What Transformation Has the IoT in Chemical Industry Market Undergone?
The iot in chemical industry market has seen considerable growth due to a variety of factors.
• The market size of IoT in the chemical industry has seen a significant rise over the last few years. It is estimated to increase from $80.38 billion in 2024 to approximately $97.9 billion in 2025, registering a compound annual growth rate (CAGR) of 21.8%. The historic growth can be credited to factors such as optimized processes, asset management, compliance with regulations, predictive maintenance, energy efficiency, safety monitoring and data analytics.
What are the Market Size and Expected Growth Rates for the IoT in Chemical Industry Market Size In The Coming Years?
The IoT in Chemical Industry market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of IoT in the chemical industry is predicted to witness substantial growth in the coming years. It is anticipated to expand to $217.91 billion in 2029 with a compound annual growth rate (CAGR) of 22.1%.
This increase in the forecasted period can be credited to factors like smart chemical plants, environmental monitoring, solutions for cybersecurity, initiatives for circular economy, and safety and security applications. The upcoming period will see predominant trends such as smart manufacturing and industry 4.0, integration of data analytics and AI, cooperation with tech providers, innovative sensors, digital twins, and incorporation of blockchain technology.
Which Key Drivers Are Propelling The IoT In Chemical Industry Market's Growth?
The growth of the IoT in the chemical industry market is anticipated to be accelerated by the rising uptake of industrial robots. These robots are engineered to automate manufacturing tasks, such as those demanded by a persistent moving assembly line, and are stationed at fixed spots within an industrial establishment. The Internet of Things will facilitate the evolution of the chemical industry. The information gathered from IoT-enabled apparatus aids in anticipating future consequences and patterns, and in determining the maintenance needs of machinery in a chemical industries' production chain. For instance, as reported by the International Federation of Robotics, a non-profit organization based out of Germany, there was a 12% overall increase in industrial robot installations in manufacturing, reaching 41,624 units in 2022 from May 2023. Consequently, the surge in the use of industrial robots is set to propel the IoT in the chemical industry market.
What Are The Key Segments Within The Global IoT In Chemical Industry Market?
The IoT in chemical industry market covered in this report is segmented –
1) By Technology: Machine Vision, 3D Printing, Digital Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, Industrial robotics, Big Data, Artificial Intelligence, AR Or VR
2) By Process: Research And Development, Procurement, Packaging, Supply Chain Management And Logistics
3) By End User: Metals And Mining, Food And Beverages, Chemical, Pharmaceutical, Pulp And Paper
Subsegments:
1) By Machine Vision: Quality Control Systems, Automated Inspection Systems
2) By 3D Printing: Additive Manufacturing For Prototyping, Customized Chemical Production
3) By Digital Twin: Real-Time Monitoring, Predictive Maintenance Models
4) By Plant Asset Management: Asset Performance Management, Maintenance Optimization
5) By Manufacturing Execution System (MES): Production Tracking, Workflow Management
6) By Distributed Control System (DCS): Process Control Systems, Automation Solutions
7) By Industrial Robotics: Robotic Process Automation, Collaborative Robots (Cobots)
8) By Big Data: Data Analytics And Insights, Process Optimization
9) By Artificial Intelligence: Machine Learning Algorithms, Predictive Analytics
10) By Augmented Reality (AR) Or Virtual Reality (VR): Training And Simulation, Remote Assistance And Maintenance
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How Are New Trends Impacting The Size Of The IoT In Chemical Industry Market?
The rising popularity of IoT platform implementation has become a significant trend in the chemical industry's IoT market. Prominent companies in the IoT chemical industry are honing in on the installation of industrial IoT platforms at chemical plants to preserve their competitive edge in the market. For example, in February 2023, BASF, a German chemical enterprise, joined hands with Thielmann GmbH & Co. KG, another Germany-based chemical firm, and NXTGN Solutions GmbH, a provider of digital transformation services based in Germany. The aim was to augment the development and distribution of Intermediate Bulk Container (IBC) monitoring solutions powered by IoT. These IoT-backed IBC solutions allow real-time tracking of various factors such as location, fill levels, temperature, and contamination - details that are crucial for the chemical industry where meticulous tracking is a prerequisite for safety and adherence to regulations.
Who Are the Key Players In The IoT In Chemical Industry Market?
Major companies operating in the IoT in chemical industry market include:
• Siemens AG
• ABB Ltd.
• Altizon Inc.
• Atos SE
• Cisco Systems Inc.
• General Electric Company
• Honeywell International Inc.
• International Business Machines Corporation
• Microsoft Corporation
• Mitsubishi Electric Corporation
• Robert Bosch GmbH
• Rockwell Automation Inc.
• Schneider Electric SE
• Yokogawa Electric Corporation
• Accenture plc
• SAP SE
• Oracle Corporation
• PTC Inc.
• Hitachi Ltd.
• Intel Corporation
• Huawei Technologies Co. Ltd.
• Dell Technologies Inc.
• Hewlett Packard Enterprise Development LP
• Fujitsu Limited
• NEC Corporation
• Infosys Limited
• Wipro Limited
• Tata Consultancy Services Limited
• Aspen Technology Inc.
• Emerson Electric Co.
• OSIsoft LLC
What Are The Regional Insights Into The IoT In Chemical Industry Market?
Asia-Pacific was the largest region in the IoT in the chemical industry market in 2024. The regions covered in the IoT in chemical industry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
