At 9.2% CAGR, Europe IoT Valves Market is Projected to be Worth US$ 702.82 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Europe IoT valves market was valued at US$ 347.37 in 2023 and is expected to reach US$ 702.82 million by 2031, registering a CAGR of 9.2% from 2023 to 2031. Increasing demand for automation and smart solutions in industries and integration of IoT in HVAC Systems are among the critical factors attributed to the Europe IoT valves market expansion.

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. 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 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 UK smart cities and industries. 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 facilitate digitization in a wide range of industries such as pharmaceutical and oil & gas.

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.

Many manufacturers in the world are incorporating IoT, smart solutions, and automation in the oil & gas industry. Automation and smart solutions are used to reduce downtime, optimize the resources used, 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. IoT valves remote control intelligent automation by utilizing IoT capabilities, which leads to energy savings, cost-effectiveness, and improved safety. Thus, the growing demand for automation and smart solutions in various industries drives the global IoT valve market.

On the contrary, the high cost of IoT valves hampers the growth of Europe IoT valves market.

Based on connectivity, the Europe IoT valves market is bifurcated into wired and wireless. The wired segment held 58.0% share of the Europe IoT valves market in 2023, amassing US$ 201.59 million. It is projected to garner US$ 384.57 million by 2031 to expand at 8.4% CAGR during 2023-2031.

Based on type, the Europe IoT valves market is segmented into pressure independent control valve (PICV), regular valves, and energy valves. The pressure independent control valve (PICV) segment held 45.2% share of the Europe IoT valves market in 2023, amassing US$ 157.12 million. It is projected to garner US$ 306.51 million by 2031 to expand at 8.7% CAGR during 2023-2031. The regular valves segment is further sub segmented into ball valve, butterfly valve, safety valve, and others.

Based on end use industry, the Europe IoT valves market is segmented into industrial, commercial, and residential. The industrial segment held 61.0% share of the Europe IoT valves market in 2023, amassing US$ 211.81 million. It is projected to garner US$ 447.44 million by 2031 to expand at 9.8% CAGR during 2023-2031.

Based on country, the Europe IoT valves market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Germany held 34.1% share of Europe IoT valves market in 2023, amassing US$ 118.35 million. It is projected to garner US$ 265.56 million by 2031 to expand at 10.6% CAGR during 2023-2031.

Key players operating in the IoT valves market are Klinger Holding GmbH; KTW Technology GMBH; Carrier Global Corp; Belimo Holding AG; IMI Plc; Ultra Clean Holdings Inc; Siemens AG; Flowserve Corp; Honeywell International Inc; Larsen & Toubro Ltd; 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, among others.

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