Global IoT In Chemical Industry Market Overview
The key driver impacting the IoT in chemical industry market is the rising adoption of industrial robots. For instance, the International Federation of Robotics (IFR) 2020 shows a record of 2.7 million industrial robots operating in factories globally. It is a rise of 12%. Also, the sales of new robots remain on a high level, with 373,000 units shipped worldwide in 2019. Globally, Asia was the most substantial market for industrial robots. China rose first by 21% and accounts for around 783,000 units in 2019. Japan ranks second with approximately 355,000 units, with a rise of 12%. The third is India, with a new record of nearly 26,300 units with an increase of 15%. Moreover, growing emphasis on regulatory compliances contributes to IoT in chemical industry market demand in the coming years.
According to Value Market Research, the global IoT In Chemical Industry market size was valued at about USD 50 billion in 2020 and is estimated to grow at a CAGR of around 9.7% during the forecast period 2021 to 2027.
The growing adoption of IoT in chemical sector due to the several beneficial features is likely to augment the market demand in the forecast period. For instance, the Internet of Things (IoT) can be efficiently integrated with core conversion and marketing processes to digitally transform operations for effective predictive maintenance and quality assurance in the chemical industry. Also, its adoption helps in getting better productivity with higher revenue, improved asset utilization, and assists in reducing downtime risks and hold process changes for new products. However, the high capital investment required for transformation may hamper the market in the long run. Also, the low adoption rate of technologies is negatively impacting the market. Nevertheless, the current industry trends, such as high emphasis on digitization by the government and advancement in cognitive computing, IoT, and additive manufacturing, are expected to offer several beneficial market opportunities to the key players.
The IoT in chemical industry market is vast, with many local and global players. The IoT in chemical industry market is extensive, with many regional and international players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. For Instance, In July 2019, Mitsubishi Electric Corporation launched the first diagnostic technology based on the company's proprietary Maisart artificial intelligence (AI) technology. It is the first in the world and uses machine learning to examine sensor data and then produce models. The prominent players studied in the report include MEDICAL Information Technology Inc., CPSI, Elinext Group, Cognizant, Jag products LLC, Meta Inc., Oracle, EPIC Systems Corporation, Allscripts Healthcare, LLC, General Electric Company, Koninklijke Philips NV, SAP, Elinext Group, EPIC Systems Corporation, INFOR Inc., Jag products LLC, Allscripts Healthcare, LLC, Cerner Corporation, and General Electric Company.
In this research report, the IoT In Chemical Industry market is segmented by technology type, chemical verticals, and region.
Analysis by Technology Type:
By technology type, the report is categorized into enabling technology and operational technology. The enabling technology segment dominates the delivery mode segment with over 55% share in 2020. It is due to the rising environmental concerns due to chemical release from the plants and rising emphasis on circular economy. Moreover, growing concern towards reducing the risk associated with chemical and metal industries contributes to the growth of the enabling technology segment in the forecast period.
Analysis by Chemical Vertical:
By chemical vertical, the report is categorized into Mining & Metals, Food & Beverages, and Chemicals. The chemical segment dominates the chemical vertical segment with over 30% share in 2020. It is due to the increase in chemical production across various regions, and rise in demand for specialty chemicals in advanced engineering processes, and expanding petrochemical and specialty chemical industry. Moreover, the growing need for automated processes and the interconnected plant to optimize production processes contribute to the growth of the chemical segment in the forecast period.
Analysis by Region:
In the regional outlook of the global IoT in chemical industry market, the Asia Pacific region dominates globally with a 40% market share in the forecast period. It is due to the growth of mining and metals companies and the expanding chemical sector across India and China. Moreover, growing chemical production in China, Indonesia, India, and Thailand, together with ever-increasing urbanization and industrialization, contributes to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Technology Type
- Enabling Technology
- Industrial Robotics
- Machine Vision
- Internet of Things
- 3D Printing
- Big data
- Machine Condition Monitoring
- AR & VR
- Artificial Intelligence
- Digital Twin
- 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
- Product Lifecycle Management
By Chemical Verticals
- Mining & Metals
- Food & Beverages
- Chemicals
- Petrochemicals & Polymers
- Specialty Chemicals
- Fertilizers & Agrochemicals
- Others (others include consumer chemicals, industrial gases and water management, etc.)
- Pharmaceuticals
- Paper & Pulp
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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