The IoT valves market size is expected to reach US$ 2.85 billion by 2031 from US$ 1.29 billion in 2023 to record a CAGR of 10.4% from 2023 to 2031.
NEW YORK, Oct. 10, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the high penetration of the Internet worldwide, coupled with initiatives by key market players to promote the use of digital technologies for seamless and smooth business operations and human error reduction, catalyzes the adoption of IoT valves. Additionally, the adoption of IoT valves is increasing in wastewater management. IoT valves are used in wastewater treatment plants to control the flow of wastewater. Because of which, various companies are launching new smart valves. January 2021, GF Piping Systems introduced its process automation innovations and spotlighted its new Butterfly Valve 565.
Global IoT valves market experiences significant growth due to growing need for remote monitoring and control systems in industrial process.Browse More Insights: https://www.theinsightpartners.com/reports/iot-valves-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the IoT Valves Market comprises of connectivity, type, and end user which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The IoT Valves Market is expected to reach US$ 2.85 billion by 2031 from US$ 1.29 billion in 2023, at a CAGR of 10.4% during the forecast period.
2. Demand for Automation and Smart Solutions in Industries: Automation and smart solutions are widely used in industries worldwide, such as oil & gas, water management, and energy. According to OpenGov Asia, in 2022, Germany ranked fifth after China, Japan, Korea, and the US in automation and smart solutions in industries. The various government and multiple lobby organizations of several countries' manufacturing, electronic, and software industries formed the Hightech Strategy with an aim to emphasize and adopt digital products and IoT-related business models.
3. Implementation of Safety and Compliance Regulations in Industrial Process: The governments of various countries imposed many rules and regulations regarding the safety and health of employees in the workplace; for instance, the Joint German Occupational Safety and Health Strategy (GDA) is an initiative by the government of Germany, the federal states, and accident insurance institutions. The alliance aims to modernize the German occupational health and safety system.
4. Growth of Industry 4.0: Various countries are widely recognized as pioneers in the implementation of Industry 4.0, or the Fourth Industrial Revolution. The German government has recognized the need for a strategic development of Industry 4.0, providing significant funding for research and development and establishing partnerships between industry and academia. Under its Industrial Strategy 2030, the government set a goal of raising the share of German industries in gross value added in the Germany economy to 25% by 2030.
5. Geographical Insights: APAC dominated the IoT Valves Market in 2023. North America is the second largest contributor to the global IoT Valves Market, followed by Europe, Middle East and Africa, and South America.
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Market Segmentation:
- Based on type, the market is segmented into energy valves, pressure-independent control valves (PICV), and regular valves. The pressure independent control valve (PICV) segment held the largest share in the IoT Valves Market in 2023. Pressure-independent control valves are automatic temperature control valves and automatic flow regulating valves packaged in one valve body. PICV responds to changes in pressure to maintain the desired flow. It delivers a constant flow even as pressure changes.
- Based on Regular Valve, the IoT Valves Market is segmented into open Ball Valve, Butterfly Valve, Safety Valve, and Others. The Ball Valve segment held the largest share in the IoT Valves Market in 2023. The IoT ball valve is ideal for many well water, home filtrations, and commercial and municipal applications where water needs to be flushed regularly, scheduled for shut-off, or flushed via a smart IoT application.
- Based on end user, the IoT Valves Market is segmented into Industrial, Commercial, and Residential. The Industrial segment held the largest share in the IoT Valves Market in 2023. IoT valves are used in various industries, such as food & beverages, oil & gas, chemicals, power generation, refineries, and petrochemical plants. Valves integrated with IoT technology enable efficient control, monitoring, and automation of valve operations.
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Competitive Strategy and Development:
- Klinger Schoneberg GmbH, KTW Technology GMBH, Carrier Global Corp, and Belimo Aircontrols (Can.) Inc, IMI Plc, Ultra Clean Holdings Inc, Siemens AG, Flowserve Corp, Honeywell International Inc, Larsen & Toubro Ltd, Belimo Holding AG, Smart Wires Inc, Flow Dynamics LLC, IoT Technologies, ChengDu ZhiCheng Technology Co., Ltd., Teksun Inc., Autorun Control Valve Co., Ltd., Ham-Let Group, and Rusco.
- Trending Topics: Gate Valve Market, Valve Actuator Market, Industrial Valves Market, and Others.
