Sunday, 24 October 2021 03:04 GMT

India Solenoid Valves Market Estimated to Surpass $604 Million Mark by 2026


(MENAFN- iCrowdNewsWire) The  India Solenoid Valves Market  is estimated to surpass $604 million mark by 2026 growing at an estimated CAGR of more than 5.2% during the forecast period 2021 to 2026. Solenoid valves are employed as control elements for fluid power controlling both aqueous and gaseous fluids. Solenoid valves are primarily used as controlling devices in systems and motors where liquid and gas flow rate needs to be regulated through safe switching. These valves which can be internally piloted by passing electric current through the solenoid, thus creating a magnetic field to open or close the plunger mechanism. According to Enerdata, countries like China, the U.S., India and Russia are the highest consumers of energy as per the 2019. The increasing industrial growth coupled with the rising population accounts for the increase in energy consumption. This trend includes a huge number of investments into the power sector, which will propel the market for solenoid valves.

India Solenoid Valves Market Segment Analysis – By Type – Segment Analysis

Two Way solenoid valves is the key segment in the market with 38.5% share in 2020 due to their adoption in the process industries. Equipment such as valves, actuators, positioners, sensors, and so on is vital components of automation. Solenoid valves are mostly used in sawdust control, hydraulic lifts, log misting systems, process heating and so on. Moreover, huge investment in process industries has further fueled the solenoid valve application across the various industries. Usage of Solenoid valves with improved electric current and magnetic field usage are rising sharply because of their automatic flow control capability, size, leak block, lower price and lower power consumption mechanism.

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India Solenoid Valves Market Segment Analysis – By End Use Industry

The automotive sector is a fast growing segment with a CAGR of 9.4% over 2021-2026 in the Solenoid Valves driven by significant adoption in luxury and high end vehicles as well as in manufacturing processes. The bounceback post low sales in 2019 will be a major market driver for the automotive sector. The power generation industry is among the most prominent end user of solenoid valves. The industry is surging rapidly with the growing need of energy. Chemical Industry has also highly dominated the solenoid valves market. Solenoid valves play an important role in this industry and they are used in applications such as for safety shut off of toxic or purified gas, directed flow of chemicals and gases and so on. The pulp and paper industry is adapting process automation into its operations. It has become the prime focus of the industry to maximize operational efficiency and productivity. Demand for solenoid valves has been increased at a very high rate and it is due to change in technology, new product lines and diversification of components. Solenoid valve is the elementary base for the advancing process industry. Over the past decade, the market has been experiencing a rapid upsurge in terms of technological advancements, increasing automation, and integrating the entire value chain of the process industry.

India Solenoid Valves Market Drivers

Growing Concerns Regarding the Safety of Plants

In the past there have been many catastrophic disasters in critical industries such as mining, oil & gas, nuclear power industry and so on. For example Fukushima nuclear accident in Japan and Deep-water Horizon oil spill in the Gulf of Mexico, Soma mine disaster in Turkey and Pike River Mine disaster in New Zealand are some of the industrial accidents recorded in recent times. Such accidents occurring in various industries have raised the question on the reliability and safety of a plant. Solenoid valves can be used as a safety measure so as to mitigate the effect of a potential disaster due to their strong electric current and magnetic field. For example in a manufacturing plant, a sensor along with an solenoid actuated valve can be installed so that in case of an emergency the activation of the solenoid can send a mass notification to the employees to vacate the plant or a mine, solenoid valves can be used to monitor temperature and atmospheric conditions so that in case of an emergency, such as a explosion within a mine, automatic supply of water to put of fire can be controlled with the help of solenoid valve. In case of chemical and nuclear power industry, solenoid valves can be used to monitor leakage of harmful chemicals and radioactive materials and can shut off the process to prevent further leakage of these materials. As preventive measures companies all over the world are deploying solenoid valves to prevent such catastrophic disasters. The aforementioned factors are expected to result in the growth of the market in the near future.

Rising Number of Power Plants and growing adoption of Solenoid Valves

In today's technologically advanced environment where the need for automation is essential in every field, power is a very essential and critical requirement to operate the equipment and machineries required in automation of a particular process. In the past few decades the number of industries and players in each industry has increased substantially demanding huge requirement of power. Coping with scarcity of power, the governments of various countries including India are taking initiatives to increase the capacity of existing power plants and have sanctioned projects to construct new power plants.

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India Solenoid Valves Market Challenges

Lack of Design Options

One of the major challenge of solenoid valves is technological failure. In some situations such as power loss and uneven pressure, the valves may not function properly. However, OEM's test the product before the release of the product into the market. Additionally, end user industries face a major problem with solenoid valves as foreign matter gets accumulated within core tubes of valves and obstruct operation due to contaminated fluids and gases.

India Solenoid Valves Market Landscape

Product Launches, acquisitions and R & D activities are key strategies adopted by players in the Indian Solenoid Valve market. India Solenoid Valve top 10 companies include Maniks, Jekon Controls, AIRA Euro Automation Pvt Ltd, Asten Industries, Builtronics India Pvt Ltd, Rotex Automation, Uflow Automation, Falcon Valves & Flanges Pvt Ltd, Bavaria Fluid Systems GmbH and among others.

Acquisitions/Technology Launches/Partnerships

In August 2019, Ross Controls Company which is a global company including India had announced the acquisition of Pneumatrol Ltd for strengthening and expansion of its valve business, thereby driving the market.

In January 2019, Finland based company Metso had announced the acquisition of Rotex Manufacturers and Engineers Pvt Ltd which manufacturers valves including solenoid valves. This acquisition is intended to assist Metso in expanding its valve operations in India.

Key Takeaways

Usages of Solenoid valves are rising sharply because of their automatic flow control capability, size, leak block, lower price and lower power consumption mechanism.

There is a possibility that the future of power industry is run by natural gas and solar energy. Valves are used for various purposes in the power generation industry. Hence there is significant opportunity for Solenoid Valves in this sector.

Countries have started increasingly deploying their renewable energy sector; and accordingly, in various countries the capacities of the Solar PV is increasing year on year. Therefore, the booming solar energy sector is poised to boost the market for control valves.

Related Reports :

A. Solenoid Valves Market

B. Direct Actuated Solenoid Valve Market

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