Internet of Things (IoT) in the chemical Global Market Report 2024

The internet of things (iot) in the chemical market size has grown rapidly in recent years. It will grow from $66.16 billion in 2023 to $76.17 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth observed in the historical period can be credited to factors such as process optimization and automation, adherence to regulatory compliance, enhanced visibility in the supply chain, effective asset management, and the implementation of predictive maintenance practices, all contributing to increased energy efficiency.

The internet of things (iot) in the chemical market size is expected to see rapid growth in the next few years. It will grow to $126.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The anticipated growth in the forecast period can be attributed to factors such as integration with artificial intelligence (AI), the adoption of edge computing for real-time processing, the utilization of blockchain for enhanced supply chain transparency, the development of collaborative ecosystems, and innovations in smart packaging and logistics. Significant trends expected in the forecast period encompass the deployment of advanced sensor technologies, the implementation of digital twins, the adoption of 5G connectivity for low-latency operations, a heightened focus on cybersecurity and data privacy, and the incorporation of augmented reality for maintenance purposes.

The anticipated growth of the Internet of Things (IoT) in the chemical market is driven by the increasing demand for the chemical industry. The chemical industry, encompassing the development, manufacturing, and supply of chemicals and chemical products, stands to enhance operational effectiveness, safety, sustainability, and decision-making through the integration of IoT. As indicated in a June 2021 report from the American Chemistry Council, capital expenditures in the chemical sector experienced a notable 11.9% growth from 2020 to 2021, reaching $30.6 billion. This surge underscores the role of the growing demand in propelling the Internet of Things (IoT) in the chemical market.

The growth of IoT in the chemicals market is expected to be propelled by the increasing adoption of industrial automation. Industrial automation, involving the use of control systems and information technologies to handle processes and machinery, is being increasingly integrated into the chemical industry. This adoption allows for smart manufacturing through the utilization of data analysis, machine learning, and artificial intelligence to enhance product quality and minimize downtime. According to the 2022 World Robotics Report by the International Federation of Robotics (IFR), the global installation of new industrial robots saw a substantial increase, with 517,385 new robots installed in factories worldwide in 2021, indicating a remarkable year-on-year growth rate of 31%. This surge in industrial automation installations contributes to the growth of IoT in the chemicals market.

The Internet of Things (IoT) in the chemical market is witnessing a significant trend of technological advancements. Companies within this market are embracing new technologies to maintain their competitive positions. For example, in January 2022, State Industrial Products, a US-based chemical manufacturer and distributor, introduced StaWatch, a new IoT platform technology. StaWatch, utilizing IoT technology, allows State to remotely monitor and operate its cooling tower system around the clock for commercial and industrial clients.

Innovative technologies such as digital twins are becoming prominent in the IoT in the chemicals market, with major companies developing these solutions to gain a competitive edge. Digital twins involve creating a detailed and dynamic digital model mirroring the characteristics of a physical object, system, or process in real-time. AGC Inc., a Japan-based glass manufacturing company, introduced the Process Digital Twin for chemical plants in April 2023. This innovative system creates a virtual replica of the actual plant by importing real-time operational data into a process simulator through a Plant Information Management System (PIMS). The technology enables high-speed calculations, providing instant situational awareness and supporting data-driven decision-making.

In May 2022, HCL Technologies Limited, an India-based technology company, partnered with SAP SE, a Germany-based software company, to accelerate Industry 4.0 initiatives through smart IoT offerings. The collaboration aims to streamline digital supply chain processes, automate goods movement, optimize warehouse processes, and enable real-time monitoring of edge hardware, ultimately contributing to sustainable transformation and growth in Industry 4.0 initiatives.

Major companies operating in the internet of things (iot) in the chemical market report are Microsoft Corporation, BASF SE, Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company (GE), Intel Corporation, The International Business Machines Corporation, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Air Liquide S.A., SAP SE, ABB Ltd., Hewlett Packard Enterprise Development LP, Nokia Corporation, Johnson Controls International, Emerson Electric Co., Atos SE, Rockwell Automation Inc., FANUC Corporation, Yokogawa Electric Corporation, PTC Inc., Cognite AS, Seeq Corporation, Appshare Technologies Inc., Altizon Inc., SumatoSoft, Davra Network Limited.

North America was the largest region in the Internet of Things (IoT) in the chemical market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the internet of things (iot) in the chemical market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the internet of things (iot) in the chemical market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary technologies associated with the Internet of Things (IoT) in the chemical industry include machine vision, 3D printing, manufacturing execution systems, distributed control systems, industrial robotics, big data, artificial intelligence, augmented reality, virtual reality, and other related technologies. Machine vision encompasses tools and technologies that enable devices such as cameras and computers to capture, decode, and interpret visual data from images and videos. In the chemical industry, machine vision is applied in various ways to optimize operations, ensure quality control, maintain safety standards, and enhance productivity. Services related to the Internet of Things (IoT) in the chemical industry cater to both large enterprises and small to medium-sized enterprises across sectors such as metals and mining, food and beverages, chemicals, pharmaceuticals, and pulp and paper industries.

The Internet of Things (IoT) in the chemical market research report is one of a series of new reports that provides Internet of Things (IoT) in the chemical market statistics, including the Internet of Things (IoT) in the chemical industry's global market size, regional shares, competitors with an Internet of Things (IoT) in the chemical market share, detailed Internet of Things (IoT) in the chemical market segments, market trends, and opportunities, and any further data you may need to thrive in the Internet of Things (IoT) in the chemical industry. This Internet of Things (IoT) in the chemical market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The Internet of Things (IoT) in the chemical market consists of revenues earned by entities by providing services such as supply chain optimization, process monitoring, and optimization, safety, and environmental monitoring, asset monitoring and predictive maintenance, and remote monitoring and control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.