Press release
IoT in Chemical Industry Market Unveiling Growth Secrets Market Size Explorer's Insights 2024-2031
AMR
Obtain Report Details: https://www.alliedmarketresearch.com/iot-in-chemical-industry-market-A17266
Market Drivers, Restraints, and Opportunities:
- Drivers: The widespread adoption of IoT across applications such as petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, consumer chemicals, industrial gases, and water management is a major growth driver. Increased deployment of industrial robots in the chemical sector is also fueling market growth.
- Restraints: Challenges such as high initial investment and data privacy concerns could hinder market expansion.
- Opportunities: The rising chemical output in both developed and emerging economies opens new avenues for growth.
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Top-Growing Segments
- By Technology: Plant Asset Management to Lead
CAGR: 14.1% (2022-2031)
- The Plant Asset Management segment is set to grow the fastest due to increased use of software for tracking asset lifecycle, performance, and maintenance. These tools enhance equipment reliability and help reduce maintenance and insurance costs.
Other key technologies analyzed include:
- Industrial Robotics
- Big Data
- Artificial Intelligence
- Augmented & Virtual Reality
- Machine Vision
- 3D Printing
- Digital Twin
- Manufacturing Execution System
- Distributed Control System
- Others
By Application: Petrochemicals and Polymers Dominate
- Market Share (2031): Over 40%
- CAGR: 14.1% (2022-2031)
- IoT is extensively used in petroleum and petrochemical operations to optimize efficiency, reduce costs, and address business challenges. Advanced implementations include using deep-learning algorithms and camera-based monitoring on SAP production lines to improve product inspection and prevent shutdowns.
Other applications include:
- Fertilizers and Agrochemicals
- Others
Regional Insights: Asia-Pacific to Maintain Leadership:
- Market Share (2021): Nearly 60%
- CAGR: 14.1% (2022-2031)
- Growth in Asia-Pacific is driven by expanding chemical production in China, India, Thailand, and Indonesia, alongside accelerating industrialization and urbanization.
Other regions covered: North America, Europe, and LAMEA.
Key Market Players:
Prominent companies operating in the global IoT in Chemical Industry market include:
- ABB Ltd
- Altizon, Inc.
- Atos SE
- Cisco Systems, Inc.
- Emerson Electric Co
- Endress+Hauser AG
- Fanuc Corporation
- General Electric
- Honeywell International Inc.
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corporation
These players adopt strategies such as new product launches, strategic alliances, joint ventures, and geographic expansion to strengthen their market position and increase penetration.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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