IoT in Chemical Industry Market is estimated to be over US$ 39 Bn in 2018. It is anticipated to grow at a healthy CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “IoT in Chemical Industry Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global IoT in chemical industry market is estimated to be over US$ 39 Bn in 2018. It is anticipated to grow at a healthy CAGR from 2019 to 2030.
The significant growth of the market can be attributed to the emphasis on high production yield by optimization of several process factors which requires continuous monitoring which can be achieved by the adoption of IoT technology. Moreover, one of the other major concern in the chemical industry is, the risk involved while handling and production of chemical products. The efficient risk management offered by the application of machine based on IoT and cloud computing is promoting the growth of the market.
The key factor driving the IoT in chemical industry market is an emphasis on the digitalization of chemical plants for higher production efficiency. For instance, Denka a global chemical manufacturer started a chemical plant on Singapores Jurong Island. The plant is provided with Emerson Connected Services based on Industrial Internet of Thing (IIoT) technologies, for steam trap monitoring, which will help the plant save 7% of the cost of steam. Furthermore, in February 2017, JGC Corporation and NEC Corporation collaborated for developing Efficient Plant Operations by using AI (Artificial Intelligence) and IoT (Internet of Things) technologies. Systems based on IoT will help in detecting signs of abnormalities in plant operations and provide related services for plants serving the sectors of oil refinement, chemical, LNG (liquefied natural gas) and gas, power, resource development, and other fields.
Chemical industries are associated with toxic products hence risk management remains an essential concern. With the adoption of IoT in chemical industries, the risk can be reduced by safety management system assured by improved monitoring assets, processes, people, and products on a continuous and real-time basis. For combating the risk associated with chemical plants, the adoption of IoT is increasing which propels the growth of the market. For instance, In July 2019, Emerson Electric Co. launched two new Rosemount 628 Universal Gas Sensors to measure carbon monoxide and oxygen depletion which will help in eliminating the risk related to gas leaks.
Browse key industry insights spread across 200 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/IoT-in-chemical-industry-market/138
However, even after several advantages offered by IoT implementation, the adoption rate remains low in small to mid-level chemical industries. There are several reasons for the lower adoption of IoT in these chemical industries such as unclear economic benefits, excessive investments, insufficient qualifications of employees, and lack of standards, regulations & forms of certification.
Asia Pacific is estimated to account for the highest CAGR in IoT in chemical industry market over the forecast period. Extensive efforts put in urbanization and industrialization for the production of chemicals are driving the growth of the market in this region. Countries in this region specifically China and India have several chemical and associated industries that are driving further adoption of various automation solutions and products based on IoT technology.
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.
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