Asia Pacific IoT Valves Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 222 | Report Code: BMIRE00032087 | Category: Electronics and Semiconductor
No. of Pages: 222 | Report Code: BMIRE00032087 | Category: Electronics and Semiconductor
The Asia Pacific IoT valves market size is expected to reach US$ 1,171.15 million by 2031 from US$ 470.33 million in 2023. The market is estimated to record a CAGR of 12.1% from 2023 to 2031.
The Asia Pacific IoT valves market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. IoT valves are widely used to control flow and pressure in the power industry. The rise in industrialization in countries in Asia Pacific propels the demand for electricity. Therefore, countries are building new power plants. Kakrapar Atomic Power Station (India), Kudankulam Nuclear Power Plant (India), Bluewaters Power Station (Australia), and Coal-based Power Plants (China), and Yokosuka coal-fired power plant (Japan) are a few newly formed or under construction power plants in countries in Asia Pacific. Thus, the construction of new power plants in the region creates the need for IoT valves in these power plants, propelling the IoT valves market growth in the region.
Smart Valves, Oswal Valves, FITOK Group, Eayuan Metal Industrial Co Ltd, and SWI Valve Co Ltd are among the key players in the Asia Pacific IoT valves market. These market players are continuously upgrading and developing their product portfolios to strengthen their revenue and cater to the demand from several industries. IoT valves are widely designed to control the pressure in various industries of Asia Pacific. The leak-proof feature of these IoT valves makes them a suitable choice for several industries. Various companies in the region provide smart valves. For instance, the Korea Institute of Machinery and Materials is offering a "K-smart valve" capable of quickly detecting and isolating ruptured pipes on its own and improving key functions in a pipeline system when leakage occurs due to unexpected pipe breakage at an industrial site. The growing demand for smart valves in the region fuels the market growth.
Key segments that contributed to the derivation of the Asia Pacific IoT valves market analysis are connectivity, type, and end user industry.
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 across the country are involved in building IoT networks. The innovative machine and sensor network facilitate 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.
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 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. 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 IoT valve market.
Based on country, the Asia Pacific IoT valves market comprises China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. China held the largest share in 2023.
According to the US Energy Information Administration, in 2021, China was the world's leading energy producer and consumer, with primary energy production increasing by more than 6%, leading to a rise in overall energy production from all sources. Nuclear (11%), renewables (9%), and natural gas (8%) are the fastest rising energy sources year after year. Energy consumption increased by ~6%, with the highest growth in natural gas (12%), followed by nuclear (11%) and renewables (8%). In 2022, nonfossil fuels accounted for 49% of total installed electricity generation capacity, including hydropower (16%), solar (15%), and wind (14%). Higher crude oil and condensate output in 2022 led to total petroleum and other liquids production of 5.1 million barrels per day. IoT valves have various applications in energy and power generation; in renewable energy production, they are used to control hydraulic systems. Also, real-time monitoring of these valves helps ensure optimal performance and prevent failures. Thus, the growing energy and power production across the country propels the growth of the IoT valves market in the country.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 470.33 Million |
| Market Size by 2031 | US$ 1,171.15 Million |
| CAGR (2023 - 2031) | 12.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Connectivity
|
| Regions and Countries Covered | Asia Pacific
|
| Market leaders and key company profiles |
|
Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The Asia Pacific IoT Valves Market is valued at US$ 470.33 Million in 2023, it is projected to reach US$ 1,171.15 Million by 2031.
As per our report Asia Pacific IoT Valves Market, the market size is valued at US$ 470.33 Million in 2023, projecting it to reach US$ 1,171.15 Million by 2031. This translates to a CAGR of approximately 12.1% during the forecast period.
The Asia Pacific IoT Valves Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific IoT Valves Market report:
The Asia Pacific IoT Valves Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific IoT Valves Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific IoT Valves Market value chain can benefit from the information contained in a comprehensive market report.
E 1803, Panchshil Towers, Vagholi, Haveli, Pune- 412207, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Asia Pacific IoT Valves Market
