The internet of things (IoT) is an arrangement of interconnected and interrelated computing devices, digital machines & mechanical systems, machine components, and devices with unique identifiers (UIDs), which enables the transfer of data between the devices without the requirement of human interaction. Leading players operating across the chemical industry are shifting their focus toward adoption of IoT to conduct various operations in order to boost production capacities with limited utilization of resources. The multiple advantages, including production and operational activities optimization, predictive maintenance, energy management, integrated supply chain &connected, and quality assurance are driving the IoT adoption across the industry.
The IoT in Chemical Industry by Technology Type (Enabling Technology and Operational Technology), Chemical-Based Industry (Food & Beverages, Mining & Metal, Chemicals, Pharmaceuticals, Pulp & Paper, and Others), and by Region, Forecasts 2018 to 2025 market is expected to grow at a CAGR of 16% to reach $276.79 billion in 2029.
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"The Global Iot In Chemical Market 2019-2029 (USD Billion)")
Rising concern to reduce risk and hazard associated with the chemical industries along with stringent regulations related to operations, handling, and disposal of chemicals is proliferating the demand for IoT in chemical industry. Growing demand to boost chemical production owing to increasing dependency of numerous end user industries including pharmaceutical, food & beverage, personal care on the chemical industry has led to the integration of IoT across the industry.
The IoT is witnessing significant penetration across the industry owing to its capability to provide machine learning for manufacturing chemicals along with asset management. It enables the system to capture the real-time data on various parameters including machine performance, production costs, product quality, and inbound/outbound logistics, which in turn improves the overall performance of the production plant.
IoT in Chemical Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | $276.79 billion |
| Growth Rate | CAGR of 16 % during 2021-2029 |
| Segment Covered | by Component, Industry Verticals, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | ABB Ltd. (Switzerland), The General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes SE (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.) |
Key Segment Of The IoT in Chemical Market
by Component, (USD Million)
o Hardware
• Network Components
• Sensors & Actuators
• Others
o Platform
o Services
• Professional Services
• Managed Services
o Connectivity
by Industry vertical, (USD Million)
o Agriculture
• Precision Farming
• Livestock Monitoring
• Smart Greenhouse
• Fish Farming
• Smart Irrigation
o Manufacturing
• Surveillance & Safety
• Quality Management
• Resource Optimization
• Inventory & Warehouse Management
• Machine Inspection & Maintenance
• Production Planning
• Energy Management
• Smart Robotics
o Retail
• Operations Management
• Asset Management
• Customer Experience Management
o Energy & Utility
• Predictive Maintenance
• Remote Monitoring
• Worker Safety & Security
• Distribution Management
• Asset Management
o Oil & Gas
• Predictive Maintenance
• Remote Monitoring
• Worker Safety & Security
• Distribution Management
• Asset Management
o Aerospace/Airline
• Performance Management
• Energy Management
• Predictive Maintenance
• Passenger Experience Management
o Transportation & Logistics
• Smart Ticketing & Toll
• Parking Management
• Traffic Management
• Passenger Information
• Freight Information
• Telematics
• Others
o Telecom
• Asset Management
• Remote Monitoring
• Others
o Other Industry Verticals
By Application, (USD Million)
• Fibers
• Wire &Amp; Cables
• 3 D Printing
• Sports Equipment
• Engine Components
• Brakes &Amp; Transmission Parts
• Household Goods & Amp; Appliances
By End-Use, (USD Million)
• Automotive
• Electrical & Amp; Electronics
• Textile
• Aerospace & Amp; Defense
Regional Overview, (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of iot in chemical market in 2029 was $276.79 billion
The base year for the report is 2023 in iot in chemical market
IoT facilitates the optimization across the whole value chain of the chemical industry on account of its capability to communicate within different systems, which in turn ameliorates the adoption of the technology across the industry. Its advanced capabilities to capture, store, process, and analyze the diverse operational data for machines and components to simulate, predict and suggest maintenance and modifications across the systems have escalated its adoption. Furthermore, ongoing integration of advanced technologies and automation in line with shifting focus toward digitalization of assets will favor the technology adoption on the coming years.
Rising industry players focus toward enhancing efficiency along with growing significance toward optimum resource utilization is stimulating the business landscape. Although, high integration cost associated with the IoT has limited its adoption. However, increasing innovation activities to expand the capabilities of the system will catapult the industry upsurge over the forecast timeframe.
Technology Type Segment
On the basis of the type segment, the market is categorized into enabling technology and operational technology. Enabling technology, dominates the global IoT in Chemical Industry market in 2018 and is anticipated to dominate the industry for the forecast period 2019-2025.
Chemical-Based Industry Segment
IoT in Chemical Industry market is segmented into food & beverages, mining & metal, pharmaceuticals, chemicals, pulp & paper, and others. In 2018, the chemicals segment is accounted for major contributors in revenue and it is expected to lead the IoT in Chemical Industry thorough the forecast timeline.
-2018-2025.png "IoT in Chemicals Industry Market by Chemical Based Industry (Chemicals) 2018-2025")
Asia Pacific is analyzed to hold a major share across the region, and is projected to hold the same pattern over the forecast timeframe. Rising establishment of chemical industries along with the growing significance of improved productivity owing to rising chemical demand across the region is augmenting the technology demand. Furthermore, rising penetration of advanced technology and industrial robust to boost manufacturing activities is further stimulating the industry landscape.
The leading players operating across the global IoT in Chemical Industry market include ABB, Siemens AG, Emerson Electric, General Electric, Mitsubishi Electric Corporation, Rockwell Automation, Honeywell International Inc, and Yokogawa Electric Corporation, including others. The market for IoT in Chemical Industry is consolidated with established global players and is further witnessing the emergence of new companies. Moreover, the industry players are targeting toward enhancing their market share through implementation of merger & acquisition, collaborations growth strategies.