Solenoid valves are electrically controlled valves with an electric coil associated with a movable ferromagnetic core. These valves have huge applications in various industrial segments due to their pressure customization in different electronic appliances, including home and industrial appliances. Solenoid valves play a massive role in the medical sector due to their usage in oxygen therapy devices. These valves also offer reliability with excellent function. These factors are upgrading the demand in the Solenoid Valves Market.
Growth drivers such as the higher evolution of miniaturization are one of the major driving forces. It adds value and controls the flow and pressure of matters. With the integration of automation, it is showing good reliability and longer life span. The construction sector is also boosting the market value.
The pandemic period has slowed down the growth rate of the Solenoid Valves Market. The delay in the supply of raw materials and the initial shutdown of the manufacturing unit have restricted the market’s growth. The transport of goods and trade between the countries has stopped, largely affecting the market. But in the following days, the demand for solenoid valves increased due to their application in medical devices. The oxygen devices were the major requirement during the pandemic, fueling its demand.The Solenoid Valves Market will reach a value of USD 6.05 Billion and a CAGR of 4.6 % during the valuation period by 2030.
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The Solenoid valve market Share is segregated on the basis of type, operating type and end-user.
The type section of the market is bifurcated into 2 way, 3 way, 4 way and 5 way. The 2-way segment holds the major share due to its wide usage in industrial verticals.
The component segment is categorized into stainless steel, aluminum, brass and plastic. The brass segment is highly propelling, among others. The operating type consists of direct, semi-direct and indirect. The direct opening type will acquire the largest value with a good CAGR percent.
The end-user segment is bifurcated into chemical and petrochemical, food beverages. Chemical and petrochemicals are estimated to obtain the largest market value.
According to the regional update, the Solenoid Valves Market covers the major regions such as the Asia Pacific, North America, Europe and the remaining parts of the world.
The North American region is showing massive growth with dominant share value due to the wide application areas. The fluid automation technologies advancement is also driving its regional market. The major end-users present in the region are accelerating their demand.
Followed by North America, the European region is the second-highest shareholding region. The higher demand for solenoid valves in industrial verticals such as healthcare and food and beverages is driving its regional market.
The Asia Pacific region shows a significant share value due to the developing demand for solenoid valves. The end-users of the region are increasing their demand which is accelerating the market.
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On July 15, 2020, Marotta Controls, a US-based aerospace and defense supplier, launched its two patents for solenoid valves. The innovation addressed metal-on-metal wear-out challenges. It was created by the vibration environments generated in spacecraft.
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