Overview and Scope
The Internet of Things (IoT) in the chemicals refers to a process of transforming business operations and procedures with the help of IoT, allowing for increased effectiveness, security, and optimization. Chemical producers may boost production, save costs, increase safety, and promote sustainable practices in their businesses by utilizing IoT technology.
Sizing and Forecast
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 in the historic period can be attributed to process optimization and automation, regulatory compliance, supply chain visibility, asset management and predictive maintenance, 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 growth in the forecast period can be attributed to integration with artificial intelligence (ai), edge computing for real-time processing, blockchain for supply chain transparency, collaborative ecosystems, smart packaging and logistics. Major trends in the forecast period include advanced sensor technologies, digital twins implementation, 5g connectivity for low latency, cybersecurity and data privacy focus, augmented reality for maintenance.
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Segmentation & Regional Insights
The internet of things (iot) in the chemical market covered in this report is segmented –
1) By Technology Type: Machine Vision, 3D Printing, Manufacturing Execution Systems, Distributed Control Systems, Industrial Robotics, Big Data, Artificial Intelligence, Augmented Reality And Virtual Reality, Other Technologies
2) By Industry: Large Enterprises, Small And Medium-Sized Enterprises
3) By End User: Metals And Mining, Food And Beverages, Chemical, Pharmaceutical, Pulp And Paper
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.
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Major Driver Impacting Market Growth
The increasing demand for the chemical industry is expected to propel the growth of the Internet of Things (IoT) in the chemical market going forward. The chemical industry refers to the sector engaged in developing, manufacturing, and supplying chemicals and chemical products. The chemical industry has the potential to significantly increase operational effectiveness, safety, sustainability, and decision-making through the deployment of the Internet of Things (IoT). For instance, in June 2021, according to a report published by American Chemistry Council, a US-based manufacturing chemists association, capital expenditures in the chemical sector grew from 2020 to 2021 by 11.9%, reaching $30.6 billion. Therefore, the increasing demand for the chemical industry is driving the growth of the Internet of Things (IoT) in the chemical market.
Key Industry Players
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
The internet of things (iot) in the chemical market report table of contents includes:
1. Executive Summary
2. Internet of Things (IoT) In The Chemical Market Characteristics
3. Internet of Things (IoT) In The Chemical Market Trends And Strategies
4. Internet of Things (IoT) In The Chemical Market – Macro Economic Scenario
5. Global Internet of Things (IoT) In The Chemical Market Size and Growth
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32. Global Internet of Things (IoT) In The Chemical Market Competitive Benchmarking
33. Global Internet of Things (IoT) In The Chemical Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Internet of Things (IoT) In The Chemical Market
35. Internet of Things (IoT) In The Chemical Market Future Outlook and Potential Analysis
36. Appendix
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