IoT in Chemical Industry Market worth $77.9 billion by 2024 | Key players Siemens AG, General Electric Co, ABB Ltd, Rockwell Automation, Inc., Emerson Electric Co.

According to recent market research the "IoT in Chemical Industry Market by Technology Type (Enabling Technology and Operational Technology), Chemical Verticals (Mining & Metals, Food & Beverages, Chemicals, Pharmaceuticals, Paper & Pulp), Region - Global Forecast to 2024", The global IoT in chemical industry market size is projected to grow from USD 48.9 billion in 2019 to USD 79.9 billion by 2024, at a CAGR of 9.7% from 2019 to 2024. The growth of chemical and associated industries and the increasing rate of digitization in various manufacturing processes, such as production, procurement, and logistics, are expected to drive the IoT in Chemical Industry market. In addition, rapid industrialization in countries such as China and India will increase the demand for various automation solutions and products. This factor is estimated to drive the IoT in Chemical Industry market.

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The Enabling technology segment is estimated to lead the market, in terms of value, in 2019. The demand for IoT in Chemical Industry is growing because of the growing need for efficient and optimized chemical production, also the need to address the risk associated with various industrial processes and activities. One of the biggest challenges being faced by the industry is the older infrastructure, which is prone to any failure. Lack of flexibility and agility reduces asset utilization rate and hence decreases the overall efficiency of the plant. These are also called anomalies.
Technologies such as IoT and Big data can actually help in detecting and analyzing such anomalies. IoT in Chemical Industry is being deployed not only to increase the potential assets but to help reduce downtime risks and accommodate process changes for new products.

The petrochemical industry in chemical verticals is estimated to have the largest share in the market during the forecast period. The increased use of petrochemicals for various applications and the increased refinery output have driven its demand, which, in turn, increases the demand for IoT in Chemical Industry. Almost 100 greenfield refinery projects are active globally. New plants are expected to enact digital technologies to boost operations. This will have a positive impact on petrochemical production and will increase the adoption of IoT in Chemical Industry in the segment.

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APAC is the largest IoT in Chemical Industry market and is expected to continue dominating the global market during the forecast period. The market is largely driven by increased investments in the manufacturing industries. Improving living standards has been driving the growth of the associated industries, such as construction, food & beverage, and HVAC (Heating, ventilation, & air conditioning) industries, which is expected to drive the IoT in Chemical Industry market.

The key market players profiled in the report include 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).

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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.

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