The internet of things (IoT) is an arrangement of interconnected and interrelated computing devices, digital machines & mechanical systems, machine components, and devices with unique identifiers (UIDs), which enables the transfer of data between the devices without the requirement of human interaction. Leading players operating across the chemical industry are shifting their focus toward adoption of IoT to conduct various operations in order to boost production capacities with limited utilization of resources. The multiple advantages, including production and operational activities optimization, predictive maintenance, energy management, integrated supply chain &connected, and quality assurance are driving the IoT adoption across the industry.
Rising concern to reduce risk and hazard associated with the chemical industries along with stringent regulations related to operations, handling, and disposal of chemicals is proliferating the demand for IoT in chemical industry. Growing demand to boost chemical production owing to increasing dependency of numerous end user industries including pharmaceutical, food & beverage, personal care on the chemical industry has led to the integration of IoT across the industry.
The IoT is witnessing significant penetration across the industry owing to its capability to provide machine learning for manufacturing chemicals along with asset management. It enables the system to capture the real-time data on various parameters including machine performance, production costs, product quality, and inbound/outbound logistics, which in turn improves the overall performance of the production plant.
Key segments across IoT in Chemical Industry market
- Technology Type Overview, 2018-2025, (USD Billion)
- Enabling Technology
- Operational Technology
- Chemical-Based Industry Overview, 2018-2025, (USD Billion)
- Food & Beverages
- Mining & Metal
- Pulp & Paper
- Regional Overview, 2018-2025, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
- North America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global IoT in Chemical Industry. Benchmark yourself against the rest of the market.
- Be prepared for how investments across paper industry will be impacted by socio-political and economic factors over the next few years
- Ensure you remain competitive as new innovations by existing key players boost the market.
What does the report include?
- The study on global IoT in Chemical Industry includes qualitative factors such as drivers, restraints, and opportunities.
- The study covers the competitive landscape of existing/prospective players in the industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented on the basis of technology type, and chemical-based industry. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the global in Chemical Industry. The report will benefit:
- Every stakeholder involved in manufacturing and distributing components or solutions.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the global IoT in Chemical Industry.
- Government organizations, regulatory authorities, policymakers, and financial organizations looking for T&D investment trends in the global in Chemical Industry.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
IoT facilitates the optimization across the whole value chain of the chemical industry on account of its capability to communicate within different systems, which in turn ameliorates the adoption of the technology across the industry. Its advanced capabilities to capture, store, process, and analyze the diverse operational data for machines and components to simulate, predict and suggest maintenance and modifications across the systems have escalated its adoption. Furthermore, ongoing integration of advanced technologies and automation in line with shifting focus toward digitalization of assets will favor the technology adoption on the coming years.
Rising industry players focus toward enhancing efficiency along with growing significance toward optimum resource utilization is stimulating the business landscape. Although, high integration cost associated with the IoT has limited its adoption. However, increasing innovation activities to expand the capabilities of the system will catapult the industry upsurge over the forecast timeframe.
Technology Type Segment
On the basis of the type segment, the market is categorized into enabling technology and operational technology. Enabling technology, dominates the global IoT in Chemical Industry market in 2018 and is anticipated to dominate the industry for the forecast period 2019-2025.
Chemical-Based Industry Segment
IoT in Chemical Industry market is segmented into food & beverages, mining & metal, pharmaceuticals, chemicals, pulp & paper, and others. In 2018, the chemicals segment is accounted for major contributors in revenue and it is expected to lead the IoT in Chemical Industry thorough the forecast timeline.
Asia Pacific is analyzed to hold a major share across the region, and is projected to hold the same pattern over the forecast timeframe. Rising establishment of chemical industries along with the growing significance of improved productivity owing to rising chemical demand across the region is augmenting the technology demand. Furthermore, rising penetration of advanced technology and industrial robust to boost manufacturing activities is further stimulating the industry landscape.
The leading players operating across the global IoT in Chemical Industry market include ABB, Siemens AG, Emerson Electric, General Electric, Mitsubishi Electric Corporation, Rockwell Automation, Honeywell International Inc, and Yokogawa Electric Corporation, including others. The market for IoT in Chemical Industry is consolidated with established global players and is further witnessing the emergence of new companies. Moreover, the industry players are targeting toward enhancing their market share through implementation of merger & acquisition, collaborations growth strategies.