“Miniature Solenoid Valve Market”
The increasing number of power plants and the proliferation of solenoid valves are driving the growth of the miniature solenoid valve market
The globe Miniature Solenoid Valve Market is estimated to exceed $ 1.5 billion by 2026 and grow at an estimated CAGR of more than 9.9% over the forecast period from 2021 to 2026. Solenoid valves are used as control elements for controlling aqueous and gaseous liquids. Solenoid valves are mainly used as control devices in systems and engines in which the flow rate of liquids and gases needs to be regulated. These valves can be controlled by passing electrical current through the solenoid, which creates a magnetic field to open or close the piston mechanism.
According to Enerdata, countries like China, the US, India and Russia are the highest energy consumers according to 2019 data. The increasing industrial growth combined with the increasing population is responsible for the increase in energy consumption. This trend includes a multitude of investments in the energy sector that will drive the solenoid valve market.
Miniature Solenoid Valves Market Segment Analysis – By Type – Segment Analysis
Two-way solenoid valves are the key segment in the market with a 42.3% share in 2020 due to their introduction to the process industry. Devices such as valves, drives, positioners, sensors, etc. are important components of automation. Solenoid valves are mainly used in sawdust control, hydraulic elevators, wood misting systems, process heating, etc. In addition, enormous investments in the process industry have pushed the use of solenoid valves in the various industries. The use of solenoid valves with improved electric power and magnetic field utilization is increasing rapidly due to their automatic flow control capability, size, leak blockage, lower prices, and lower energy consumption mechanisms.
Miniature Solenoid Valve Market Segment Analysis – By End Use Industry
The automotive sector is a rapidly growing segment, with a CAGR of 12.4% by 2026 for miniature solenoid valves, driven by its proliferation in luxury and high-end vehicles and manufacturing processes. The power generation industry is one of the best-known end users of solenoid valves. The industry is growing rapidly with the growing demand for energy. The chemical industry has also strongly dominated the solenoid valve market. Solenoid valves play an important role in this industry and are used in applications such as safety shutoff of toxic or purified gases, directional flow of chemicals and gases, etc. The pulp and paper industry adapts process automation to its processes. It has become the main focus of the industry to maximize operational efficiency and productivity.
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Miniature Solenoid Valve Market Segment Analysis – By Geography
APAC remains the top market for miniature solenoid valves with a share of 34.5% in 2020, driven by the region's significant automotive production as well as the manufacturing sector. Solenoid valves are no longer the same as they used to be, because the environment in which industries work today has changed. The solenoid valve market has changed a lot, which has led to the development of new technologies. The demand for solenoid valves is growing very quickly and is due to the change in technology, new product lines and the diversification of components. Solenoid valves are the elementary basis for the advancing process industry.
In the last ten years the market has experienced a rapid upswing in terms of technological progress, increasing automation and integration of the entire value chain in the process industry. The majority of countries have started to make increasing use of their renewable energy sector; and accordingly the capacities of solar PV are increasing from year to year in different countries. Therefore, the booming solar energy sector will boost the market for control valves. Increasing urbanization and increasing awareness of flow control have catalyzed the growth of the solenoid valve market. Technological advancement in electromechanical devices, electrical current efficiency, and magnetic field strength will drive the miniature solenoid valve market.
Market driver for miniature solenoid valves
Growing concerns about the safety of plants
In the past there have been many catastrophic disasters in critical industries such as mining, oil and gas industry, nuclear power industry, etc. the Pike River Mine disaster in New Zealand are just a few of the recent industrial accidents. Such accidents in various industries have called the reliability and safety of a system into question. Due to their strong electrical current and magnetic field, solenoid valves can be used as a safety measure to mitigate the effects of a potential disaster.
For example, in a production plant a sensor can be installed together with a solenoid valve so that, in an emergency, the activation of the solenoid valve can send a mass message to the employees to clear the plant or a mine, solenoid valves can be used to monitor temperature and atmospheric conditions, so In an emergency, such as an explosion in a mine, the automatic water supply for fire fighting can be controlled with the help of a solenoid valve.
In the chemical and nuclear power industries, solenoid valves can be used to monitor leaks of harmful chemicals and radioactive materials and shut down the process to prevent further leaks of these materials. As a preventive measure, companies around the world use solenoid valves to prevent catastrophic disasters. The above factors are expected to lead to the growth of the market in the near future.
Increasing number of power plants and increasing use of solenoid valves
In today's technologically advanced environment where automation is essential in any field, power supply is a very essential and critical requirement for the operation of the equipment and machines required in the automation of any given process. Over the past few decades, the number of industries and players in each industry has increased significantly, which requires huge amounts of electricity. In the face of electricity shortages, the governments of various countries such as the UK, South Africa, Japan, America and others are taking initiatives to increase the capacity of existing power plants and have approved projects to build new power plants.
The Egyptian government plans to double its power generation capacity. To achieve this goal, Egypt is building new power plants, including building a nuclear power plant using Russian technology and know-how. A new solar power plant with a capacity of 10 MW is being built in Siwa, whereby the Egyptian Electricity Holding Company has signed a contract with ACWA Power for the construction of 2 GW renewable energy projects.
Market Challenges for Miniature Solenoid Valves
Uncertainty in the oil and gas industry
The United States, Canada, and South America were once the main buyers of oil and gas from the Middle East. The increase in oil and gas production in these countries, in turn, hinders exports of oil and gas to the Middle East. O&G production in the Middle East has not decreased with the decline in demand. The decline in the price of oil and gas has forced manufacturing companies to reduce investment in the sector. Many oil and gas drilling projects have been canceled. The total number of operating rigs in the United States has decreased dramatically. This is a major limitation for solenoid valve manufacturers as the oil and gas industry is one of the primary customers for solenoid valves. Solenoid valves are used in equipment to drill an oil well, extract oil and gas, and transport it to the refinery; Control the flow of oil and gas and so on. Hence, the ongoing uncertainty in crude oil prices could result in new projects being scaled back or canceled, reducing the demand for solenoid valves in this particular industry.
Market landscape for miniature solenoid valves
Product launches, acquisitions and R&D activities are key strategies pursued by the miniature solenoid valve actors. Asco (Emerson), Parker, IMI PLC (Norgren), Eaton, Denso Corp., Bosch Rexroth, Danfoss A / S, Burkert Fluid Control Systems, ITT Inc. and Curtiss-Wright are the main players in miniature solenoid valves
Acquisitions / technology launches / partnerships
In August 2019, Ross Controls Company announced the acquisition of Pneumatrol Ltd to strengthen and expand its valve business.
In January 2019, Finland-based Metso announced the acquisition of Rotex Manufacturers and Engineers Pvt Ltd, which manufactures valves, including solenoid valves. This acquisition is intended to support Metso in expanding its valve activities in India.
The central theses
The use of solenoid valves is increasing rapidly due to their automatic flow control, size, leak block, lower price and lower energy consumption.
There is a possibility that the future of the energy industry will be powered by natural gas and solar energy. Valves are used for a variety of purposes in the power generation industry. Hence, there are significant opportunities for miniature solenoid valves in this sector.
Countries have started to make increasing use of their renewable energy sector; and accordingly the capacities of solar PV are increasing from year to year in different countries. Therefore, the booming solar energy sector will boost the market for control valves.
Related reports:
A. Solenoid valve market
https://www.industryarc.com/Report/1273/global-solenoid-valves-market-analysis-report.html
B. Automotive Solenoid Valve Market
https://www.industryarc.com/Report/9594/automotive-solenoid-valves-market-research-analysis-report.html
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