REPORT OVERVIEW
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The global tubular solenoids market size was USD 381.2 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with tubular solenoids experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 485.2 million by 2028, exhibiting a CAGR of 4.1% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Tubular solenoids find wide application in home appliances, locks, and safety products. Other common applications include office machines, vending machines, and medical equipment. The use of these solenoids is expanding in advanced use-cases such as industrial automation. As industrial automation gains traction, the product demand is slated to go up in the forthcoming years. Additionally, increasing demand in home appliances and lock and safety products will strengthen the market outlook.
COVID-19 Impact: Decline in Industrial Activity and Strict Restrictions Impacted Market Growth
Due to COVID-19, the production activities of big companies were severely handicapped by global lockdowns, a lack of workers, and the scarcity of raw materials. The pandemic has forced the postponement of a number of planned product releases and associated advancements. Supply chain hurdles and strict protocols amid the pandemic created several major roadblocks for market players.
The COVID-19 has caused the manufacturing industry to temporarily shut down, which has made it more difficult for businesses to deploy vending machines. Similarly, office machines witnessed declining demand due to rise in remote work culture. Diminished demand for home appliances and lock and safety products was also witnessed during the pandemic, which affected the market growth. In addition, the slowdown in industrial automation negatively impacted the market dynamics, majorly during 2020.
LATEST TRENDS
"Proliferation of Industrial Automation to Create New Market Opportunities "
The manufacturing sector has undergone significant transformation recently and is swiftly advancing towards the adoption of innovative technologies. Growing trend of Industry 4.0, industrial automation, and robotics is creating promising opportunities for the deployment of tubular solenoids in new applications. It consists of technological innovations including robots, intelligent manufacturing, artificial intelligence, and the Internet of Things (IoT). Greater degrees of automation is being used in manufacturing plants, which is driving up demand for new technology, including tubular solenoids. As industrial automation gains momentum, market players worldwide are anticipated to witness tremendous opportunities.
Segmentation
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- By Type Analysis
By type, the market share is divided into max stroke less than 15mm, max stroke between 15 and 30 mm, and max stroke more than 30mm. Max stroke less than 15mm segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is segmented into locks and safety products, home appliance, vending machine, office machine, medical equipment, industrial automation machine, and others. The home appliance segment will lead the global share through 2028.
DRIVING FACTORS
"Increasing Demand in Lock And Safety Applications to Drive Growth"
Modern door lock and safety solutions are in demand and increasingly becoming popular. Consumers are willing to spend on advanced locks and safety systems that provide a sophisticated mechanism and better assurance of security. A broad variety of digital locks and security systems that use mobile applications or biometric features are on the market. These are growing in popularity as they allow family members to simply transfer access without the need of carrying keys, altering the notion of access control. Rising adoption of advanced safety solutions will benefit the market growth during the forecast period.
"Growing Adoption of Home Appliances to Foster Market Development"
The adoption of home appliances is increasing due to rising disposable incomes of consumers. The home appliances sector has expanded rapidly worldwide owing to changing consumer expectations regarding appliances and smart home gadgets. These factors are encouraging electronics manufacturers enhance the functionality of their products. Home appliance makers are actively pursuing continual technological advancements in electronics. Consumer attraction towards IoT based solutions and connected devices is growing as they help control appliances and devices remotely. These factors will certainly strengthen the market outlook over the next few years.
RESTRAINING FACTORS
"High Cost and Availability of Alternative Products Could Hamper the Market Growth"
Despite growing demand and adoption in various applications, several factors may affect the growth of the market. These mainly include high cost and availability of alternative products. Due to high cost of production, maintenance, and replacement, the product may witness a weakened demand. High costs may also lead to the adoption of alternative technologies available in the market. These factor could impact the market trends in the future. However, market players are expanding research and development to launch more cost-effective solutions, which may bolster the market growth in the next few years.
REGIONAL INSIGHTS
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"Europe to Dominate Global Market Backed by Growing Industrial Automation "
The tubular solenoids market share is dominated by Europe. The adoption of the product in this region is encouraged by the increasing industrial automation and growing advancements in the manufacturing sector. The market is expected to record monumental growth as more manufacturing facilities employ industrial automation services to increase power efficiency and production management. In addition, increased demand in home appliances and lock & safety solutions will further boost the regional market.
Another prosperous market for tubular solenoids is Asia Pacific. The region is anticipated to expand because of the rising emphasis on improving process efficiency and cutting production costs across several industrial verticals. Additionally, the regional market shares will be boosted by increased government efforts towards digitization, an increase in workplace safety demands, and improved industrial process efficiency.
KEY INDUSTRY PLAYERS
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Johnson Electric (Hong Kong)
- TDS (Japan)
- Magnet Schultz Ltd (Germany)
- Shindengen (Japan)
- Delta (Taiwan)
- Kendrion (Germany)
- Dongguan Sifan (China)
- Shenzhen ZONHEN Electric (China)
- Deltrol Corp (U.S.)
- Dongguan Boshun (China)
- Curtiss-Wrigh (U.S.)
- Shenzhen Zanty (U.S.)
- NSF Controls (United Kingdom)
- ROSS DECCO (Michigan)
- Shenzhen Yaxin (Chiina)
- Kelco Industries (U.S.)
REPORT COVERAGE
The examination of many aspects that contribute to the market's growth has been enclosed within the analysis report. Market trends, restrictions, and drivers that have a positive or negative influence on the market make up this category. This section conjointly discusses the numerous sectors and applications that will have a control on the market within the future. the info is predicated on current trends further as historical milestones. This section conjointly includes a breakdown of production volume on the worldwide market and for every class. the quantity of output by region is mentioned during this section. The analysis includes a rating analysis for every kind, manufacturer, area, and worldwide value.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 381.2 Million in 2022 |
| Market Size Value By | US$ 485.2 Million by 2028 |
| Growth Rate | CAGR of 4.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the tubular solenoids market expected to touch by 2028?
Based on our research, the tubular solenoid market is projected to touch USD 485.2 million in 2028.
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What CAGR is the tubular solenoids market expected to exhibit by 2028?
The tubular solenoids market is expected to exhibit a CAGR of 4.1% by 2028.
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Which are the driving factors of the tubular solenoids market?
Increasing demand in lock and safety applications and growing adoption of home appliances are expected to foster tubular solenoids market development.
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Which are the top companies operating in the tubular solenoids market?
Johnson Electric, TDS, Magnet Schultz Ltd, Shindengen, Delta, Kendrion, Dongguan Sifan, Shenzhen ZONHEN Electric, Deltrol Corp, Dongguan Boshun, Curtiss-Wrigh, Shenzhen Zanty, NSF Controls, ROSS DECCO, Shenzhen Yaxin, Kelco Industries are some top companies operating in the tubular solenoids market.
