Market Snapshot:
Chemical companies invest heavily in the technology solution, generate volumes of data during manufacturing, but they exploit only a small amount to improve decision making and add value. In a complex and with stringent rules and regulated, global business environment, it gets important to have an integrated supply chain. Data from sensors embedded in the product packaging or transportation assets, this helps the manufacturer to track and trace the location, condition, and authenticity of products through the help of IoT. IoT in chemical -plays a vital role as it connected sensors, devices, and apps comprising the IoT to help chemical engineers improve chemical process control to increase the consistent results while reducing the probability of production delays or shutdowns.
Highlights from IoT in Chemical Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are Siemens AG (Germany), General Electric Co (United States), Qualcomm (United States), Microsoft Corporation (United States), Fortive (United States), Cisco Systems (United States), ABB Ltd (Switzerland), Rockwell Automation, Inc. (United States), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany), Emerson Electric Co (United States) and Honeywell International Inc. (United States). Additionally, other players that are part of this comprehensive study are Stratasys (Isreal) and Yokogawa Electric Corporation (Japan).
Geographic Breakdown and Segment Analysis
The Global IoT in Chemical market presents a comprehensive analysis of the IoT in Chemical market by product type (Enabling Technology and Operational Technology), by end-user/application (Fibers, Wire &Amp Cable, 3 D Printing, Sports Equipment, Engine Components and Brakes &Amp Transmission Parts), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global IoT in Chemical industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the IoT in Chemical market
Analyst at AMA have segmented the market study of Global IoT in Chemical market by Type, Application and Region.
Influencing Trend:
Growth of the Market for IoT in Manufacturing and Increased Emphasis on Regulatory Compliances
Market Growth Drivers:
Increasing Adoption of Industrial Robots, Industry 4.0 Transformation in Chemical Industry and Rise in Demand for Industry-Specific Solutions to Drive the
Challenges:
Challenges in Information Technology and Operational Technology Convergence and Employee Pushback and Change Management
Restraints:
High Capital Investment Required for Transformation and Threats to Data Security and Other Cybersecurity Risks
Opportunities:
Potential Growth in Emerging Economies, Advancement in IoT, Cognitive Computing, and Additive Manufacturing, Real-Time Data Generation and Data-Driven Process and Enterprise-Wide Integration Leading to Enhanced Efficiency
Market Developments Activities:
In May 2019, BASF and Emerson agreed on a multi-million dollar contract to modernize automation software and controllers at BASFs specialty chemical production facility in Lampertheim, Germany.
In July 2019, Mitsubishi Electric Corporation has launched world’s first diagnostic technology based on the company's proprietary Maisart artificial intelligence (AI) technology that uses machine learning to analyze sensor data and then generate models.
Key Target Audience
Providers, Suppliers and Others