Solenoid Valves Market - Global Forecasts and Opportunity Assessment by Technavio
According to the latest market study released by Technavio,
the global
solenoid valves market is expected grow at a CAGR of almost 4%.
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Technavio has published a new report on the global solenoid valves market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global
Solenoid Valves Market 2017-2021’ provides an in-depth analysis
of the market in terms of revenue and emerging market trends. This
market research report also includes up to date analysis and forecasts
for various market segments and all geographical regions.
The global solenoid valves market is expected to witness a high
growth during the forecast period due to the formulation of new
government regulations on energy consumption and environment protection.
These regulations have impelled industries to upgrade their facilities,
thus creating a huge demand for solenoid valves. European and North
American countries are witnessing a total renovation of many industrial
and manufacturing facilities as the government regulations on
sustainable development are becoming stricter.
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Technavio’s analysts categorize the global solenoid valves market into
six major segments by end user. They are:
-
Chemicals
-
Water and waste water management
-
Oil and gas
-
Power generation
-
Food and beverage
-
Others
The top three segments based on end-users for the global solenoid valves
market are discussed below:
Global solenoid valves market in chemical industry
The chemical industry is the leading revenue-generating segment for the
global solenoid valves market. This is attributed to the extensive need
for valve control applications and strict government regulations.
Solenoid valves are mainly used to control the flow of liquids and gases
within pipelines, and it is very important to frequently check the
conditions of the valves to prevent leakages and malfunction.
According to Bharath Kanniappan, a lead automation
research analyst from Technavio, “Most European and North American
countries have imposed strict regulations on the production of chemicals
to ensure a safe work environment and reduce environmental pollution.
This has led to the modernization of machinery and components, leading
to an increase in the demand for solenoid valves as these solenoid
valves are an integral part of valves and pipelines.”
Global solenoid valves market in water and waste water management
industry
Most of the developing countries worldwide are investing in water
treatment plants to meet the growing demand for potable water. Many of
these countries do not have an established water supply system while
some are dependent on ground water. The continuous growth in population
is one of the main reasons for the increasing demand for potable water.
“Solenoid valves are used in water treatment plants and in pipelines
to regulate water flow. The increased investment in water treatment
plants and the modernization of existing plants are expected to create
demand for solenoid valves during the forecast period,” says Bharath.
Global solenoid valves market in oil and gas industry
The recent decline in crude oil prices has affected the oil and gas
industry resulting in deferred investments. As on 2016, USD 200 billion
worth of projects has been postponed. This industry is slowly recovering
due to increase in demand for crude oil from countries in APAC. Iran and
Saudi Arabia are the only two nations that did not reduce their oil
production despite the decline in crude oil prices to retain their
market share.
Oil leakage within an industrial precinct if allowed to seep through
drains will lead to water contamination. Due to several incidents of oil
leakage within various industrial facilities, governments have
implemented strict regulations to ensure a safe work environment and to
reduce the environmental impact of such mishaps.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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at media@technavio.com.
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