The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Explosive Growth and Projections

• Rapid Expansion: The IoT in chemical industry market has witnessed significant growth, soaring from $70.85 billion in 2023 to $79.01 billion in 2024, with a CAGR of 11.5%.
• Projected Surge: Forecasts indicate further expansion to $122.17 billion by 2028, attributed to smart chemical plants, environmental monitoring, cybersecurity solutions, and safety applications.

Driving Forces Behind Growth

Rising Adoption Of Industrial Robots Drives Growth

• Automation Advancements: Industrial robots are increasingly adopted to automate manufacturing operations, driving market growth.
• IoT Integration: IoT facilitates data collection for predictive maintenance and trend forecasting.
• Robust Adoption Statistics: In 2021, 517,385 new industrial robots were installed globally, marking a 31% year-on-year increase.

Key Players Shaping the Landscape

• Industry Leaders: Major companies such as Siemens AG, ABB Ltd., and Cisco Systems Inc. are pivotal in driving IoT advancements.
• Diverse Offerings: These companies offer a range of solutions from asset management to data analytics.

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Platform Revolution in the Chemical Industry

IoT Platforms Gain Traction

• Strategic Trend: Deployment of IoT platforms gains momentum, aiding companies in sustaining market positions.
• Fujitsu’s Example: Fujitsu Limited deployed its IoT data analytics platform at Ricoh Company Ltd’s chemical plant in Japan, enabling real-time monitoring and data visualization.

Industry Consolidation and Transformation

Schneider Electric’s Acquisition of AVEVA

• Digital Transformation Focus: Schneider Electric’s acquisition of AVEVA aims at enhancing digital transformation solutions.
• Energy Efficiency: The move is expected to reduce energy and resource intensity, driving sustainability efforts.

Segmentation Insights

• Technology Segments: The market is segmented by various technologies including machine vision, 3D printing, and artificial intelligence.
• Process Segments: Processes such as research and development, procurement, and supply chain management are integral to market dynamics.
• End-User Segments: Industries served include metals and mining, food and beverages, pharmaceuticals, and pulp and paper.

Regional Dynamics

• Asia-Pacific Dominance: Asia-Pacific emerged as the largest region in the IoT in the chemical industry market in 2023, highlighting the region’s pivotal role in market expansion.

Conclusion

The IoT in the chemical industry market is undergoing rapid evolution, driven by technological advancements and strategic collaborations. With the surge in industrial robot adoption, platform deployments, and strategic acquisitions, the industry is poised for significant growth. As companies continue to invest in IoT solutions and embrace digital transformation, the landscape will witness further innovation and expansion, paving the way for a more connected and efficient chemical industry.

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The IoT In Chemical Industry Global Market Report 2024  provides an overview of the IoT in chemical industry market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT in chemical industry market forecast analyzes IoT in chemical industry market size, IoT in chemical industry market share, leading competitor and their market positions.

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