PUBLISHER: The Business Research Company | PRODUCT CODE: 1543826
PUBLISHER: The Business Research Company | PRODUCT CODE: 1543826
The Internet of Things (IoT) in the chemical industry refers to the integration of physical devices, sensors and software applications to collect, exchange and analyze data across various processes within the chemical sector. IoT enables chemical companies to enhance operational efficiency, improve safety and optimize production through real-time monitoring and data analytics. The IoT ecosystem in the chemical industry comprises a network of connected devices that communicate with each other to provide valuable insights into production processes, equipment performance and supply chain logistics.
The internet of things (IoT) in the chemical market consists of sales of services or solutions related to IoT in chemical by entities (organizations, sole traders and partnerships) that integrate IoT solutions that are used by chemical end-use areas such as metals and mining, food and beverages, chemical, pharmaceuticals, pulp and paper and more for handling various chemicals or chemical processes. These IoT solutions enable the integration of connected devices, sensors and data analytics into various processes and operations within these industries, enhancing efficiency, safety and overall management.
The global internet of things (IoT) in the chemical market was valued at $38,895.3 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 11.0%.
Expansion Of Chemicals Industry
The expansion of the chemicals industry drove the growth of the Internet of Things (IoT) in the chemical market in the historic period. The chemicals industry refers to the sector engaged in developing, manufacturing and supplying chemicals and chemical products. The chemicals 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, according to a report published by the 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. Further, according to Eurostat, a Luxembourg-based government agency, total chemical production in the EU (European Union) increased by 1% from 2019 to 2020 and reached 284 million tons. In the same year, the consumption stood at 302 million tons, which represented a similar 1% growth from 2019. Therefore, the growth in the chemicals industry propelled the growth of the internet of things (IoT) in the chemical market.
Technological Advancements Driving Innovation In IoT In The Chemicals Industry
Technological advancements are a key trend gaining popularity in the Internet of Things (IoT) in the chemical market. Companies operating in the Internet of Things (IoT) in the chemical industry market are adopting new technologies to strengthen 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.
The global internet of things (IoT) in the chemical market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 18.69% of the total market in 2023.
Internet Of Things (IoT) In The Chemical Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global internet of things (IoT) in the chemical market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for internet of things (IoT) in the chemical? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The internet of things (IoT) in the chemical market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider internet of things (IoT) in the chemical market; and compares it with other markets.
Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by technology, by industry and by chemical end-use areas in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.