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“Increasing emphasis on technology for various industrial applications is expected to drive the IoT in Chemical Industry market.”
The IoT in Chemical Industry market is estimated to grow from USD 48.9 billion in 2019 to USD 77.9 billion by 2024, at a CAGR of 9.7%. It is largely driven by the increasing emphasis on technology for various industrial applications, such the growing use of IoT in the manufacturing process and the introduction of AI base models in predictive analytics for asset management and condition monitoring.
“Enabling technology is expected to be the fastest-growing type segment of the IoT in Chemical Industry market, in terms of value, between 2019 and 2024.”
The enabling technology segment is projected to register the highest growth, in terms of value, during the forecast period. The growing concern toward the reduction of risk associated with chemical and metal industries, rising environmental concerns due to chemical release from the plants, and the rising emphasis on circular economy are driving the demand for digital transformation, which is leading to the growth in the IoT in Chemical Industry market.
“Chemical verticals segment is estimated to register the highest growth rate, between 2019 and 2024.”
The chemical verticals segment is estimated to register the highest growth rate, in terms of value, between 2019 and 2024. This is owing to the increase in chemical production across various regions and rise in demand for specialty chemicals in advanced engineering processes. The chemicals segment is expected to reach USD 5 trillion in next 5 years. This also reflects the growing chemical production facilities and infrastructure globally. The increased number of chemical refineries and production plants is expected to impact the market positively since new plants are highly anticipated to adopt technologies such as IoT, big data, augmented reality, and industrial robots.
“Rising customer demand from food & beverage and pharmaceutical industries and the growth in chemical production are likely to drive the demand for IoT in Chemical Industry in APAC.”
The APAC IoT in Chemical Industry market is estimated to witness significant growth during the forecast period. The growing chemical production in China and increasing urbanization and industrialization are driving the IoT in Chemical Industry market in the region. In addition, the rise of mining and metal companies in the region will further drive the IoT in Chemical Industry market. APAC has some of the highest growing countries in the world. This is possible due to the growth in industrial infrastructure and increased foreign investments. Various plants and production facilities are anticipated to start in the region in the coming years. Greenfield projects are likely to integrate new processing technologies, thus further boosting the growth of the IoT in Chemical Industry market.
- By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
- By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
- By Region: North America - 20%, Europe - 27%, APAC - 35%, South America - 7%, Middle East & Africa - 11%
The key players profiled in the report include as Siemens AG (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).
This report segments the market for IoT in Chemical Industry on the basis of type, chemical verticals, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, agreements, and acquisitions associated with the market for IoT in Chemical Industry.
Reasons To Buy this Report
This research report is focused on various levels of analysis ? industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the IoT in Chemical Industry market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on IoT in Chemical Industry solutions offered by top players in the global market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the IoT in Chemical Industry market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for IoT in Chemical Industry across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global IoT in Chemical Industry market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the IoT in Chemical Industry market