at USD 4,810 Million in 2023 and is projected to grow to USD 6,485.93 Million by 2031.
Which is the fastest-growing region in the solenoid valves market? +
Asia-Pacific is the region experiencing the most rapid growth in the solenoid valve market.
What specific segmentation details are covered in the solenoid valve report? +
The solenoid valve report includes specific segmentation details for material, application, and region.
Who are the major players in the solenoid valve market? +
The key participants in the solenoid valves market are Emerson (US), Danfoss (Denmark), Curtiss-Wright Corporation (US), IMI Precision Engineering (US), Juliang Valve (China), Parker Hannifin Corporation (US), SMC Corporation (Japan), CKD (Japan), and M&M (UK)
