Press release
Internet of Things (IoT) in the Chemical Market: Rapid Growth Forecasted with a CAGR of 14.7%, Ascending to $146.84 billion by 2029
Internet of Things (IoT) in the chemical Market Size
What Is The Projected Market Size Of The Global Internet of Things (IoT) in the Chemical Market And Its Growth Rate?
• 2024 Market Size: $74.54 billion
• 2025 Market Size: $84.77 billion (CAGR - 13.7%)
• 2029 Forecasted Market Size: $146.84 billion (CAGR - 14.7%)
The process optimization and automation, regulatory compliance, supply chain visibility, asset management and predictive maintenance, energy efficiency have attributed to the historic growth. The rapid growth in future can be contributed to the collaboration with artificial intelligence, edge computing, blockchain, collaborative ecosystems, and smart packaging and logistics.
What Is Driving The Growth In The Internet of Things (IoT) in the Chemical Market?
The surge in demand for the chemical industry is expected to bolster the growth of the IoT in the chemical market. The chemical industry, engaged in developing, manufacturing, and supplying chemicals and chemical products, has the potential to significantly increase operational effectiveness, safety, sustainability, and decision-making through the deployment of IoT. For example, as per a 2023 report by Germany-based chemicals company, BASF SE, the global chemical production (excluding pharmaceuticals) is anticipated to grow by 2.0% in 2023, and in China, the largest chemical market in the world, it's forecasted to grow by 5.9%. Therefore, such increasing demand for the chemical industry should fuel the growth of the IoT in the chemical market.
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Who Are the Key Players Driving Internet of Things (IoT) in the Chemical Market Growth?
• 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
What Are The Key Trends In The Internet of Things (IoT) in the chemical Market?
• Advanced sensor technologies
• Digital twins implementation
• 5G connectivity for low latency
• Cybersecurity and data privacy focus
• Augmented reality for maintenance
What Are The Segments Of The Global Internet of Things (IoT) in the chemical Market?
• By Technology Type: Machine Vision, 3D Printing, MES, DCS, Industrial Robotics, Big Data, AI, Augmented Reality And Virtual Reality, Other Technologies
• By Industry: Large Enterprises, Small And Medium-Sized Enterprises
• By End User: Metals And Mining, Food And Beverages, Chemical, Pharmaceutical, Pulp And Paper
Which Region Leads The Internet of Things (IoT) in The Chemical Market?
In 2024, North America was the most significant region in the IoT in the chemical market. However, Asia-Pacific is expected to be the fastest-growing region in the future. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.'
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Mandatory Section:
What Is Covered In The Internet of Things (IoT) in the chemical Market Global Market Report?
- Market Size Analysis: Analyze the Internet of Things (IoT) in the chemical Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Internet of Things (IoT) in the chemical Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Internet of Things (IoT) in the chemical Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Internet of Things (IoT) in the chemical Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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