Market overview:

The Solenoid Valve Market was valued at $3.7 billion in 2022 and is estimated to reach $4.6 billion by 2028, with a CAGR of 3.5% from 2023 to 2028.

Automobiles employ solenoid valves that are controlled electromechanically. These valves control the flow of fluid or air via engines and other automotive systems. When an electric current flows through the solenoid's wire, it triggers a magnetic response, which is how solenoids convert electrical energy into mechanical energy. Systems using hydraulic and power fluids frequently contain them.

Direct-acting valves, also known as indirect valves or servo valves, are used for one flow direction; two-way valves, which have an intake and an output, are used to start and stop the flow of fluid. Direct-acting valves are used to prevent excessive pressure from building up in a device.

Solenoids can be employed for a number of tasks, such as turning on the sprinkler system or starting a car. It primarily controls air-powered equipment, motors, and fluid flow. The most prevalent liquid and gas circuit components are solenoids. Solenoid valves are used in a variety of applications, including industrial automation, air hammers, washing machines, gas boilers, hydraulic pumps, compressed air technologies, car wash systems, heating systems, irrigation systems, dental equipment, sprinkler systems, and others.

The global solenoid valve market is anticipated to grow steadily throughout the anticipated time frame. The global market for solenoid valves is being driven by rising concerns about water pollution and the need to extract organic contaminants from contaminated water. The demand for wastewater treatment has increased as a result. In order to complete a variety of duties, solenoid valves are frequently utilized in water treatment facilities, which will support market growth through 2027.

Market Drivers and Restraints:

Direct-acting solenoid valves, which lack a diaphragm, are widely used in the market. As a result, the valves are guaranteed to remain closed even in the absence of pressure. Valves are employed in a variety of sectors because of their fundamental principles. These solenoid valves can be utilized for a variety of operations, such as filling, dosing, venting, and shutting off. The commercial penetration of these valves has been facilitated by their lightweight, cost-efficient, and compact design. Direct-acting solenoid valves are becoming more common because there is no diaphragm to ensure that the valves stay closed even when no pressure is applied. Because they operate on fundamental principles, valves are used in a wide range of industrial sectors.

Furthermore, direct-acting or direct operated valves are a sensible substitute in demanding applications involving neutral and pure liquids, gases, and vapors. The shut-off, filling, dosing, and venting functions of these solenoid valves are all possible. Their cost-effectiveness and lightweight, compact design have contributed to the growth of the solenoid valve market.

In the upstream, midstream, and downstream processes of the oil and gas industries, solenoid valves are used. Upstream operations include things like the discovery and extraction of crude oil, whereas downstream operations include things like the filtering and purification of oil and gas. Solenoid valves are a vital component of the oil and gas industry. They are used in heating systems, control systems, safety systems, fractional distillation, and catalytic cracking, among other things, from drilling an oil well to extracting and transporting crude oil. They have gained great acceptability as a result. However, the industry has slowed down and a number of oil rigs have been shut down as a result of the likely decline in demand for fossil fuels and oil. Even though this slowdown has subsided, demand will still decline throughout the projected period, hindering the growth of the Solenoid Valve market.

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The report is segmented as follows:

The Solenoid Valve Market is segmented by Industry; the Market is segmented by Usage:

By Industry (Aerospace and Defense, Automotive, Oil and Gas, Paper and Pulp, Transportation and Logistics, Chemical, Water and Waste Water, Others)

By Usage (Pneumatic, Hydraulic, Fluidic)

Regional Segmentation:

During the anticipated period, North America held a dominant position in the global solenoid valve market share. APAC is anticipated to grow at the fastest rate of 3.9 percent during the forecast timeframe. Automation solutions are being quickly adopted across a wide range of industries, including water supply management, food and beverage, and chemical. The solenoid valve market is therefore anticipated to grow. Rising water and wastewater, the oil and gas sectors, the automobile industry, and other variables in the nation have all boosted the solenoid valve market in this region. The most recent EIA data indicates that US crude oil production will average 12.1 million barrels per day in 2019. The substantial use of solenoid valves in the oil and gas industry has propelled market growth. The industry can control machines, dose, mix, or restrict the flow of liquids or gases thanks to solenoid valves' many benefits. Additionally, businesses use solenoid valves to control fluid flow and produce motions in automated systems. Demand for water treatment facilities and solenoid valves are both rising as a result of the nation's expanding need for clean, hygienic water sources. Demand for solenoid valves in the country is anticipated to increase as a result of expanding industries and their needs for process automation, such as liquid or gas flow.

Impact of COVID-19 pandemic on the market:

Since solar cells and modules are primarily imported from China, the COVID-19 pandemic has had a significant impact on the implementation of solar projects. The implementation of solar power projects has also been delayed by the COVID-19 epidemic, which has further slowed the growth of the solenoid valve industry. Due to currency depreciation after the lockout, solar module costs are also anticipated to increase. The worldwide economy has been negatively impacted by the COVID-19 pandemic. Companies may experience financial issues after the shutdown, according to estimates.

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