PUBLISHER: Grand View Research | PRODUCT CODE: 1512026
PUBLISHER: Grand View Research | PRODUCT CODE: 1512026
The global chemicals digitalization market size is anticipated to reach USD 60.13 billion by 2030, growing at a CAGR of 23.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rapid growth of the market can be attributed to the increasing use of data analytics, automation, as well as other innovations in the chemicals industry around the world.
One of the key growth drivers for the market is the rising demand for operational efficiency in the chemicals industry. Companies are adopting digital technologies to streamline their operations, optimize processes, and reduce costs. For example, Siemens AG offers digital solutions that enable real-time monitoring and control of chemical manufacturing processes, leading to improved efficiency and productivity.
Cloud computing and Industrial Internet of Things (IIoT) are transforming the chemicals industry by enabling seamless connectivity, data storage, and remote access to critical information. Cloud-based platforms provide scalability, flexibility, and cost-effectiveness for managing and analyzing large volumes of data. IIoT devices and sensors facilitate real-time data collection, monitoring, and control of chemical processes.
The Asia Pacific region has been witnessing rapid industrialization and urbanization, leading to an increased demand for chemicals across various sectors. This growth has created opportunities for digitalization in the chemicals industry in order to enhance efficiency, productivity, and sustainability. Many countries in the Asia Pacific region have recognized the importance of digital transformation and implemented supportive policies and initiatives. Countries like Singapore, South Korea, and China have launched national digitalization strategies to promote the adoption of digital technologies across industries, including chemicals.