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Miniature Solenoid Valves Market - Forecast(2024 - 2030)
Miniature Solenoid Valves Market Overview
The global Miniature Solenoid Valves Market is estimated to surpass $1.5 billion by 2026 growing at an estimated CAGR of more than 9.9% during the forecast period 2021 to 2026. Solenoid valves are employed as control elements for controlling both aqueous and gaseous fluids. Solenoid valves are primarily used as controlling devices in systems and motors where liquid and gas flow rate needs to be regulated. These valves can be controlled by passing electric current through the solenoid, thus creating a magnetic field to open or close the plunger mechanism.
According to Enerdata, countries like China, the U.S., India and Russia are the highest consumers of energy as per the 2019 data. The increasing industrial growth coupled with the rising population accounts for the increase in energy consumption. This trend includes a huge number of investments into the power sector, which will propel the market for solenoid valves.
Report Coverage
Key Takeaways
- Usages of Solenoid valves are rising sharply because of their automatic flow control capability, size, leak block, lower price and lower power consumption mechanism.
- There is a possibility that the future of power industry is run by natural gas and solar energy. Valves are used for various purposes in the power generation industry. Hence there is significant opportunity for Miniature Solenoid Valves in this sector.
- Countries have started increasingly deploying their renewable energy sector; and accordingly, in various countries the capacities of Solar PV is increasing year on year. Therefore, the booming solar energy sector is poised to boost the market for control valves.
Miniature Solenoid Valves Market Segment Analysis - By Type - Segment Analysis
Miniature Solenoid Valves Market Segment Analysis - By End Use Industry
Miniature Solenoid Valves Market Segment Analysis - By Geography
APAC remains the major market for Miniature Solenoid Valve at share of 34.5% in 2020 driven by significant automotive production as well as manufacturing sector in the region. The solenoid valves today aren’t the same as they used to be, because the environment in which industries are now operating has been changed. Solenoid valves market has changed significantly which has led towards the development of new technologies. The demand for solenoid valves is increased at a very high rate and it is due to change in technology, new product lines and diversification of components. Solenoid valve is the elementary base for the advancing process industry.
Over the past decade, the market has been experiencing a rapid upsurge in terms of technological advancements, increasing automation, and integrating the entire value chain of the process industry. The majority of the countries have started increasingly deploying their renewable energy sector; and accordingly, in various countries the capacities of Solar PV is increasing year on year. Therefore, the booming solar energy sector is poised to boost the market for control valves. Rising urbanization, increasing awareness regarding flow control has catalysed the growth of solenoid market. Advancement in technology related to electro-mechanical devices, electric current efficiency and magnetic field strength will drive the miniature solenoid valve market.
Miniature Solenoid Valves Market Drivers
Growing Concerns Regarding the Safety of Plants
In the past there have been many catastrophic disasters in critical industries such as mining, oil & gas, nuclear power industry and so on. For example Fukushima nuclear accident in Japan and Deep-water Horizon oil spill in the Gulf of Mexico, Soma mine disaster in Turkey and Pike River Mine disaster in New Zealand are some of the industrial accidents recorded in recent times. Such accidents occurring in various industries have raised the question on the reliability and safety of a plant. Solenoid valves can be used as a safety measure so as to mitigate the effect of a potential disaster due to their strong electric current and magnetic field.
For example in a manufacturing plant, a sensor along with a solenoid-actuated valve can be installed so that in case of an emergency the activation of the solenoid can send a mass notification to the employees to vacate the plant or a mine, solenoid valves can be used to monitor temperature and atmospheric conditions so that in case of an emergency, such as a explosion within a mine, automatic supply of water to put of fire can be controlled with the help of solenoid valve.
In case of chemical and nuclear power industry, solenoid valves can be used to monitor leakage of harmful chemicals and radioactive materials and can shut off the process to prevent further leakage of these materials. As preventive measure, the companies all over the world are deploying solenoid valves to prevent catastrophic disasters. The aforementioned factors are expected to result in the growth of the market in the near future.
Rising Number of Power Plants and growing adoption of Solenoid Valves
In today’s technologically advanced environment where the need for automation is essential in every field, power is a very essential and critical requirement to operate the equipment and machinery required in automation of a particular process. In the past few decades the number of industries and players in each industry has increased substantially demanding huge requirement of power. Coping with scarcity of power, the governments of various countries like the U.K, South Africa, Japan, America and others are taking initiatives to increase the capacity of existing power plants and have sanctioned projects to construct new power plants.
The Egyptian government plans to double their power generation capacity. In order to achieve this target Egypt is building new plant facilities which includes construction of a nuclear power plant with the aid of Russian technology and expertise. A new solar power plant is being built in Siwa which would generate 10 MW of power, wherein the Egyptian Electricity Holding Company has signed a contract with ACWA power to build 2 GW renewable energy projects.
Miniature Solenoid Valves Market Challenges
Uncertainty in Oil and Gas Industry
Miniature Solenoid Valves Market Landscape
Acquisitions/Technology Launches/Partnerships
- In August 2019, Ross Controls Company had announced the acquisition of Pneumatrol Ltd for strengthening and expansion of its valve business.
- 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.