Solenoids Market Insights
The global solenoids market was estimated to generate revenue of USD 56,199.63 million by 2026, growing at a CAGR of 4.77% from 2018-2026. Increasing adoption of solenoid in automotive, oil & gas, chemical, and food & beverages industry is projected to boost the market growth over the coming years. Also, growing demand for wastewater treatment is projected to breathe in new opportunities in the overall solenoids market.
Solenoids Market: By Application
On the basis of application, the solenoids market is divided into latching, 0n-off Solenoids, and proportional solenoids among others. The on-off solenoids segment acquired the highest share in 2017 due to its extensive usage in automotive industry with a wide range of applications in electric and commercial vehicles.
Solenoids Market: By End User
Based on end-user industry, the solenoids market is segmented into automotive, medical, and industrial among others. The industrial segment is projected to grow at the highest CAGR from 2018-2026 owing to factors such as growing automobile and manufacturing industry, rising investment in electric vehicles and rising disposable income of the population.
Solenoids Market: By Type
On the basis of type, the solenoids market is segmented into AC laminated solenoid, DC C–frame solenoid, DC D–frame solenoid, linear solenoid, and rotary solenoid. The DC D–frame solenoid type is estimated to hold the largest share in terms of revenue, with the highest CAGR. The segmental growth is likely to be influenced by the increased application of these solenoids in industrial application. The segment is likely to be trailed by rotary solenoid in terms of value, due to its huge application in electronics and industrial applications.
Solenoids Market: Regional Insights
The increasing need for automation across industries is expected to boost the demand for solenoids over the forecast period. India, China, Japan and other countries are expected to experience high industrial growth and technological adoption in the solenoids market. North America is expected to occupy highest share in the overall solenoid market followed by Europe on account of invest huge investments made in the development of advanced and automated systems to increase efficiency and accuracy.
Solenoids Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Solenoids over the coming years. Some companies which are currently using Solenoids and are likely to purchase it in future such as Mitsubishi, Ford and JM Family Enterprises among others.
Solenoids Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Solenoids Market: Share & Competitor Analysis
Some of the key players operating in the solenoids market are Borgwarner, TLX Technologies, Aptiv PLC, Infineon Technologies, Robert Bosch GmbH, Hitachi, Johnson Electric Group, and Mitsubishi Electric among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2018, Infineon Technologies announced to setup a new development center for automotive electronics in Dresden.
In October 2017, Infineon collaborated with Smart Wires to upgrade their existing grids for renewables.
The global Solenoids Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Solenoids Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.