The IoT in chemical industry market was valued at $57.4 billion in 2021, and is projected to reach $193.9 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.
Internet of Things (IoT) is a network of interconnected devices that enable communication and transfer of data by use of embedded sensors. IoT platform includes smart devices connected through web that collect, analyze, and manage data using tools, such as sensors, communication hardware, and processors. IoT represents new reality of production. IoT in the chemical industry helps to improve the productivity of work and enhance the operational efficiency of the chemical processes, which has led to its massive use by numerous players involved in the chemical production business. The IoT offers forward integration, superior predictive maintenance, and quality assurance, which is predicted to foster the IoT in chemical industry market growth in coming years.
For the purpose of analysis, the IoT in chemical industry market scope covers technology type, application, and region. The report outlines the details about IoT in chemical industry technology types including industrial, big data, artificial intelligence, AR and VR, machine vision, 3D printing, digital twin, plant asset management, manufacturing execution system, distributed control system, and others. The use of IoT in chemical industry in various applications, including petrochemicals & polymers, fertilizers & agrochemicals, and others are analyzed in the report. Moreover, it analyzes the current market trends of IoT in chemical industry across different regions, such as North America, Europe, Asia-Pacific-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
In addition, the report covers profiles of key industry participants such as ABB Ltd; Altizon, Inc; Atos SE; Cisco Systems, Inc.; Emerson Electric Co; Endress+Hauser AG; Fanuc Corporation; General Electric; Honeywell International Inc; Microsoft Corporation; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and Yokogawa Electric Corporation.
Internet of Things (IoT) is a network of interconnected devices that enable communication and transfer of data by use of embedded sensors. IoT platform includes smart devices connected through web that collect, analyze, and manage data using tools, such as sensors, communication hardware, and processors. IoT represents new reality of production. IoT in the chemical industry helps to improve the productivity of work and enhance the operational efficiency of the chemical processes, which has led to its massive use by numerous players involved in the chemical production business. The IoT offers forward integration, superior predictive maintenance, and quality assurance, which is predicted to foster the IoT in chemical industry market growth in coming years.
For the purpose of analysis, the IoT in chemical industry market scope covers technology type, application, and region. The report outlines the details about IoT in chemical industry technology types including industrial, big data, artificial intelligence, AR and VR, machine vision, 3D printing, digital twin, plant asset management, manufacturing execution system, distributed control system, and others. The use of IoT in chemical industry in various applications, including petrochemicals & polymers, fertilizers & agrochemicals, and others are analyzed in the report. Moreover, it analyzes the current market trends of IoT in chemical industry across different regions, such as North America, Europe, Asia-Pacific-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
In addition, the report covers profiles of key industry participants such as ABB Ltd; Altizon, Inc; Atos SE; Cisco Systems, Inc.; Emerson Electric Co; Endress+Hauser AG; Fanuc Corporation; General Electric; Honeywell International Inc; Microsoft Corporation; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and Yokogawa Electric Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the iot in chemical industry market analysis from 2021 to 2031 to identify the prevailing iot in chemical industry market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the iot in chemical industry market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global iot in chemical industry market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Machine Vision
- 3D Printing
- Digital Twin
- Plant Asset Management
- Manufacturing Execution System
- Distributed Control System
- Industrial Robotics
- Big Data
- Artificial Intelligence
- AR and VR
- Others
By Application
- Petrochemicals and Polymers
- Fertilizers and Agrochemicals
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest Of LAMEA
Key Market Players
- ABB Ltd
- ALTIZON INC
- Atos SE
- Cisco Systems Inc.
- Emerson Electric Co.
- ENDRESS+HAUSER AG
- FANUC CORPORATION
- General Electric
- Honeywell International Inc.
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Rockwell Automation Inc.
- SCHNEIDER ELECTRIC SE
- Siemens AG
- Yokogawa Electric Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: IOT IN CHEMICAL INDUSTRY MARKET, BY TECHNOLOGY
CHAPTER 5: IOT IN CHEMICAL INDUSTRY MARKET, BY APPLICATION
CHAPTER 6: IOT IN CHEMICAL INDUSTRY MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “IoT in Chemical Industry Market," the iot in chemical industry market size was valued at $57.4 billion in 2021, and is estimated to reach $193.9 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.IoT in chemical industry is employed to enhance manufacturing of chemicals. IoT uses embedded solutions with software integrity sensors to connect the IoT system. IoT-enabled mobile robotics is also used by the chemical industry. IoT employs a network of sensors in order to collect crucial production data, which is then transformed into useful insights about the effectiveness of industrial processes.
