IoT in Chemical Industry Market Projected to Grow US$ 77.9 Billion by 2024, at a CAGR of 9.7%, Reveals MarketsandMarkets™
The IoT in chemical industry market size is projected to reach USD 77.9 billion by 2024 from USD 48.9 billion in 2019, at a CAGR of 9.7% between 2019 and 2024. Growth in the chemical and other associated industries and the rising demand for efficient production practices and automated manufacturing technologies are driving the IoT in chemical industry market. The higher cost for digital transformation and lack of skilled personnel are restraining the growth of the IoT in chemical industry market. On the other hand, infrastructure development in emerging economies, such as China, Malaysia, Thailand, and India, among other countries, drives the demand for IoT in chemical industry and digital transformation solutions. The players in the market are mainly concentrating on expansions, new product launches, acquisitions, and agreements to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific demands of customers. Most of these companies are involved in R&D and innovation, which is also one of the important factors driving the market growth.
Get an Exclusive PDF Sample Copy of This Report at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=128161274
On the basis of type, the market is segmented into enabling technology and operational technology. The enabling technology segment accounted for the largest share, in terms of value, in 2018. Dominance is attributed to the growing demand for digital technology. In addition, the growing emphasis on optimization and circular economy acts as a driver.
On the basis of different chemical verticals, the market is segmented into mining & metals, food & beverages, chemicals, pharmaceuticals, and paper & pulp. The chemicals vertical accounted for the largest share of the market in 2018, in terms of value. This is because of the growth in chemical production and other associated industries, which, in turn, is driving the demand for IoT in chemical industry. The whole IoT in chemical industry ecosystem or array can also be termed as cyber-physical systems, which is nothing but digital and physical systems interconnected through internet and controlled by computer-based algorithms. It represents an autonomous manufacturing environment that can handle any technical issues during real-time production, using real-time data, fragmented information, and communication structures for optimum management of production and process.
The growth of the IoT in chemical industry market has been largely influenced by the growing need for efficient digital practices, and companies have been involved in expansions, new product launches, acquisitions, and agreements to achieve this. 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) adopted expansions, new product launches, agreements, and acquisitions to remain competitive in the IoT in chemical industry market.
Request Customized Report as Per Your Requirements at https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=128161274
Siemens AG (Germany) is developing its automation business by launching new products and expanding in regions, such as South America and Africa. In May 2019, Siemens and HP announced an expansion of their strategic alliance to help customers transform their businesses with industrial additive manufacturing (AM). Siemens, an innovation leader in automation and digitalization, and HP, the leader in industrial 3D printing, will expand their integrated additive manufacturing solution, incorporating new systems and software innovations, including overall product lifecycle management (PLM), this will help the company to expand its offering into new technologies as well as markets. The company also launched a new comprehensive additive manufacturing solution that integrates the entire additive manufacturing process from automated performance-driven design optimization to advanced 3D printing. This solution includes integrated design simulation, digital manufacturing, and data and process management software.
Rockwell Automation Inc. (US) focuses on new product launches and joint ventures so that it can meet the growing demand for digital transformation globally. In June 2018, the company added new functions to PlantPAx DCS to help increase productivity and reduce risk in cement production, which would help the company to expand. In July 2018, Rockwell Automation and Schlumberger announced a joint venture to Create Sensia, the Oil and Gas Industry’s First Fully Integrated Automation Solutions Provider.
Emersion Electric Co. (US) is focused on new product launches. In July 2019, it has introduced two new Rosemount 628 Universal Gas Sensors to measure carbon monoxide and oxygen depletion in addition to the existing capability to monitor hydrogen sulfide. This will help the chemical industry to reduce risk related to gas leaks and help Emersion to grow its customer base.
For any Queries Linked to the Report, Ask an Analyst at https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=128161274
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/iot-in-chemical-industry-market-128161274.html
