Overview and Scope
IoT in the chemical industry refers to IoT-enabled solutions that collect data from equipment to monitor variables that control process performance and product quality. It can be used by chemical engineers to enhance chemical process control to raise the chance of repeatable results while lowering the likelihood of production pauses or shutdowns.
Sizing and Forecast
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 in the historic period can be attributed to process optimization, asset management, regulatory compliance, predictive maintenance, energy efficiency, safety monitoring, 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 growth in the forecast period can be attributed to smart chemical plants, environmental monitoring, cybersecurity solutions, circular economy initiatives, safety and security applications. Major trends in the forecast period include smart manufacturing and industry 4.0, data analytics and ai integration, collaboration with technology providers, advanced sensors, digital twins, blockchain integration..
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Segmentation & Regional Insights
The iot in chemical industry market covered in this report is segmented –
1) By Technology: Machine Vision, 3D Printing, Digitial Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, Industrial robotics, Big Data, Artificial Intelligence, AR or VR
2) By Process: Research and Development, Procurement, Packaging, Supply Chain Management and Logistics
3) By End User: Metals and Mining, Food and Beverages, Chemical, Pharmaceutical, Pulp and Paper
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
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Major Driver Impacting Market Growth
The increasing adoption of industrial robots is expected to propel the growth of the IoT in the chemical industry market. An industrial robot has been designed to automate manufacturing operations such as those required by a constantly moving assembly line. They are installed in fixed positions within an industrial facility. The Internet of Things will aid in the transformation of the chemical sector. The data collected from IoT-enabled devices assist in forecasting future outcomes and trends, as well as predicting machine maintenance requirements in a production line of chemical industries. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, nearly 517,385 new industrial robots had been installed in companies worldwide in 2021 which is a 31% year-on-year increase and outnumbers the pre-pandemic record of robot installation in 2018 by 22%. At present, the global fleet of operational robots has reached a new high of over 3.5 million units. Therefore, an increase in the adoption of industrial robots will drive the IoT in the chemical industry market.
Key Industry Players
Major companies operating in the IoT in the chemical industry market are developing advanced platforms such as an IoT service platform to address the critical need for remote monitoring and predictive maintenance. An IoT service platform is a comprehensive framework that integrates Internet of Things (IoT) technologies to provide various services and functionalities. For instance, in January 2021, Flowserve Corporation, a US-based provider of flow control products and services, launched RedRaven, an IoT service platform enabling remote monitoring and predictive maintenance for flow control equipment across industries. RedRaven’s predictive capabilities aim to reduce maintenance costs by 40% and mitigate risks by 14% while extending asset life by 20%. The platform, compatible with any manufacturer’s equipment, utilizes sensors and gateways for data transmission to a secure cloud. Unique features include a dedicated remote monitoring facility staffed by technical specialists, providing real-time insights to enhance efficiency, productivity, and safety for companies in oil and gas, water, chemical, power, food and beverage, and mining industries.
The iot in chemical industry market report table of contents includes:
1. Executive Summary
2. IoT In Chemical Industry Market Characteristics
3. IoT In Chemical Industry Market Trends And Strategies
4. IoT In Chemical Industry Market – Macro Economic Scenario
5. Global IoT In Chemical Industry Market Size and Growth
…….
31. Global IoT In Chemical Industry Market Competitive Benchmarking
32. Global IoT In Chemical Industry Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT In Chemical Industry Market
34. IoT In Chemical Industry Market Future Outlook and Potential Analysis
35. Appendix
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