In 2020, the global solenoid valve market size reached 3.92 billion US dollars, and it is expected to reach 5.02 billion US dollars in 2027, with a compound annual growth rate (CAGR) of 3.60%. The market is mainly driven by the downstream home appliance industry and automation industry.
For the home appliance industry, the periodicity of the home appliance industry is mainly affected by changes in the country's macro economy. The steady growth of the national economy, the increase in the per capita disposable income of residents, and the pursuit of a healthy, green, and quality life will lead to an increasing trend in the demand for household appliances, especially the penetration rate of high-end and intelligent products. Products such as solenoid valves are mainly used in the home appliance industry, so their periodicity is basically the same as that of the national economy.
Solenoid valve companies mainly provide special accessories such as solenoid valves for downstream home appliance manufacturers. Due to the timeliness requirements of downstream customers for product supply and service and considering factors such as transportation costs, companies in the industry are mainly concentrated in the area where downstream home appliance manufacturers are located. At present, home appliance manufacturers are mainly concentrated in the Bohai Rim, the Pearl River Delta and the Yangtze River Delta. Representative companies include Haier Group, Hisense Group, Midea Group, Whirlpool, and Panasonic Group. Therefore, domestic manufacturers of special accessories for home appliances such as solenoid valves are also mainly concentrated in the above-mentioned areas.
The main solenoid valve manufacturers in the market include ASCO, Kendrion, Danfoss, etc., and companies from Europe, America and Japan occupy a larger share of the high-end market. There are many domestic manufacturers of solenoid valve products, such as Zhejiang Sanhua and Anshan solenoid valves. However, it mainly competes in the low-end market, and has gradually occupied a part of the high-end market share in recent years.
The main consumer countries of solenoid valves are Europe, the United States, China and other countries and regions with relatively complete industrial development systems and consumption. These regions account for more than 80% of the global market. At the same time, India and Southeast Asian countries such as Indonesia and Thailand have developed rapidly in recent years and have great market potential.
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