Internet of Things (IoT) in Chemical Industry - Global Strategic Business Report

The global market for Internet of Things (IoT) in Chemical Industry was estimated at US$62.3 Billion in 2023 and is projected to reach US$108.4 Billion by 2030, growing at a CAGR of 8.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Internet of Things (IoT) in Chemical Industry Market - Key Trends and Drivers Summarized

How Is the Internet of Things (IoT) Revolutionizing the Chemical Industry?

The Internet of Things (IoT) is reshaping the chemical industry by enabling real-time monitoring, automation, and optimization of chemical production processes. Through connected devices and sensors, IoT solutions provide real-time data on critical parameters such as temperature, pressure, and chemical composition, helping to improve operational efficiency, ensure safety, and enhance product quality. IoT-enabled systems help chemical manufacturers automate workflows and integrate predictive maintenance strategies, which reduce equipment downtime and enhance overall production reliability. As the chemical industry becomes more data-driven, IoT is a key enabler of continuous improvement in productivity, safety, and sustainability, allowing for more efficient use of resources and a reduction in waste.

How Are Technological Advancements Shaping IoT Adoption in the Chemical Industry?

Technological advancements in sensor technology, edge computing, and data analytics are playing a crucial role in expanding the capabilities of IoT in the chemical industry. Sensors are now more accurate, durable, and capable of operating in harsh chemical environments, providing critical data in real-time. Edge computing allows data processing closer to the source, reducing latency and enabling faster decision-making in real-time operations. Machine learning algorithms analyze data from connected devices to detect inefficiencies, predict equipment failures, and identify potential safety hazards before they escalate into critical issues. Cloud computing platforms further enhance these capabilities by enabling remote monitoring and analysis, facilitating better resource management, and enhancing the scalability of IoT solutions.

How Do Market Segments Define the Growth of IoT in the Chemical Industry?

Solution types include software, hardware, and services, with IoT platforms and predictive maintenance software being the most widely adopted due to their role in improving operational efficiency. Applications of IoT in the chemical industry include asset tracking, remote monitoring, predictive maintenance, and process optimization. Predictive maintenance is particularly significant in reducing unplanned downtime and equipment failure, making it the largest segment. End-users range from large-scale chemical manufacturers to specialty chemical companies, with large-scale manufacturers adopting IoT solutions at a faster rate due to the complexities involved in scaling their operations. The market is growing rapidly in regions such as North America, Europe, and Asia-Pacific, where industrial digitalization is a major focus.

What Factors Are Driving the Growth in the IoT in Chemical Industry Market?

The growth in the IoT in the chemical industry market is driven by several factors, including the increasing need for operational efficiency, enhanced safety protocols, and advancements in IoT technologies. As chemical manufacturers strive to improve productivity while ensuring compliance with stringent safety and environmental regulations, IoT offers a solution by enabling real-time monitoring and automation. Technological innovations such as edge computing and machine learning are further fueling growth by providing more sophisticated data analysis tools, allowing companies to optimize processes and prevent equipment failures. Additionally, the rising demand for predictive maintenance and asset tracking in large-scale chemical operations is driving the adoption of IoT solutions across the industry.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Enabling Technology segment, which is expected to reach US$65.3 Billion by 2030 with a CAGR of a 8.7%. The Operational Technology segment is also set to grow at 7.5% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $18.5 Billion in 2023, and China, forecasted to grow at an impressive 7.7% CAGR to reach $18.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Chemical Industry Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Chemical Industry Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Internet of Things (IoT) in Chemical Industry Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Internet of Things (IoT) in Chemical Industry market such as 3D Systems Corporation, ABB Ltd., Atos SE, Cisco Systems, Inc., Denso Corporation and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 37 companies featured in this Internet of Things (IoT) in Chemical Industry market report include:

• 3D Systems Corporation
• ABB Ltd.
• Atos SE
• Cisco Systems, Inc.
• Denso Corporation
• Emerson Electric Co.
• Fanuc Corporation
• Fortive
• General Electric Co.
• Hewlett Packard Enterprise Company
• Honeywell International Inc.
• International Business Machines Corporation
• Microsoft Corporation
• Mitsubishi Electric Corporation
• Qualcomm Inc.
• Rockwell Automation, Inc.
• Samsung Electronics Co. Ltd
• Schneider Electric SE
• Siemens AG
• Stratasys Ltd.
• Texas Instruments Inc.
• Yokogawa Electric Corporation