According to a recent research report published by IndustryARC, “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)”, the global solenoid valves market is estimated to reach USD $5.26 billion by 2020, at a compounded annual growth rate of approximately 3.8 percent.
The solenoid valves today aren’t the same as they used to be, because the environment in which industries are now operating has changed. Solenoid valves market is constantly evolving as the demand for these valves has been increasing at a very high rate, due to changes in technology, new product lines and diversification of companies into various industries.
Usages of solenoid valves are rising up sharply because of the unique attributes such as automatic flow control system, size, leak block technology, lower price and lower power consumption mechanism.
According to the report, oil & gas, chemical and power generation industries are key end use industries of the global solenoid valves market.