IoT in Chemical Industry Global Market Report 2024

The IoT in chemical industry market size has grown rapidly in recent years. It will grow from $70.85 billion in 2023 to $79.01 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth observed in the historical period can be attributed to process optimization, asset management, regulatory compliance, predictive maintenance, energy efficiency, safety monitoring, and data analytics.

The IoT in chemical industry market size is expected to see rapid growth in the next few years. It will grow to $122.17 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to the development of smart chemical plants, increased emphasis on environmental monitoring, the integration of cybersecurity solutions, initiatives promoting circular economies, and the application of safety and security measures. Major trends expected in the forecast period include the implementation of smart manufacturing and Industry 4.0 practices, the integration of data analytics and AI, collaborative efforts with technology providers, the use of advanced sensors, the adoption of digital twins, and the integration of blockchain technology.

The growth of the IoT in the chemical industry market is expected to be propelled by the increasing adoption of industrial robots. Industrial robots, designed to automate manufacturing operations, are strategically placed within fixed positions on assembly lines. The integration of the Internet of Things (IoT) is set to transform the chemical sector, as data collected from IoT-enabled devices facilitates the forecasting of future outcomes, trends, and predictions for machine maintenance needs in chemical production lines. In October 2022, the International Federation of Robotics reported a 31% year-on-year increase in the installation of nearly 517,385 new industrial robots worldwide in 2021, surpassing the pre-pandemic record set in 2018 by 22%. The global fleet of operational robots has reached a record high of over 3.5 million units, indicating that the growing adoption of industrial robots will drive the IoT in the chemical industry market.

The IoT in the chemical industry market is expected to experience growth due to the increasing threat of cyberattacks. Cyberattacks, deliberate and malicious attempts to compromise computer systems, networks, or data, pose a significant risk. The incorporation of IoT in the chemical industry enables real-time monitoring, facilitating swift detection and response to cybersecurity threats. As of January 2023, Checkpoint reported a 38% increase in global cyberattacks in 2022 compared to 2021, underscoring the urgency for enhanced cybersecurity measures in the chemical industry. The rise in cyberattacks is a key driver behind the growth of the IoT in the chemical industry market.

A noteworthy trend in the IoT in the chemical industry market is the deployment of IoT platforms. Major companies in this sector are prioritizing the deployment of industrial IoT platforms in chemical plants to maintain their market positions. In June 2021, Fujitsu Limited deployed its IoT data analytics and visualization platform at Ricoh Company Ltd's chemical plant in Japan, referred to as a 'smart factory.' This system utilizes Fujitsu's COLMINA-branded plant visualization technology to gather and process production data, enabling real-time monitoring of plant operations and product quality. Ricoh Company, Ltd, a Japanese imaging and electronics company, benefits from improved visibility into plant operations and product quality.

Leading companies in the IoT in the chemical industry market are developing advanced platforms, such as IoT service platforms, to address the critical need for remote monitoring and predictive maintenance. An IoT service platform integrates IoT technologies to offer various services and functionalities. In January 2021, Flowserve Corporation launched RedRaven, an IoT service platform facilitating remote monitoring and predictive maintenance for flow control equipment across industries. RedRaven's predictive capabilities aim to reduce maintenance costs by 40%, mitigate risks by 14%, and extend asset life by 20%. This platform, compatible with equipment from any manufacturer, leverages sensors and gateways for data transmission to a secure cloud. The platform includes a dedicated remote monitoring facility staffed by technical specialists, providing real-time insights to enhance efficiency, productivity, and safety for companies in various industries.

In January 2023, Schneider Electric, specializing in energy management and automation, acquired AVEVA for an undisclosed amount. This strategic acquisition aimed to offer comprehensive digital transformation solutions, reducing energy and resource intensity. AVEVA, a UK-based industrial software company, provides Industrial Internet of Things solutions, aligning with Schneider Electric's commitment to advancing digital transformation in the industry.

Major companies operating in the iot in chemical industry market report are Siemens AG, ABB Ltd., Altizon Inc., Atos SE, Cisco Systems Inc., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Accenture plc, SAP SE, Oracle Corporation, PTC Inc., Hitachi Ltd., Intel Corporation, Huawei Technologies Co. Ltd., Dell Technologies Inc., Hewlett Packard Enterprise Development LP, Fujitsu Limited, NEC Corporation, Infosys Limited, Wipro Limited, Tata Consultancy Services Limited, Aspen Technology Inc., Emerson Electric Co., OSIsoft LLC.

Asia-Pacific was the largest region in the IoT in the chemical industry market in 2023. The regions covered in the iot in chemical industry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the iot in chemical industry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key technologies involved in IoT in the chemical industry include machine vision, 3D printing, digital twins, plant asset management, manufacturing execution systems, distributed control systems, industrial robotics, big data, artificial intelligence, and augmented reality (AR) and virtual reality (VR). Machine vision is a technique enabling commercial machinery to see and make rapid decisions based on visual observations. The various processes involved encompass research and development, procurement, packaging, supply chain management, and logistics. These applications find use across various end-user industries such as metals and mining, food and beverages, chemicals, pharmaceuticals, pulp, and paper.

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

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.


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