The market for IoT in the Chemical Industry is estimated to reach USD 77.9 billion by 2024, up from USD 48.9 billion in 2019, with a CAGR of 9.7% between 2019 and 2024. The growing usage of industrial robots, the growth of the Internet of Things (IoT), the growing demand for smart automation solutions, and the increasing emphasis on regulatory compliances are driving the IoT in Chemical Industry market. Globally, APAC is the most important market for IoT in the chemical industry, followed by North America and Europe.
During the forecast period, enabling technology is likely to lead the IoT in Chemical Industry market.
The IoT in Chemical Industry market has been divided into two types: enabling technology and operational technology. In terms of value, the enabling technology segment is expected to lead the IoT in Chemicals Industry market. The rising demand for digital transformation, which is driving the IoT in Chemical Industry market, is driven by a growing concern about reducing risk associated with chemical and metal industries, rising environmental concerns due to chemical release from plants, and a growing emphasis on circular economy.
Between 2020 and 2026, the chemical verticals segment is expected to increase at the fastest rate.
Between 2019 and 2024, the chemical verticals category is expected to increase at the fastest rate in terms of value. This is due to a surge in demand for speciality chemicals in advanced engineering processes and an increase in chemical output across various locations. The rise of the petrochemical and speciality chemical segments has a direct impact on the chemical industry’s growth. Nearly 100 greenfield refinery projects are now underway around the world, all of which will have a favourable impact on the petrochemical industry. The increased demand for automated processes and networked plants to optimise production processes will fuel the expansion of the IoT in the Chemical Industry industry.
Players in the Market
Siemens AG (Germany), General Electric Co (US), ABB Ltd (Switzerland), Rockwell Automation, Inc. (US), Emerson Electric Co (US), Yokogawa Electric Corporation (Japan), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE are some of the key market players profiled in the report (Germany).
Siemens AG (Germany) is growing its automation business by introducing new technologies and expanding into new markets including South America and Africa. Siemens and HP announced in May 2019 that their strategic partnership would be expanded to assist customers change their operations via industrial additive manufacturing (AM). Siemens, a global pioneer in automation and digitalization, and HP, the world’s leading provider of industrial 3D printing, have announced plans to expand their integrated additive manufacturing solution.
This will enable the company to expand its portfolio into new technologies and markets by incorporating new systems and software advancements, including overall product lifecycle management (PLM). The company also unveiled a new full additive manufacturing solution that includes everything from automated performance-driven design optimization to advanced 3D printing. Integrated design simulation, digital manufacturing, and data and process management software are all part of this solution.
Chemical Industry, Global IoT Market, by Chemical Industry Type
The IoT in chemical industry market is divided into specialised chemicals, paints & coatings, personal care, petrochemicals, consumer products, and others based on chemical industry type. In 2020, the petrochemicals category is expected to dominate the market, and it is expected to continue so throughout the forecast period. Growing demand for petrochemical products, new plant construction, refinery capacity expansion, and increased adoption of biobased petrochemical products are expected to boost the market.
In the chemical industry, the global IoT market is segmented by technology.
The IoT market in the chemical industry is divided into software & services, device management, application & connectivity management, and others based on technology. In the year 2020, the software and services technology sector is predicted to dominate the market, and it is expected to continue so throughout the forecast period. During the projection period, this segment is also expected to increase at the fastest CAGR.