At 10.1% CAGR, North America IoT Valves Market is Projected to be Worth US$ 817.27 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the North America IoT valves market was valued at US$ 379.74 in 2023 and is expected to reach US$ 817.27 million by 2031, registering a CAGR of 10.1% from 2023 to 2031. Rising energy and water conservation efforts and increasing demand for automation and smart solutions in industries are among the critical factors attributed to the North America IoT valves market expansion.

The rise in energy and water conservation efforts is a significant driver for the IoT valves market. As the global focus intensifies on sustainable practices, governments, industries, and consumers are seeking solutions that optimize resource usage. IoT valves provide precise control, monitoring, and automation in these conservation efforts. In manufacturing plants, IoT valves can regulate the flow of steam, gases, and liquids used in various processes. By using sensors and data analytics, these valves can adjust the flow based on real-time requirements, reducing energy waste. For instance, Bosch is developing smart factories utilizing IoT in manufacturing. Sensors in these facilities collect data on all parts of the manufacturing procedure, which includes everything from the chain of distribution to the assembly line. Municipal water supply systems can leverage IoT valves to monitor and control water distribution networks. In a smart city project, IoT valves can detect leaks in the water supply system and shut off the affected section to prevent water loss. They can also optimize water pressure in different areas based on usage patterns, ensuring efficient water distribution. Governments are implementing stricter regulations on energy and water usage, incentivizing industries to adopt smart technologies.

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

Based on connectivity, the North America IoT valves market is bifurcated into wired and wireless. The wired segment held 56.1% share of the North America IoT valves market in 2023, amassing US$ 213.11 million. It is projected to garner US$ 431.91 million by 2031 to expand at 9.2% CAGR during 2023-2031.

Based on type, the North America IoT valves market is segmented into pressure independent control valve (PICV), regular valves, and energy valves. The pressure independent control valve (PICV) segment held 46.0% share of the North America IoT valves market in 2023, amassing US$ 174.60 million. It is projected to garner US$ 371.67 million by 2031 to expand at 9.9% 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 North America IoT valves market is segmented into industrial, commercial, and residential. The industrial segment held 59.5% share of the North America IoT valves market in 2023, amassing US$ 225.77 million. It is projected to garner US$ 514.66 million by 2031 to expand at 10.8% CAGR during 2023-2031.

Based on country, the North America IoT valves market is segmented into the US, Canada, and Mexico. The US held 76.6% share of North America IoT valves market in 2023, amassing US$ 290.88 million. It is projected to garner US$ 637.84 million by 2031 to expand at 10.3% 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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