Transforming Chemistry: The Role of IoT in the 2024 Global Chemical Market

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Internet of Things (IoT) in the chemical Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $126.47 billion In 2028 At A CAGR Of 13.5%.

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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Internet of Things (IoT) in the chemical Market Major Segments
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

Key Driver - Rising Expansion Of Chemical Industry To Drive 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.

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Prominent Trend - Technological Advancements Driving Innovation In IOT In The Chemicals Market

Technological advancements are a key trend gaining popularity on the Internet of Things (IoT) in the chemical market. Companies operating on the Internet of Things (IoT) in the chemical market are adopting new technologies to sustain their position in the market. For instance, in January 2022, State Industrial Products, a US-based chemical manufacturer and distributor of water treatment chemicals, disinfectants, and other products, launched new IoT platform technology named StaWatch. It is the latest Internet of Things (IoT) solution for the commercial and industrial segments. Using IoT technology, StaWatch enables State to remotely monitor and operate its cooling tower system remotely for clients around-the-clock.

Internet of Things (IoT) in the chemical Market 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Internet of Things (IoT) in the chemical Market Report Structure
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. Internet of Things (IoT) in the chemical Market Size And Growth
…..
27. Internet of Things (IoT) in the chemical Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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This release was published on openPR.