The report "Solenoid valve Market by Body Material (Stainless Steel, Brass, Aluminum, and Plastic), Valve Design (2-way, 3-way, 4-way, and 5-way), Industry, and Geography - Global Forecast to 2022", The solenoid valve market is expected to reach USD 4.41 Billion by 2022, at a CAGR of 3.54% between 2016 and 2022. This market registered a shipment of 12.94 Million units in 2015 and is expected to reach 20.29 Million units by 2022, at a CAGR of 6.35% between 2016 and 2022. The major factors driving the growth of this market include the growing investments in various industries across developing economies such as China and India and greater preference for increasing process automation worldwide thereby decreasing production costs.

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The chemical & petrochemical industry in the solenoid valve market held the largest share in 2015

The solenoid valve market on the basis of industry vertical has been segmented into oil & gas, chemical & petrochemical, water & wastewater, food & beverages, pharmaceuticals, power generation, automobile, medical, and others. Among the various industries considered for the study, the chemical & petrochemical industry held the largest share in 2015. This market is expected to grow at a significant rate between 2016 and 2022, driven by the growing installations of solenoid valves in different phases of oil & gas extraction processes. The continuous retrofit works in this industry would significantly contribute to this market.

The market for 3-way solenoid valves is expected to grow rapidly during the forecast period

The solenoid valve market based on valve design type has been segmented into 2-way, 3-way, and 4-way solenoid valves. Among these valves, the 3-way solenoid valves are expected to witness the highest growth during the forecast period. The major reasons for the growth of this market include growing usage of these valves in water & wastewater treatment plants.

The solenoid valve market in North America is expected to hold the largest share of the global solenoid valve market by 2022

The solenoid valve market in North America held the largest share during the forecast period, followed by the markets in Europe and APAC. The market in North America is expected to grow at the highest rate between 2016 and 2022. This growth is majorly attributed to the increasing usage of solenoid valves in various process industries where these industries are currently upgrading their existing facilities with the deployment of automation technologies. These automation technologies help in providing greater performance, less manpower, and high efficiencies, thereby decreasing the overall production costs.

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The major players in the solenoid valve market are ASCO Valve, Inc. (U.S.), Christian Bürkert GmbH & Co. KG (Germany), Curtiss-Wright Corporation (U.S.), Danfoss A/S (Denmark), GSR Ventiltechnik GmbH & Co. KG (Germany), IMI plc (U.K.), Parker Hannifin Corporation (U.S.), Rotex Controls B.V. (The Netherlands), SMC Corporation (Japan), and The Lee Company (U.S.) among others.