Press release
Solenoid Valve Market Prognosticated To Perceive Value Accretions With A Significant CAGR
Curtiss-Wright Corporation, Asco Valve, Inc., Christian Bürkert GmbH & Co. Kg, GSR Ventiltechnik GmbH & Co. Kg. Danfoss A/S, Parker Hannifin Corporation, IMI PLC, Rotex Controls B.V., The Lee Company, and SMC Corporation are some of the prominent players at the forefront of competition in the Global Solenoid Valve Market and are profiled in MRFR Analysis.
Solenoid Valve Market Overview
The Global Solenoid Valve Market is growing with the rapid pace; mainly due to the burgeoning Oil & Gas industry. According to a recent study report published by the Market Research Future, The global Solenoid Valve Market is booming and expected to gain prominence over the forecast period. The Market is forecasted to demonstrate a Quadrupled growth by 2027, surpassing its previous growth records in terms of value with a staggering CAGR during the anticipated period (2016 – 2027).
Electromechanically operated Solenoid Valves are particularly used to allow the flow when and as long as an electrical signal is sent to the valve. They are used to control and modulate the flow of liquids and gases. From the last couple of years, Solenoid Valve Market is gaining traction due to the increasing demand from industries like oil and gas, water and wastewaters, chemical and petrochemical. Currently this market has been valued at more than US $4 billion at a CAGR of more than 4%. The Market is up surging rapidly and is expected to grow remarkably in the years to come.
The Global Solenoid Valve Market is growing prominently owing to the convincing features these Valves offer such as low power consumption, effective and efficient output and the proven reliability with thousands of successful applications. These are just some of the compelling reasons why so many end users turn to Solenoid Valves when it comes to critical application such as hazardous area fluid control. Additionally, technology advancement coupled with automotive flow system is fostering the market growth. The factors that hinder the market growth are the size of the equipment, level of customization of the equipment, and application in which the equipment is used. Adversely, Solenoid Valves are becoming more popular these days as it can be controlled electronically giving optimum output.
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Solenoid Valve Market Competitive Analysis
Prominent manufacturers like Emerson develop a comprehensive range of Solenoid Valves with the ability to perform automatic online testing of the redundant, and with automatic partial process valve stroke testing and the capability for online maintenance. Their Solenoid Valves are designed to withstand the maximum pressures and temperatures for maximum industrial strength and can include corrosion resistant and optional NACE-compliant materials ensuring utmost durability.
Characterized by the presence of several well-established and small players, the global Market of Solenoid Valves appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Product/Technology launch, reputation and services. Key Players operating in the market strive to develop Solenoid Valves that can deliver high performance, are compact in size, sturdy, and extremely cost-effective. Marketers employ a continuous improvement strategy to analyze and update products, implementing improvements and launching new technologies to meet the changing needs of consumer. These Key Players are investing heavily in research and development projects to develop state-of-the-art equipment, facilities, advanced technology and processes.
On 26 October 2017, NASA formally released to the public, its long held patent (Solenoid Valve application) for Iron Man-style "jet shoes," - special footwear that sends out a burst of propulsion to enable the wearer to fly. The Technology can be used in safety applications, medical applications, consumer goods, ground and air transportation is based on the control circuit (either electric), having a switch for energizing a Solenoid Valve permitting fluid to flow through a nozzle, or fluidic, having a syring connected to a relay that operates a valve permitting fluid to flow through the nozzle.
A spokesman for NASA has stated that the purpose of releasing this publicly is that the agency hopes that someone will make good use of it, finding a way to improve modern life and mentioned that this patent might be useful to someone in a completely different field, who may find an ingenious use for jet shoe technology that might not have occurred to the engineers working on a spacefaring version of the footwear.
NASA, announcing that anyone who wants to use it can do so legally also mentioned that the jet shoes designed to keep the wearer aloft, are currently only designed for use in low-gravity environments, enabling astronauts to better navigate while aboard space stations.
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Solenoid Valve Market - Segment
The Global Solenoid Valve Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Type: Comprises - 2-way, 3-way, 4-way, and 5-way Solenoid Valves.
Segmentation by Body Material: Comprising Brass Body, Stainless Steel, Aluminum Body and Plastic Body material.
Segmentation by Operating Type: Comprising Direct, Indirect and semi-direct Operating type
Segmentation by End User Industries: Comprises Chemical & Petrochemical, Oil & Gas, Food & Beverages, Water & Wastewater, Power Generation, Automotive, Pharmaceutical, Medical and others.
Solenoid Valve Market - Regional Analysis
North America dominated the global market of Solenoid Valves up to 2015 followed by Europe region. The main factor which is driving the market is increase in the demand for solenoid valve in various industries. North America holds the largest market share
Asia Pacific has emerged as the fastest growing market accounting a significant market share with a considerable rate of CAGR.
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