The Solenoid Valves Market is expected to generate $6,129.13 million by 2023 at a CAGR of 3.8%
Asia Pacific to dominate the Solenoid Valves Market
Asia Pacific will dominate the Solenoid Valves Market during the forecast period. It is expected to generate $2,543.99 million by 2023 at a CAGR of 4.5%. The adoption of solenoid valves in the industrial applications will enhance the growth of Asia Pacific market during the forecast period. China has the largest share in the Solenoid Valves Market. Growing countries such as India and South Korea also present better opportunities for solenoid valve manufacturers. In China, the growing investment in the power generation industry, which depends on renewable energy sources, is the second biggest industry for solenoid valves. Japan is slowly making use of green energy in hydro, solar, wind, and geothermal. The solenoid valve is an important component in these industries and aids the control of liquids and gases.
Selected Analysis done in the full Report:
The Aerospace and Defence sector in 2017 had a share of $121 million. It is expected to generate $126.88 million by 2023 at a CAGR of 0.7%. This industry deals with companies which manufacture private, commercial, and military aircrafts. The solenoid valves are used in the aerospace sector for many applications. They can be used in armament equipment, fuel systems, and shutter actuators. US and Europe dominate the aerospace and defence sector. Asia Pacific has the highest number of requirements for new aircrafts to be built during 2014-2023, followed by Europe and North America.
Excerpts on Market Growth Factors
- Solenoid valves are very important in the power generation industry. Growing investment in the expanding power generation capacity will spur the growth of hydraulics and pneumatics.
- Increasing concerns with regards to the safety in the plants drives the growth of the Solenoid Valves Market during the forecast period.
- Governments of countries such as the UK, South Africa, Japan, and America are taking steps to increase the capacity of the existing power plants. This factor drives the demand of solenoid valves.
Key players of the Solenoid Valves Market
The Solenoid Valves Market is dominated by the companies such as ASCO Valve, Burkert Contromatic Corp, Danfoss Industries Pvt, Norgren Pipe Industrial Co., Ltd, and Parker Hannifin Corporation. ASCO Valve develops and manufactures electrically operated control devices or solenoid valves. It has branches in 42 countries. Burkert supplies fluid control products through its subsidiary Burkert Fluid Control Systems. Danfoss Industries provides products for residential, commercial, and industrial consumers. Parker Hannifin Corporation manufactures motion and control technologies and systems, including fluid power systems, electromechanical controls.
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