(EMAILWIRE.COM, September 17, 2021 ) The IoT in chemical industry market is estimated to grow from USD 48.9 billion in 2019to USD 77.9 billion by 2024, at a CAGR of 9.7%. IoT in chemical industry is the amalgamation of technologies and physical machines connected over a network and in between managed and supervised by human intelligence.The idea is to increase efficiency through optimization of various processes in the entire value chain.

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On the basis of type, the market is segmented into enabling technology and operational technology.The enabling technologysegment accounted for the largest share, in terms of value, in 2018. Dominance is attributed to the growing demand for digital technology. In addition,the growing emphasis on optimization and circular economyacts as a driver.

On the basis of different chemical verticals, the market is segmented into mining &metals, food &beverages, chemicals, pharmaceuticals, and paper &pulp.The chemicals vertical accounted for the largest share of the market in 2018, in terms of value. This is because of the growth in chemical production and other associated industries, which, in turn, is driving the demand for IoT in chemical industry.The whole IoT in chemical industry ecosystem or array can also be termed as cyber-physical systems, which is nothing but digital and physical systems interconnected through internet and controlled by computer-based algorithms. It represents an autonomous manufacturing environment that can handle any technical issues during real-time production, using real-time data, fragmented information, and communication structures for optimum management of production and process.

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APAC is estimated to be the largest IoT in chemical industry market during the forecast period, in terms of value. The growth of China and other APAC economies as epicenter chemical production and the growing mining industry in APAC is driving the digital transformation in the region. In addition, rapid industrialization and urbanization in countries such as China and India are driving the growth of theconstructionindustry, which is increasing the cement production and construction chemicals. This, in turn, isincreasing the demand for IoT in chemical industry in the region.

SiemensAG (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 (Germany)are the leading manufacturers in the IoT in chemical industry market. These players are focusing on new product launches to cater to specific demands of customers and expansions to increase their geographic reach. Besides, they have adopted the strategy of acquisitions to increase their market reach, enhance their product portfolio, and strengthen their market positions.

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