Solenoid valves are electromechanical devices used to control the flow of liquids and gases. They are part of a wider family of control valves, which enable control of flow in response to a signal, such as pressure, temperature, or position. A solenoid consists of an electromagnetically operated spool or plunger surrounded by a wound wire coil. When a current is passed through the coil, the electromagnetic force creates a pull on the spool, allowing the flow of liquid or gas through the valve. The valve can be set to either open or close on demand, depending on the application.
Solenoid valves can be used in many industrial processes and are widely used in the process and manufacturing, HVAC, automotive, marine, and medical industries. They are offered in many sizes, materials, and voltages to meet various requirements.
The development of technology to enhance process automation and cost savings has been a major driving force behind this growth. Expansion of manufacturing plants, rapid industrialization, and increased safety measures are also increasing the demand for solenoid valves across the globe. The Asia Pacific region is expected to be the fastest growing market due to the presence of a large number of manufacturing companies.
The global Solenoid Valves market was valued at US$ 4532.8 million in 2022 and is anticipated to reach US$ 5823.3 million by 2029, witnessing a CAGR of 3.6% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Solenoid Valves Market available at: https://www.themarketreports.com/report/global-solenoid-valves-market-research-report
This report aims to provide a comprehensive presentation of the global market for Solenoid Valves, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Solenoid Valves.
Global Solenoid Valves key players include ASCO, Kendrion, Danfoss, Parker, Bürkert, etc. Global top five manufacturers hold a share about 35%. Asia-Pacific is the largest market, with a share about 35%, followed by North America and Europe, both with a share about 30 percent. In terms of product, Direct-acting Type is the largest segment, with a share about 45%. And in terms of application, the largest application is Home Appliance, followed by Automobile, Automation, General Industry, etc.
Ask for more details or sample of this report at: https://www.themarketreports.com/report/ask-your-query/1396004
Release by:
Shirish Gupta
Marketing Manager
The Market Reports
Call: +1-631-407-1315 / +91-750-729-1479
Email:sales@themarketreports.com