Press release
IoT In Chemical Industry Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
IoT In Chemical Industry Market
The iot in chemical industry market size is expected to see rapid growth in the next few years. It will grow to $122.17 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to smart chemical plants, environmental monitoring, cybersecurity solutions, circular economy initiatives, safety and security applications.. Major trends in the forecast period include smart manufacturing and industry 4.0, data analytics and ai integration, collaboration with technology providers, advanced sensors, digital twins, blockchain integration..
Market Overview -
IoT in the chemical industry refers to IoT-enabled solutions that collect data from equipment to monitor variables that control process performance and product quality. It can be used by chemical engineers to enhance chemical process control to raise the chance of repeatable results while lowering the likelihood of production pauses or shutdowns.
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Rising Adoption Of Industrial Robots Drives Growth In The IOT In The Chemical Industry Market
The increasing adoption of industrial robots is expected to propel the growth of the IoT in the chemical industry market. An industrial robot has been designed to automate manufacturing operations such as those required by a constantly moving assembly line. They are installed in fixed positions within an industrial facility. The Internet of Things will aid in the transformation of the chemical sector. The data collected from IoT-enabled devices assist in forecasting future outcomes and trends, as well as predicting machine maintenance requirements in a production line of chemical industries. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, nearly 517,385 new industrial robots had been installed in companies worldwide in 2021 which is a 31% year-on-year increase and outnumbers the pre-pandemic record of robot installation in 2018 by 22%. At present, the global fleet of operational robots has reached a new high of over 3.5 million units. Therefore, an increase in the adoption of industrial robots will drive the IoT in the chemical industry market.
Competitive Landscape -
Major companies operating in the iot in chemical industry market report are Siemens AG, ABB Ltd., Altizon Inc., Atos SE, Cisco Systems Inc., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Accentur*e plc, SAP SE, Oracle Corporation, PTC Inc., Hitachi Ltd., Intel Corporation, Huawei Technologies Co. Ltd., Dell Technologies Inc., Hewlett Packard Enterprise Development LP, Fujitsu Limited, NEC Corporation, Infosys Limited, Wipro Limited, Tata Consultancy Services Limited, Aspen Technology Inc., Emerson Electric Co., OSIsoft LLC .
IOT Platforms Gain Traction In The Chemical Industry
Deployment of IoT platforms has emerged as a key trend gaining popularity in the IoT in the chemical industry market. Major companies operating in the IoT in the chemical industry are focused on the deployment of industrial IoT platforms at chemical plants to sustain their position in the market. For instance, in June 2021, Fujitsu Limited, a Japan-based information and communications technology equipment and services corporation, deployed its IoT data analytics and visualization platform at Ricoh Company Ltd's chemical plant in Japan, which it is referring to as a 'smart factory', to assist Ricoh in tracking changes in plant operations and product quality. The new system connects to smartphones, tablets, and other devices using Fujitsu's COLMINA-branded plant visualization technology for gathering and processing production data. The state of the plant and the caliber of its output may be viewed 'anytime and anywhere'. Ricoh Company, Ltd is a Japan-based imaging and electronics company.
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Key Segments -
The iot in chemical industry market covered in this report is segmented -
1) By Technology: Machine Vision, 3D Printing, Digitial Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, Industrial robotics, Big Data, Artificial Intelligence, AR or VR
2) By Process: Research and Development, Procurement, Packaging, Supply Chain Management and Logistics
3) By End User: Metals and Mining, Food and Beverages, Chemical, Pharmaceutical, Pulp and Paper
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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