Internet of Things (IoT) in the chemical Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Internet of Things (IoT) in the chemical Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Internet of Things (IoT) in the chemical Global Market Report 2024, 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.

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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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

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.

The internet of things (iot) in the chemical market report table of contents includes:

 

1. Executive Summary
2. Internet of Things (IoT) In The Chemical Market Characteristics
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. Global Internet of Things (IoT) In The Chemical Market Size and Growth

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32. Global Internet of Things (IoT) In The Chemical Market Competitive Benchmarking
33. Global Internet of Things (IoT) In The Chemical Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Internet of Things (IoT) In The Chemical Market
35. Internet of Things (IoT) In The Chemical Market Future Outlook and Potential Analysis
36. Appendix

Top Major Players:

• Hitachi Ltd
• Siemens AG
• General Electric Company (GE)
• Intel Corporation
• Siemens AG

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