India Solenoid Valve Market size was valued at $326.85 million in 2019, and it is estimated to grow at a CAGR of 4.69% during 2020-2025. Increasing adoption of solenoid valves in oil and gas for transportation of fluids to enhance fluid power has been fueling the market. This valves are plays a crucial role in fluid handlig industries to manage the fluid flow. These are also used in other industries and can offer fast and safe switching. These factors have further provide opportunities to India solenoid valve industry during forecast period.
- High investments on development of advanced valves set to drive India solenoid valves market.
- Growing adoption of solenoid valves in power generation industry with increasing investments provide opportunities to the solenoid valves industry.
- Technological failures and accumulation of foreign matter within core tubes of valves restricts the market growth.Growing demand for internally piloted valves which are fitted with 2 way and 3 way pilot solenoid valves market in India as they are used in applications such as water and waste water treatment industry.
Type – Segment Analysis
Two way valve held the major market share of 30.45% in 2019. These valves are used in various applications such as pollution control equipment, autoclaves, air dryers, water treatment equipment, hot air and dry air applications, oxygen and acetylene equipment, Spraying and irrigation equipment. High application of these valves in medical and power generation industry set to drive the market.
End User Industry – Segment Analysis
Power Generation is the fastest growing segment in India Solenoid Valve market and estimated to grow at a CAGR of 4.98% during forecast period 2020-2025. Increasing government initiatives and investments on smart grids provide opportunities for solenoid valves during forecast period. In power generation industry, solenoid valves can be used in applications such as gas turbines, boilers, sludge disposal systems, water system coolers and scrubbers. Upgrading infrastructure in nuclear plants set to create ample opportunities for solenoid valves in near future.
Drivers –India Solenoid Valve Market
- High adoption of solenoid valves in industries such as power generation, automobile and other industries.
There has been increase in adoption of solenoid valves across various industries such as automobile, power generation, food and beverage, aerospace, defense and others. In aerospace industry, these valves are used in fuel systems, armament equipment, cockpit locks, and shutter actuators. In automobile industry, the solenoid valves are used in critical components such as ignition systems, gear box drive selectors, air conditioning controls, security systems and others. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of cars and commercial vehicles has been increased from 4.48 million units to 5.17 million units during 2016-2018 period in India. Increase in production vehicles has been driving the solenoid valves industry in India.
- Advancements in technology
Innovation in technology and advancements in product development have been driving the market. Solenoid valve OEMs are focusing toward improvement of product quality with new control designs and 3D simulation software as this assists in minimizing the prototyping time. Adoption of 3D simulation also assists in improving design functionalities, testing and analyzing the valve designs. This further helps in minimizing power consumption and enhancing control designs. Additionally, adoption of IoT and automation technologies in industries drive the solenoid valves market.
Challenges – India Solenoid Valve Market
- Lack of Design options and high price
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.
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.