The solenoid valve market is expected to reach USD 4.41 billion by 2022, at a CAGR of 3.54% between 2016 and 2022.
The market also registered a shipment of 12.94 million units in 2015 and is expected to reach 20.29 million units by 2022. The major factors contributing to the growth of this market include the increasing need for greater process automation in wider range of industries and growing importance for providing clean and safe drinking water worldwide.
The market for aluminum solenoid valves is expected to grow at the highest rate between 2016 and 2022 in the global solenoid valve market. The major factors contributing to the growth of this market include growing adoption of these aluminium solenoid valves in a variety of industries such as chemical & petrochemical, oil & gas, water & wastewater, food & beverages, and power generation among others as they are lighter in weight, which helps in reducing the overall weight of the body, thereby increasing the production process.
The global solenoid valve market in the Americas held the largest share in 2015; however, the market in APAC is expected to exhibit the highest growth rate during the forecast period. The major factors contributing to the growth of this market include the increasing investments across various process industries, especially in the developing economies such as China and India. The solenoid valves in these industries are utilized to control the flow of wider range of fluids and gases.