Global Headlines on IoT Valves Market:
- "Siemens showcased its cloud-based platforms, IoT-enabled products, and solutions that make buildings smarter, leveraging the potential that digitalization offers. The company is focusing on turning buildings into smart ecosystems that respond to the business goals of building owners and operators for improved building performance."
- "Smart Wires has announced a new project that uses modular power flow control technology-SmartValve-to resolve grid congestion and strengthen the security of supply in an area of Central America. The project will start delivering benefits to the system operator, consumers, businesses, and electricity market participants in 2024"
- "Flowserve Corporation, a leading provider of flow control products and services for the global infrastructure markets, announced that it had entered into a non-exclusive partnership agreement with Gradient to help address the most challenging problems in water and wastewater treatment."
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Based on country, the North America IoT valve market is segmented into the US, Canada, and Mexico. Several businesses in the US are increasingly adopting automation and new technologies. The high penetration of the Internet across North America, coupled with initiatives by key market players to promote the use of digital technologies for seamless and smooth business operations and human error reduction, catalyzes the adoption of IoT valves across North America. In November 2021, Rusco, a US-based manufacturer of water sediment filtration products, announced the launch of "Smart Ball Valve." These valves can be operated using apps on Android and Apple devices and can be accessed on Zigbee and Wi-Fi models. They are made for commercial, municipal, and residential water filtration systems. This smart valve automates two basic functions-flow shut off and sediment flushing. The apps are alerted if something interrupts normal operations and provide a safe shut-off during power cuts, which improves the overall performance of a water filter system. Thus, the IoT valve market in North America is dominated by automation and the development of smart solutions in water filtration systems.
The strategy focuses on the Industry 4.0 initiative to improve manufacturing practices by introducing the integration of IoT with components used in the manufacturing process. Moreover, various players across the country are involved in building IoT networks. For example, in February 2024, BT announced the launch of its NB-IoT network to support the growth of smart cities and industries in the UK. NB-IoT, as a low-power network technology, holds the promise of revolutionizing various sectors, including utilities, construction, and the public sector, by securely and reliably connecting devices to automate numerous processes currently reliant on manual intervention. The innovative machine and sensor network facilitates digitization in a wide range of industries, such as pharmaceutical and oil & gas. Also, various companies are integrating IoT devices in the agriculture sector. For instance, the integration of IoT devices in agriculture has ushered in a new era of precision farming. Smart agriculture, leveraging IoT technologies, is emerging as a transformative force in India's agricultural landscape, which has historically faced challenges such as declining farm labor, fragmented land holdings, and climate variability. With agriculture contributing significantly to India's economy, smart farming initiatives aim to address these issues by integrating IoT devices, wireless connectivity, and data analytics into farming practices. Installation of IoT-based equipment, sensors, and smart solutions in these industries is facilitating easy and efficient operations. Thus, with the rising adoption of automation and smart solutions across industries, the integration of IoT with equipment at manufacturing facilities is also increasing.
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Many manufacturers worldwide are incorporating IoT, smart solutions, and automation in the oil & gas industry. Automation and smart solutions are used to reduce downtime, optimize the used resources, and ultimately boost productivity in the industry. Automation includes features such as integration with IoT with components such as valves, predictive maintenance, energy efficiency, scalability, and human-machine collaboration. IoT valves allow for control and optimization of operations, resulting in greater efficiency, production, and cost savings. Thus, the growing demand for automation and smart solutions in various industries drives the global IoT valve market growth.
Conclusion:
There are various applications of IoT valves. They can manage the distribution of water within a home or building, allowing for automated control of water usage in kitchens, bathrooms, and irrigation systems. Also, in manufacturing plants, these valves control the flow of liquids and gases. In utilities and infrastructure, these IoT valves are used in water distribution, wastewater treatment, and gas supply networks. The demand for industrial valves across sectors such as pharmaceuticals, oil & gas, and chemicals and the rapid evolution of IoT technology fuel the global IoT valves market growth. By incorporating IoT capabilities, valves can be remotely controlled, monitored, and automated, reducing maintenance expenses and enhancing efficiency. For instance, with the integration of IoT technology in HVAC systems, intelligent HVAC systems are increasingly used and can be managed and monitored remotely. The rising adoption of IoT in diverse industries, including aerospace, elevators, and process automation, has increased the demand for IoT valves.
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The report from The Insight Partners, therefore, provides several stakeholders-including component providers, system integrator, system manufacturers and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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