Solenoid Valve Market Research Report Information By Type (Direct-acting Valves and Pilot-operating Valves), By Function (2-Way, 3-Way, 4-Way, and 5-Way), By Industry (Oil & Gas, Chemical & Petrochemical, Power Generation, Pharmaceutical, Automotive, Medi

The solenoid valve market was valued at USD 4,995.4 billion in 2023. The solenoid valve market is expected to increase from USD 5,175.2 billion in 2024 to USD 7,016.7 billion by 2032, with a compound annual growth rate (CAGR) of 3.9% during the forecast period (2024-2032). Increased utilization of solenoid valves in numerous industries, as well as a preference for innovative technology, are significant market drivers that are boosting global expansion.

The increasing utilization of solenoids in various industries drives the market CAGR for solenoid valves. The solenoid valve is the most commonly utilized in the food processing industry. The growing demand in the wastewater treatment industries is fueling the growth of the solenoid valves market. Research and development initiatives, as well as technology advancement, will help to drive market expansion. Solenoid valves have low power consumption and inexpensive pricing, making them a sustainable solution.
Solenoid valves are commonly used in the food business because they are designed to withstand damp, corrosive conditions, and extreme room temperatures. They are also made of contaminant-resistant stainless steel.

Market Segment insights
The Solenoid Valve market is divided into two types: direct-acting valves and pilot-operating valves.
The Solenoid Valve market is segmented by function, which comprises 2-way, 3-way, 4-way, and 5-way.
The Solenoid Valve market is segmented by applications, which includes oil and gas, chemical and petrochemical, power generation, pharmaceutical, automotive, and medical.

Regional insights
The analysis covers market insights for North America, Europe, Asia-Pacific, and the rest of the world. The North American Solenoid Valves market is dominant due to the increasing adoption of advanced fluid automation technologies and the growing applications in industries such as oil and gas, chemical, food and beverage, and water treatment. End-user industry manufacturing facilities are being upgraded to update various production processes to cut labor costs and boost productivity.
Europe's solenoid valve market is predicted to develop at the quickest CAGR between 2023 and 2032. This is due to the increased demand for food and beverages, as well as medical services, which has been brought about by tight rules and restrictions. Furthermore, the UK solenoid valve market had the biggest market share, while the German solenoid valve market was the fastest expanding in the European region.

The Asia-Pacific Solenoid Valve Market accounts for the second-largest market share due to the significant increase in demand for solenoid valves and the opportunity provided by various end-use industries. Furthermore, China's solenoid valve market had the greatest market share, while India's solenoid valve market was the fastest expanding in the Asia-Pacific region.

Major Players
Major players in the solenoid valve market include CKD Corporation, Emerson Electric Corporation, Kendrion, GF Piping, IMI Precision Engineering, Danfoss Industries Ltd., Curtiss Wright Corporation, Parker Hannifin Corporation, ASCO Valves Inc., Rotex SAutomation, SMC Corporation, The Lee Company, and others.