According to a recent report, chemical and industrial products are the key industries for the development of new industry verticals in the global solenoid valves market. The Report “Solenoid Valves Market Analysis: By Types (Two port, Three-way, Four-way, Direct Acting, Pilot operated); By industry (Water Treatment, Power, Pulp & Paper, Food & Beverage, Chemical) – With Forecast (2015 – 2020),” published by IndustryArc, forecasts a market compound annual growth rate (CAGR) of 3.8% until 2020. IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries.
Solenoid valves find their application in almost all the industries where fluid handling is required. However, Oil & Gas, Chemical & Petrochemical and Power Generation industries are the three major contributors to market revenue, accounting for almost 54% of the overall solenoid valve revenue in 2014. Apart from those three, Water Treatment, Automobile, Food & Beverage and Pulp & Paper are also significant contributors.
Since these valves are used for industrial applications, the demand for these components is generated from actively industrial regions. Therefore, the major demand is generated from the Asia and Pacific (APAC) region, followed by Americas. APAC and America together contribute to nearly 73% of overall revenue generated by the solenoid market.