The IoT market in the chemical industry is expected to grow by US$77.9 billion by 2024, at a CAGR of 9.7%, reveals MarketsandMarkets™

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IoT in Chemical Industry Market by Technology Type (Enabling Technology and Operational Technology), Chemicals Verticals (Mining & Metals, Food & Beverage, Chemicals, Pharmaceuticals, Paper & Pulp), Region

The IoT in the chemical industry market The size is expected to reach USD 77.9 billion by 2024, from USD 48.9 billion in 2019, at a CAGR of 9.7% between 2019 and 2024. The growth of the chemical industry and other related industries and Growing demand for efficient production practices and automated manufacturing technologies are driving IoT in the chemical industry market. Higher cost of digital transformation and lack of skilled personnel are hampering the growth of IoT in the chemical industry market. On the other hand, infrastructure development in emerging economies, such as China, Malaysia, Thailand, and India, among other countries, is driving the demand for IoT in the chemical industry and digital transformation solutions. . Market players are mainly focusing on expansions, new product launches, acquisitions, and deals to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet specific customer demands. Most of these companies are involved in R&D and innovation, which is also one of the significant factors driving the growth of the market.

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On the basis of type, the market is segmented into enabling technologies and operational technologies. The enabling technology segment accounted for the largest share, by value, in 2018. The dominance is attributed to the growing demand for digital technology. In addition, the growing importance given to optimization and the circular economy acts as a driving force.

Based on different chemical verticals, the market is segmented into mining and metals, food and beverages, chemicals, pharmaceuticals, and paper and pulp. The chemicals vertical accounted for the largest share of the market in 2018, in terms of value. This is due to the growth in chemical production and other related industries, which in turn is driving the demand for IoT in the chemical industry. The entire ecosystem or matrix of IoT in the chemical industry can also be referred to as cyber-physical systems, which are nothing but digital and physical systems interconnected via the Internet and controlled by computer algorithms. It represents an autonomous manufacturing environment capable of managing all technical issues during production in real time, using real-time data, fragmented information and communication structures for optimal production and process management.

The growth of the IoT in the chemical industry market has been largely influenced by the growing need for effective digital practices, and companies have been involved in expansions, new product launches, acquisitions, and deals to achieve this. . Siemens AG (Germany), General Electric Co. (USA), ABB Ltd (Switzerland), Rockwell Automation, Inc. (USA), Emerson Electric Co. (USA), Yokogawa Electric Corporation (Japan), Honeywell International Inc. (USA), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany) have adopted expansions, new product launches, agreements and acquisitions to stay competitive in the IoT market in the chemical industry.

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Siemens AG (Germany) is growing its automation business by launching new products and expanding into regions such as South America and Africa. In May 2019, Siemens and HP announced the expansion of their strategic alliance to help customers transform their businesses through industrial additive manufacturing (AM). Siemens, an innovation leader in automation and digitization, and HP, the leader in industrial 3D printing, will expand their integrated additive manufacturing solution, incorporating new systems and software innovations, including management comprehensive product lifecycle (PLM), which will help the company expand its offering to new technologies as well as markets. The company also launched a new comprehensive additive manufacturing solution that integrates the entire additive manufacturing process, from automated performance-driven design optimization to advanced 3D printing. This solution includes integrated design simulation, digital manufacturing, and data and process management software.

Rockwell Automation Inc. (USA) is focused on new product launches and joint ventures to meet the growing demand for digital transformation globally. In June 2018, the company added new features to PlantPAx DCS to help increase productivity and reduce risk in cement production, which would help the company grow. In July 2018, Rockwell Automation and Schlumberger announced a joint venture to create Sensia, the oil and gas industry’s first provider of fully integrated automation solutions.

Emersion Electric Co. (USA) focuses on new product launches. In July 2019, it introduced two new Rosemount 628 Universal Gas Sensors to measure carbon monoxide and oxygen depletion, in addition to existing hydrogen sulphide monitoring capability. This will help the chemical industry reduce the risks associated with gas leaks and help Emersion grow its customer base.

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