Ongoing industrialization across developing countries along with growing emphasis on automation will proliferate the global IoT in Chemical Industry
The global IoT in Chemical Industry market size is anticipated to surpass USD 81 billion by 2025. IoT refers to interconnected system of machines and devices which collect, analyze and transfer data through wireless networks without human assistance. The system optimizes the operation across the whole system, which in turn bourgeons the industry output. The chemical industry is witnessing significant deployment of the technology across the whole value chain owing to its capability to optimize production process, reduce lead time, and strengthen inbound/outbound logistics process.
Rising emphasis on optimization and efficiency along with government focus toward regulatory compliance to minimize resources and energy consumption, attainable through IoT is augmenting the technology adoption. In addition, rising demand for industry specific automation and IoT solution in order to effectively integrate the system is further fueling the industry size. Moreover, growing emergence of digital asset networks to bring original equipment manufacturers (OEMs), operators, suppliers, along with service a single platform, to facilitate collaboration and in turn improved functional capabilities will complement the business outlook.
The report also throws light on various aspects of the global IoT in Chemical Industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the IoT in Chemical Industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global IoT in Chemical Industry market holds a strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
IoT in Chemical Industry market, the market is categorized into food & beverages, mining & metal, pharmaceuticals, chemicals, pulp & paper, and others on the basis of chemical-based industry. The chemicals segment is analyzed to grow at a CAGR of over 16% over the forecast period. The growth of this segment is primarily contributed to the growing demand for specialty chemicals along with increasing focus to expand petrochemicals application is stimulating the segment growth.
North America is projected to witness significant upsurge in the coming years. Shifting focus toward resource optimization coupled with growing advancement for the integration of Industrial Internet of Things (IIoT) is escalating the technology adoption. The rising research & development activities, boosted by the government to improve the capabilities of chemical through the integration of IoT is favoring the industry growth in the region. Moreover, rising regulatory compliance to reduce human exposure to hazardous chemicals, which is attainable through connected devices technology will supplement the industry upsurge over the forecast timeline.
The major players of the global IoT in Chemical Industry market comprise of Siemens AG, ABB, General Electric, Emerson Electric, Rockwell Automation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, and Honeywell International Inc, including others. The industry for IoT in Chemical Industry is constitutes established global players along with growing rising presence of emerging companies. In addition, the companies are focusing toward expanding their market penetration through adoption of inorganic growth strategies.
Segment overview of 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
Furthermore, the industry players are coming up with inorganic growth strategies to expand their market presence.