Ever-increasing volumes of data, connectivity, computing power, and advanced analytics are putting Industry 4.0 tools—which transform manufacturing and industrial processes with up-to-date digital technology— more within reach . Indeed, about half of leaders of industrial gas companies surveyed in informal interactions have expressed interest in developments in Industry 4.0. They have reason to be interested: our analysis suggests that the industrial gas sector stands to increase EBIT margins by two to five percentage points—a significant competitive advantage in an industry in which historical EBIT margins are a healthy 20 to 25 percent for major players.