Global Solenoid Valves Market 2017-2021
About Solenoid Valves
Solenoid valves are electromechanically operated and are mainly used to control the elements in fluidics. These solenoid valves are controlled with the increase and decrease of electric current through a solenoid and offer safe switching and high reliability. Solenoid valves come in various structural models such as stainless steel, brass, and plastic. Depending on the application the end-user, it is possible to customize the body type, model, and other functions.
Technavio’s analysts forecast the global solenoid valves market to grow at a CAGR of 3.63% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global solenoid valves market for 2017-2021. To calculate the market size, the report considers new installations, retrofits, and replacements.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Solenoid Valves Market 2017-2021
Technavio recognizes the following companies as the key players in the global solenoid valves market: Danfoss, Emerson, Omega Engineering, Parker Hannifin, and Rotork.
Other Prominent Vendors in the market are: Avcon Controls, Bürkert Contromatic, CKD, Curtiss-Wright, Festo, Janatics, Ningbo Kailing Pneumatic, Rotex Automation, SMC Corporation, and Takasago Electric.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is use of miniature solenoid valves. Miniature solenoid valves are used in the food and beverage, pharmaceuticals, and other end-user industries. Due to the reduced size of the valves, their use is higher in the food and beverage industry.”
According to the report, one driver in the market is declining prices of solenoid valves. The global solenoid valves market is highly fragmented with many vendors offering a variety of products. The entry of many Asian manufacturers into the solenoid valves markets is intensifying the competition and compelling the prominent vendors to reduce their product prices in order to retain their market share.
Further, the report states that one challenge in the market is fluctuations in raw material prices. The major raw materials used to manufacture solenoid valves are steel, hardened steel, brass, cast iron, aluminum, and plastic. Raw material prices are governed by material availability and inflation Fluctuating raw material prices affect the cost of production, and it is not possible for the vendors to anticipate the price changes and act on it.
Danfoss, Emerson, Omega Engineering, Parker Hannifin, Rotork, Avcon Controls, Bürkert Contromatic, CKD, Curtiss-Wright, Festo, Janatics, Ningbo Kailing Pneumatic, Rotex Automation, SMC Corporation, and Takasago Electric.