IoT Applications in the Chemical Industry Market Report 2024

"The Business Research Company recently released a comprehensive report on the Global Internet of Things (IoT) in the chemical Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Internet of Things (IoT) in the chemical Market 2024 Key Insights:

• 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%.
• Rising Expansion Of Chemical Industry To Drive Market Growth
• Technological Advancements Driving Innovation In IOT In The Chemicals Market
• North America was the largest region in the Internet of Things (IoT) in the chemical market in 2023

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