IoT Valves Market Report By Insights, Size, and Growth - 2031

The IoT Valve market was valued at approximately US$ 1.29 billion in 2023 and is projected to grow to around US$ 2.85 billion by 2031, reflecting a compound annual growth rate (CAGR) of 10.4% during the period from 2023 to 2031.

This market is divided into five key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2023, Asia Pacific led the market, followed closely by North America and Europe. Within North America, the United States held the largest share of the IoT Valve market. The US is a major player in petroleum production, boasting over 500,000 active wells. According to the US Energy Information Administration, the country operates 130 petroleum refineries that produce various petroleum products to satisfy both domestic and international demands. To enhance its import capabilities, the US is investing in new refineries to boost its petroleum output. Notably, the latest refinery in the US commenced operations in Texas on January 1, 2022. Additionally, there are plans to expand the refining capacity of existing facilities and construct new ones, which will increase the demand for IoT valves essential for the efficient operation of these refineries. Companies like Emerson Electric Co and Flowserve Corp are responding to this demand by supplying IoT valves suitable for challenging applications in oil and gas refineries. These IoT valves facilitate remote monitoring and control of processes in large-scale refineries, thus driving the growth of the IoT valve market in the US.

In Europe, Germany emerged as the leader in the IoT Valve market in 2023. The country is recognized as a significant center for manufacturing and industrial process automation. Numerous market participants and governmental bodies are actively engaged in the integration of automation and smart technologies across various sectors in Germany. For instance, in April 2021, Siemens partnered with Google Cloud to enhance production processes and improve efficiency. This collaboration aims to merge Google Cloud's AI and machine learning capabilities with Siemens' factory automation systems, fostering future innovations. Such initiatives are expected to boost the adoption of automated solutions necessary for industrial processes across multiple sectors in Germany.

Key players in the market, including Smart Wires, Carriers, and KTW Technology GmBH, are providing IoT valves. Additionally, several companies are focusing on the digital transformation of industrial valves through sensor integration. For example, Exelonix GmbH has developed a 5G SENS VALVE Sensor that can be attached to the hand wheel or lever of a manual valve. This sensor remains in a low-power sleep mode until it detects a change in status; upon detection, it activates, monitors the changes, and transmits the data to the cloud before returning to sleep mode. These valves find applications in various industries, including oil and gas refining, chemicals, food and beverages, and pharmaceuticals. Consequently, the increasing adoption of Industry 4.0, the growing number of companies embracing automation, and the rising integration of sensors with valves are driving the growth of the IoT valve market in Germany.

Prominent companies in the IoT Valve market include Klinger Schoneberg GmbH, KTW Technology GMBH, Carrier Global Corp, 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. These companies are profiled in this market analysis.

The overall size of the IoT Valve market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data regarding the IoT Valve market size. This research process also aids in providing an overview and forecast of the market across all segments. Furthermore, numerous primary interviews have been carried out with industry stakeholders to validate the data and gain deeper analytical insights. This includes discussions with industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the IoT Valve sector.