Solenoid valve industry projected to reach US$ 7 billion by 2033 – FMI
Published on : Saturday 24-06-2023
A recent study by Future Market Insights Inc shows that the solenoid valve industry is expected to record US$ 4.5 billion in 2023.
June 2023 – The recent FMI study shows that the solenoid valve industry is expected to record US$ 4.5 billion in 2023. The market is projected to register a CAGR of 4.5% from 2023 to 2033, to top US$ 6.9 billion by 2033.
Growth-inducing Factors for Solenoid Valve Market include:
Growing Buzz around Process Automation: Surging acceptance of process automation and subsequent utilization of solenoid valves in numerous process sectors. Take, for example, their frequent use in water treatment facilities. Solenoid valves help in eliminating organic pollutants from polluted water, apart from various other uses.
Surging Use in the Food Processing Industry: The device is repeatedly used in the food processing industry and is a preferred choice for food processing. Several solenoid valves are constructed to withstand harsh room temperatures and corrosive, moist conditions. These are made of stainless steel due to the materials resistance to food contaminants.
Increasing use in Renewable Energy Projects: The device can also be employed in hydropower, a kind of renewable energy, as a systems component to regulate water flow. An increase in renewable energy projects is projected to boost the market in focus.
Crucial Role of Solenoid Valves in the Medical Sector: The role of solenoid valves is critical in the medical sector. These devices help deliver precise concentrations of gas and rate of flow to a patient put on a medical ventilator. Moreover, solenoid valves regulate the oxygen flow rate with precision and great speed, which provides optimum patient care.
For example, recently, Emerson enlarged its ASCO Series 090 line of miniature solenoid valves. It includes a three-way Series 090 valve configuration to manifest space-efficient, lighter solutions for gas control in gas analyzer devices, compression therapy, and oxygen therapy.
Impediments to Future Growth include:
Failure of the solenoid coil and its subsequent burnout on the application of the wrong voltage could dissuade end users from opting for a solenoid coil. Another factor that can harm the coil is electrical spikes or surges. Burnt coils are irreparable and have to be replaced with another.
High cost related to the solenoid valves is projected to hamper the market growth. Additionally, the fluctuating prices of components and the demand-supply gap is projected to challenge the markets growth.