Solenoid valve market adopts innovation to stay competitive
The solenoid valve market is evolving continuously and expected to witness significant growth until 2021, with constant evolution in leading to the development of new technologies.
According to an upcoming study by Persistence Market Research, the factors driving growth in the market are increasing applications of solenoid valves in various industrial sectors, lower valve price, and lower power consumption.
Furthermore, the development of new solenoid valves, such as micro-miniature valves, customised valves, and pinch valves, is expected to encourage further growth.
On the other hand, growth is affected by common problems such as power failure, uneven pressure, wrong voltage that may cause valves to not open, erratic valve sounds during opening and closing, and coil problems.
Solenoid valves are commonly used in fluid-powered pneumatic and hydraulic systems to control motors or large industrial valves.
Additionally, the valves find use in automatic irrigation sprinkle systems, washing machines, and dishwashers.
On the basis of application, the global solenoid valve market can be segmented into various industries, such as chemical, pharmaceutical, automobile, agriculture, food and beverage and others.
Out of all these applications, the chemical industry is expected to dominate the market during the forecast period.
On the basis of region, the solenoid valve market can be segmented into seven regions, which include North America, Latin America, Western Europe, Asia-Pacific (excluding Japan), Eastern Europe, Japan, and Middle East-Africa.
North America and Western Europe are expected to be the major drivers of the global solenoid valve market during the forecast period.
Some key players in the market are Asco Valve, Danfoss, CKD Corp., Christian Bürkert, SMC Corp. of America, IMI, GSR Ventiltechnik, ODE, Kaneko Sangyo, CEME, Takasago Electric Industry, LTD, Parker Hannifin Corp., and Ningbo Mailing Pneumatic.
The market players are focusing more on the development of new technologies, which can provide improved features and better performance, and on providing industry-specific products in order to capture more market.
New developments are expected to fuel the overall growth of the global solenoid valve market during the forecast period.