IoT in Chemical Industry Market worth $77.9 billion by 2024 | Key Players include Siemens AG, General Electric Co, ABB Ltd, Rockwell Automation, Inc., Emerson Electric Co, Yokogawa Electric Corporation

According to recent market research "IoT in Chemical Industry Market by Technology Type (Enabling Technology and Operational Technology), Chemical Verticals (Mining & Metals, Food & Beverages, Chemicals, Pharmaceuticals, Paper & Pulp), Region - Global Forecast to 2024", The IoT in Chemical Industry market is projected to reach USD 79.9 billion by 2024, at a CAGR of 9.7% from USD 48.9 billion in 2019.

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The IoT in chemical industry market is estimated to grow from USD 48.9 billion in 2019 to USD 77.9 billion by 2024, at a CAGR of 9.7%. IoT in chemical industry is the amalgamation of technologies and physical machines connected over a network and in between managed and supervised by human intelligence. The idea is to increase efficiency through optimization of various processes in the entire value chain.

On the basis of type, the market is segmented into enabling technology and operational technology. The enabling technology segment accounted for the largest share, in terms of value, in 2018. Dominance is attributed to the growing demand for digital technology. In addition, the growing emphasis on optimization and circular economy acts as a driver.

On the basis of different chemical verticals, the market is segmented into mining & metals, food & beverages, chemicals, pharmaceuticals, and paper & pulp. The chemicals vertical accounted for the largest share of the market in 2018, in terms of value. This is because of the growth in chemical production and other associated industries, which, in turn, is driving the demand for IoT in chemical industry. The whole IoT in chemical industry ecosystem or array can also be termed as cyber-physical systems, which is nothing but digital and physical systems interconnected through internet and controlled by computer-based algorithms. It represents an autonomous manufacturing environment that can handle any technical issues during real-time production, using real-time data, fragmented information, and communication structures for optimum management of production and process.

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The IoT in chemical industry market size is projected to reach USD 77.9 billion by 2024 from USD 48.9 billion in 2019, at a CAGR of 9.7% between 2019 and 2024. Growth in the chemical and other associated industries and the rising demand for efficient production practices and automated manufacturing technologies are driving the IoT in chemical industry market. The higher cost for digital transformation and lack of skilled personnel are restraining the growth of the IoT in chemical industry market. On the other hand, infrastructure development in emerging economies, such as China, Malaysia, Thailand, and India, among other countries, drives the demand for IoT in chemical industry and digital transformation solutions. The players in the market are mainly concentrating on expansions, new product launches, acquisitions, and agreements to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific demands of customers. Most of these companies are involved in R&D and innovation, which is also one of the important factors driving the market growth.

The growth of the IoT in chemical industry market has been largely influenced by the growing need for efficient digital practices, and companies have been involved in expansions, new product launches, acquisitions, and agreements to achieve this. Siemens AG (Germany), General Electric Co. (US), ABB Ltd (Switzerland), Rockwell Automation, Inc. (US), Emerson Electric Co. (US), Yokogawa Electric Corporation (Japan), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany) adopted expansions, new product launches, agreements, and acquisitions to remain competitive in the IoT in chemical industry market.

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Siemens AG (Germany) is developing its automation business by launching new products and expanding in regions, such as South America and Africa. In May 2019, Siemens and HP announced an expansion of their strategic alliance to help customers transform their businesses with industrial additive manufacturing (AM). Siemens, an innovation leader in automation and digitalization, and HP, the leader in industrial 3D printing, will expand their integrated additive manufacturing solution, incorporating new systems and software innovations, including overall product lifecycle management (PLM), this will help the company to expand its offering into new technologies as well as markets. The company also launched a new comprehensive additive manufacturing solution that integrates the entire additive manufacturing process from automated performance-driven design optimization to advanced 3D printing. This solution includes integrated design simulation, digital manufacturing, and data and process management software.

Rockwell Automation Inc. (US) focuses on new product launches and joint ventures so that it can meet the growing demand for digital transformation globally. In June 2018, the company added new functions to PlantPAx DCS to help increase productivity and reduce risk in cement production, which would help the company to expand. In July 2018, Rockwell Automation and Schlumberger announced a joint venture to Create Sensia, the Oil and Gas Industry's First Fully Integrated Automation Solutions Provider.

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