IoT in Chemical Industry Market by Process (Manufacturing, Packaging and Research & Development (R&D;)), Chemical Industry Vertical (Petrochemicals & Polymers, Fertilizers & Agrochemicals and Specialty Chemicals) – Global Analysis & Forecast 2019-2030
Report ID : 138 | Published Date : May 2020 | Pages : 200 | Region : Global | Report Code : CM-12
IoT in Chemical Industry Market Overview and Introduction
Chemical industry differs from the other industries in terms of complexity & unpredictability in manufacturing processes, high risk involvement and comprises expensive and aging equipment. The adoption of IoT solutions in chemical industry is majorly for capturing key operational data in digital form for providing immediate real-time operation visibility. With the help of IoT & other advanced technologies like cloud computing & artificial intelligence (AI), even the historic trend values can be maintained and analyzed. Moreover, the implementation of IoT in the chemical industry will also help in accelerating & improving the efficiency of the overall production by automating task management. Furthermore, the chemical industry is associated with the production & handling of toxic products hence ensuring personnel safety which is an essential concern. The adoption of IoT devices can help in detecting the risk at an operational level.
The global IoT in chemical industry market is majorly driven by the adoption of IoT in chemical manufacturing for process optimization which is achieved by monitoring several parameters that affect the quality of products. Moreover, increasing concerns with the risks involved in the chemical industry is propelling the growth of IoT implementation which will ensure a secure working environment. However, managing organizational change and high capital investment is likely to restrain the market to a certain extent.
IoT in Chemical Industry Market By Process & By Chemical Industry Vertical
The global IoT in chemical industry market is segmented by process, chemical industry vertical and region. On the basis of process, the IoT in chemical industry market is segmented into manufacturing, packaging, research & development (R&D) and others. The manufacturing segment is estimated to account for the largest share in the global IoT in chemical industry market. The large share of manufacturing segment can be attributed to large scale adoption of IoT in manufacturing process in chemical industries where it is required for constant monitoring of several critical factors such as operating conditions, product quality and equipment integrity. On the basis of chemical industry vertical, the market can be segmented into petrochemicals & polymers, fertilizers & agrochemicals and specialty chemicals. In terms of market share, the petrochemicals & polymers chemical industry vertical segment is estimated to hold the largest market share, owing to the increasing production & refining in petrochemical industries which are advancing steadily to achieve automation.
IoT in Chemical Industry Market By Region
Based on Region, the global IoT in chemical industry market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Asia Pacific dominated the IoT in chemical industry market, followed by North America and Europe. Asia Pacific will continue to dominate the global IoT in chemical industry market in the forecast period owing to factors such increasing urbanization and industrialization in China, India and Japan for increasing chemical production. Asia Pacific is also expected to witness the highest CAGR, with the growth in this market centered in China, Korea, Japan and India. Factors such as rise in chemical industries is likely to propel the growth of the market in this region.
Chemical Industry Vertical prominent players
The prominent players in the global IoT in chemical industry market are Siemens, GENERAL ELECTRIC, ABB, Emerson Electric Co., Honeywell International Inc, Schneider Electric, Yokogawa Electric Corporation, Rockwell Automation, Inc., FANUC America Corporation, Cisco Systems, Inc. among others.