Emergence of various data analytics and data processing tools, such as data science, big data analytics, and Hadoop is propelling the implementation of IoT in chemical industry. Big data consists of huge volume of heterogeneous data in structured, semi-structured, and unstructured forms. In case of IoT, connected devices are vital components in IoT platform, which generate a tremendous amount of data that need tracking in real-time. To achieve this goal, the usage of data analytics and data processing has grown considerably. Besides, big data analytics tools leverage IoT for easy functioning. When the complete IoT system acts as a data generated source, the role of big data in IoT becomes critical. Big data analytics is an emerging tool for analyzing data created by connected devices in IoT that aids take the lead to enhance decision-making. Big Data and next-generation analytics are nowadays being employed by key chemical players to improve manufacturing, fine-tune pricing, improve marketing, and support innovation. Also, rise in awareness about real-time data and product lifecycle data in chemical businesses is growing, which is predicted to boost the demand for IoT in chemical industry in coming years.
The growth of the global IoT in chemical industry market is majorly attributed to its growing use in various applications such as petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, consumer chemicals, industrial gases, water management, and others. Also, surge in adoption of industrial robots in the chemical industry is expected to drive the market growth during the forecast period. IoT in the chemical sector is using robots in ways that no one could have predicted in terms of safety assessments. Drones are being used by chemical facilities to check areas that are too high to deploy people. Drones can conduct airborne inspections of stacks while the facility is still operational using autonomous cameras and sensors. IoT in industrial robotics can also be used to automate packaging and shipping as items travel through the manufacturing process, with the last phases being packing, labelling, and shipping. Robots can also be used to clean chemical tanks and work in difficult environments near material processing furnaces. With thermal imaging cameras and configurable sensors, IoT in industrial robots can continually monitor critical sections of chemical facilities and inform staff of any potential hazard.
However, high initial data privacy concern and high initial investment are projected to hinder the expansion of the market. Further, lack of information about the benefits of IoT in the chemical industry and process automation technologies among small and medium-sized businesses are also likely to hinder the market growth. On the contrary, upsurge in chemical production in developed and developing countries is expected to offer ample growth opportunities for the IoT in chemical industry market. The growing chemical production in China, India, Indonesia, and Thailand, along with increasing urbanization and industrialization is driving the market in the region. Rise in the number of mining and metals companies in the region is expected to further drive the IoT in chemicals industry market. Growing concern about risk reduction in the chemical and metal sectors, rising environmental issues due to chemical release from facilities, and growing emphasis on circular economy are boosting demand for digital transformation, which is driving the IoT in chemical industry market.
The IoT in chemical industry market is segmented into technology type, application, and region. On the basis of technology type, the market is categorized into industrial, big data, artificial intelligence, AR and VR, machine vision, 3D printing, digital twin, plant asset management, manufacturing execution system, distributed control system, and others. On the basis of application, the market is categorized into petrochemicals & polymers, fertilizers & agrochemicals, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific-Pacific, and LAMEA. The IoT in chemical industry market share is analyzed across all significant regions and countries.
The major players operating in the global IoT in chemical industry market include, ABB Ltd; Altizon, Inc; Atos SE; Cisco Systems, Inc.; Emerson Electric Co; Endress+Hauser AG; Fanuc Corporation; General Electric; Honeywell International Inc; Microsoft Corporation; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; and Yokogawa Electric Corporation.
COVID-19 Analysis
The COVID-19 pandemic has severely impacted the global economy owing to stringent lockdowns and business shutdowns. The lockdown of different chemical plants and factories in leading regions are influencing the international supply chains and negatively influencing the chemical production, delivery schedules as well as product sales. However, growing demand for cloud-based IoT solutions has supported the chemical businesses to sustain during the pandemic. The IoT solution is playing a vital role in keeping the entire business processes operating efficiently during the COVID-19 crisis. IoT also maintain better connectivity between connected devices during lockdown. This was achieved through various features of internet of things solution, such as digital data exchange, real-time data analytics, remote access, and real-time work floor control.Key Findings of the Study
The report outlines the current IoT in chemical industry market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.The IoT in chemical industry market size is provided in terms of revenue.
By technology type, the others segment was the highest revenue contributor to the market, growing with a CAGR of 13.7%.
By application, the petrochemicals and polymers segment holds the highest CAGR of 14.1%.
By region, Asia-Pacific was the highest revenue contributor in 2021.
China was the highest revenue contributor, growing with a CAGR of 15.3%.
South Korea and Japan are expected to witness considerable CAGRs of 13.9%, and 12.6% respectively, during the forecast period.
Companies Mentioned
- Abb Ltd
- Altizon Inc
- Atos Se
- Cisco Systems Inc.
- Emerson Electric Co.
- Endress+Hauser AG
- Fanuc Corporation
- General Electric
- Honeywell International Inc.
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Rockwell Automation Inc.
- Schneider Electric Se
- Siemens AG
- Yokogawa Electric Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 281 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 57.4 billion |
| Forecasted Market Value ( USD | $ 193.9 billion |
| Compound Annual Growth Rate | 12.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
