IoT in Chemical Industry Market Size, Trends & Analysis - Forecasts to 2026 By Technology (Enabling Technology [Industrial Robotics, Machine Vision, Internet of Things, 3D Printing, Big Data, Machine Condition Monitoring, AR & VR, Artificial Intelligence and Digital Twin] and Operational Technology [Distributed Control System, Programmable Logic Controller, Manufacturing Execution System, Enterprise Resource Planning, Supervisory Control, and Data Acquisition, Plant Asset Management, Human Machine Interface, and Product Lifecycle Management]), By Chemical Verticals (Mining & Metals, Food & Beverages, Chemicals [Petrochemicals & Polymers, Specialty Chemicals, Fertilizers & Agrochemicals and Others] Pharmaceuticals, and Paper & Pulp Industry)Competitive Landscape, Company Market Share Analysis, and Competitor Analysis
The Internet of Things (IoT) means billions of devices are connected to the internet globally, to share and collect data with each other. This industry is witnessing increasing advancements in the area of computers with increased storage capacity in the form of cloud computing, augmentation of wireless networks, the launch of devices equipped with sensors and programming chips to track store, and present data. This enables to communicate the real-time data without the involvement of any human being and works completely on AI-based technology. IoT helps to connect with the world smoothly, making the user more responsive and active, and helping in taking decisions smartly. Moreover, at the same time merging digital technology with the physical world is the major aim of IoT.
IoT in the industry connects all the sensors and other devices to the machines to provide quick and efficient service. The technology in the chemical industry helps in the manufacturing of chemicals efficiently and smoothly. It also enables easier communication between manufacturer, supplier, and user. It helps in providing the quality product to the customers ensuring timely delivery and also keeping in mind the needs of the customer.
The IoT in industries has many uses and applications namely, advanced IoT technologies that will help businesses monitor their expenditure on maintenance and minimize downtime. For instance,operators at chemical factories can help determine if there is overheating of bearings by continuously feeding the data from turbines. Measures may be taken by the operator to prevent this overheating, thereby preventing the accidental shutdown of the turbine and the loss of output. Data collection over a certain period will also help the companies predict the harm caused by fatigue. Besides, a predictive model that can produce warnings on turbine output for the operator can be established by examining both causes and effects. This will greatly minimize the downtime of the process.
Quality assurance companies may evaluate multiple outputs and use wider data sets to adjust the operating conditions and comply with the quality requirements. This saves costs as spec content is avoided. Moreover, quality assurance can also help create stronger relationships with customers.
Rising need for product visibility in the industry, higher productivity, faster production cycles, reducing the cost of quality management are the major market drivers that are contributing to the growth of the IoT in the chemical industry market. IoT helps in connecting all the machines and sensors, which gives a clear picture to the production department. Automatically tracking of parts and other things in the assembly line can be done using IoT. The productivity of work will also be enhanced by IoT in the chemical Industry and other Industries too as it helps workers find the piece they need and can help with other things too.
With increasing technology, the growth of the chemical industry is bound to increase with IoT acting as a catalyst in the growth. The increase in the use of chemicals in the manufacturing process and growing digitization can drive the IoT in the chemical industry. Furthermore, rapid industrialization would increase the demand for various automation solutions and products in countries such as China and India. It is projected that this element will drive the IoT demand in the chemical industry.
Based on technology, enabling technology [industrial robotics, machine vision, internet of things, 3d printing, big data, machine condition monitoring, AR&VR, artificial intelligence and digital twin] and operational technology [distributed control system, programmable logic controller, manufacturing execution system, enterprise resource planning, supervisory control and data acquisition, plant asset management, human-machine interface, and product lifecycle management]. The market for enabling technology segment is the highest as of 2021. This is attributed to the rising demand for IoT in this industry. The demand is high because of the growing need for efficient and optimized chemical production, and rising concerns related tothe risk associated with chemical industrial activities and processes.
Based on chemical verticals, the market is segmented into food & beverages, mining & metals, pharma, chemicals,and paper industry. The chemical industry is further segmented into fertilizers & agrochemicals, specialty chemicals, petrochemicals & polymers, and others. The mining and metal industry is likely to grow rapidly in the market. As this industrial sector requires more chemicalsthere will be a huge demand for IoT technology for this segment.
As per the geographical analysis, the market can be classified into North America (the US, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa and Central South America. APAC is estimated to be the largest market for IoT in the chemical Industry during the mentioned forecast period. There are large investments made in the manufacturing industries, which will drive the market for chemical industries. The rising trend of digitalizing the manufacturing process in industries such as food & beverages, construction will help the APAC region grow the fastest from 2021 to 2026.
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) are the top players in the IoT in the chemical industry market.
Please note: This is not an exhaustive list of companies profiled in the report.
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The IoT in Chemical Industry Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the IoT in Chemical Industry Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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