Market Snapshot:
IoT is a network of interconnected devices that are enabled with the technology of interacting with each other or external environment to solve some purpose. In chemical industries, IoT is highly used for processes like procurement, production, and logistics. In recent times, IoT is gaining much popularity in various industries to improve quality, predict maintenance, etc. and reduce downtime and cost of quality management systems. However, the rise of fourth industrial revolution has boosted the adoption of advanced technologies like AI, ML, IoT, and many more among the industries.
Highlights from IoT In Chemical Industry 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 Honeywell International (United States), Altizon, Inc. (India), General Electric (United States), Siemens AG (Germany), Schneider Electric (Germany), Rockwell Automation (United States), Yokogawa Electric Corporation (Japan) and Mitsubishi Electric Corporation (Japan). Additionally, other players that are part of this comprehensive study are ABB Ltd. (Switzerland) and Hewlett Packard Enterprise (United States).
Geographic Breakdown and Segment Analysis
The Global IoT In Chemical Industry market presents a comprehensive analysis of the IoT In Chemical Industry market by product type (Enabling Technology and Operational Technology), by end-user/application (Remote Operations, Predictive Analytics, Predictive Maintenance, Energy Management and Others), 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 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 Industry market
Analyst at AMA have segmented the market study of Global IoT In Chemical Industry market by Type, Application and Region.
Influencing Trend:
Growing Petrochemical and Pharmaceutical Industries in Chemical Vertical Will Boost the Adoption of IoT
Market Growth Drivers:
Increasing Automation, Adoption of IIoT Devices or Sensors and Higher Demand of Big Data Analytics in Chemical Industry to Predict Maintenance, Monitoring Energy Cost, and Chemicals in Transit
Challenges:
Rapidly Increasing Price of Petrochemical Raw Materials Across the Globe
Restraints:
Growing Security and Privacy Concern of Data
Opportunities:
Increasing Investment in R&D Activities in Order to Develop New Products and Improvement in Existing Products
Market Developments Activities:
In September 2020, Accenture acquired Germany-based SALT Solutions AG to Improve Manufacturing Operations and Logistics with Cloud-Based Industrial IoT Platforms. SALT Solutions implements and maintains IT systems for production, operations and logistics at leading German automotive, manufacturing, consumer goods and chemicals companies. With the acquisition of SALT Solutions, Accenture will build cloud-based industrial internet of things (IoT) platforms that speed up and optimize clients’ production and logistics and enable them to reduce quality and waste issues along the entire supply chain.
In July 2021, Movement Industries Corporation announced the launch of the software. The software is a fully integrated SaaS product with a hardware platform based on cellular and satellite communications modules and allows for the monitoring and/or control of all chemical injection assets. The software has been built for chemical injection pump systems that help to reduce exposure to health, safety, and environmental incidents and optimize the production process.
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, IoT in Chemical Industry Hardware Manufacturers, IoT in Chemical Industry Software & Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-use Industries and Others