Solenoid Valves Market - Forecast(2021 - 2026)
Solenoid Valve Market Overview Solenoid Valve market is estimated to surpass $4,226.8 million by 2026 driven by transportation sector growing at CAGR of 5.8% during 2021-2026. The industry is also majorly driven owing to the rapid adoption of fluid automation process in industries such as water supply, oil and gas and agriculture. The global demand for solenoid valve has expanded steadily over the last few years. The solenoid valves are mainly driven by their Simple system, low price and Quick action such as opening and closing with in millisecond. APAC is projected to hold the second largest market share for Solenoid Valve due to its automation control systems. The two major factors driving adoption for solenoid valves is the water treatment and beverage industries and renewable energy-based projects. A number of solenoid valve companies such as Emerson Electric Co, ABB of General Electric and others have significantly increased the automation solution for industries by offering