The IoT in Chemical Industry Market is expected to grow from USD 50.25 billion in 2020 to USD 81.67 billion by 2026 at a CAGR of 8.3% from 2020 to 2026.
The internet of things (IoT) is an alignment of connected and interrelated computing devices, machine components, digital machines & mechanical systems and devices with unique identifiers (UIDs), which allow the transfer of data between the devices without the need of human interaction. Key players operating in the chemical industry are changing their focus towards adoption of IoT to carry out several operations in order to fuel production capacities with limited usage of resources. The major growth of the market can be ascribed to the focus on high production yield by optimization of various process factors which need constant monitoring which can be obtained by the adoption of IoT technology. Furthermore, one of the other key concern in the chemical industry is, the risk incurred while managing and production of chemical products. The effective risk management provided by the application of machine based on IoT and cloud computing is boosting the growth of the IoT in chemical industry market. Moreover, the adoption of internet of things has increased in chemical sector owing to the various beneficial features which is likely to augment the market demand in the forecast period. For instance, the Internet of Things (IoT) can be efficiently integrated with key conversion and marketing processes to digitally transfigure operations for effective predictive maintenance and quality assurance in the chemical industry. Also, its adoption assists in getting better productivity with considerable revenue, enhanced asset utilization and helps in minimizing downtime risks and hold process changes for new products. Apart from that, the heavy capital investment needed for transformation may hinder the market in the long run. Also, the slow adoption rate of technologies is negatively impacting the IoT in chemical industry market.
Besides, that, the present industry trends, such as high focus on digitization by the government and advancement in cognitive computing, IoT, and additive manufacturing, are anticipated to provide various beneficial market opportunities to the key players. Furthermore, the industrial growth observed in the developing countries, real-time data generation and data-driven process will also opportunities in the market. Moreover, the better working conditions, superior sustainability, increased energy-efficiency, and environmentally sustainable production and systems further will prompt the IoT in chemical industry market growth.
The global IoT in Chemical Industry Market is segregated on the basis of Technology as Industrial Robotics, Machine Vision, 3D Printing, Big Data, Machine Condition Monitoring, AR & VR and Artificial Intelligence. Based on Application the global IoT in Chemical Industry Market is segmented in Mining, Food and Beverages, Petrochemicals, Polymers, Fertilizers and Paper and Pulp.
The global IoT in Chemical Industry Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The IoT in Chemical Industry Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
3D Systems Corporation, ABB Ltd., Atos SE, Cisco Systems, Inc., Denso Corporation and others are among the major players in the global IoT in Chemical Industry Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global IoT in Chemical Industry Market has been segmented as below:
IoT in Chemical Industry Market, By Technology
IoT in Chemical Industry Market, By Application
IoT in Chemical Industry Market, By Region
IoT in Chemical Industry Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global IoT in Chemical Industry Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global IoT in Chemical Industry Market share. Major industry players with significant revenue share include 3D Systems Corporation, ABB Ltd., Atos SE, Cisco Systems, Inc., Denso Corporation and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. IoT in Chemical Industry Market, By Technology
5.1. Key Points
5.2. Industrial Robotics
5.3. Machine Vision
5.4. 3D Printing
5.5. Big Data
5.6. Machine Condition Monitoring
5.7. AR & VR
5.8. Artificial Intelligence
6. IoT in Chemical Industry Market, By Application
6.1. Key Points
6.2. Mining
6.3. Food and Beverages
6.4. Petrochemicals
6.5. Polymers
6.6. Fertilizers
6.7. Paper and Pulp
7. Competitive Landscape
7.1. Introduction
7.2. Start-up companies- IoT in Chemical Industry Market
7.3. Recent Developments
7.3.1. Mergers & Acquisitions
7.3.2. New Product Developments
7.3.3. Portfolio/Production Capacity Expansions
7.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
7.3.5. Others
8. Company Profile
8.1. 3D Systems Corporation
8.2. ABB Ltd.
8.3. Atos SE
8.4. Cisco Systems, Inc.
8.5. Denso Corporation
8.6. Emerson Electric Co.
8.7. Fanuc Corporation
8.8. Fortive
8.9. General Electric Co.
8.10. Hewlett Packard Enterprise Company
8.11. Honeywell International Inc.
8.12. International Business Machines Corporation
8.13. Microsoft Corporation
8.14. Mitsubishi Electric Corporation
8.15. Qualcomm Inc.
8.16. Rockwell Automation, Inc.
8.17. Samsung Electronics Co. Ltd
8.18. Schneider Electric SE
8.19. Siemens AG
8.20. Stratasys Ltd.
IoT in Chemical Industry Market, By Technology
IoT in Chemical Industry Market, By Application
IoT in Chemical Industry Market, By Company