The global IoT in chemical industry market revenue was around US$ 65 billion in 2022 and is estimated to reach US$ 199 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.3% during the forecast period from 2023 to 2031.
IoT in chemical industry is employed to improve the manufacturing of chemicals. IoT utilizes embedded solutions with software integrity sensors to link the IoT system. IoT-enabled mobile robotics is also utilized by the chemical industry. IoT employs a network of sensors to collect important production data, which is then converted into useful insights about the effectiveness of industrial procedures.
Market Driving Factors
Increasing demand for predictive maintenance in the chemical industry is estimated to boost market growth. The cost of breakdowns in equipment and downtime has grown dramatically as chemical facilities have aged and become more complicated. In addition, chemical industries have resorted and predictive maintenance, which is utilizing real-time data to forecast when equipment is likely to fail and proactively taking steps to avoid that collapse from occurring, to ensure equipment reliability and decrease downtime. As a result, predictive maintenance in the chemical industry relies on IoT technologies. For instance, IoT sensors may check pressure and temperature in chemical reactors, and track vibration levels in motors, pumps, and pipeline leaks.
The chemical industry has made vast use of the Internet of Things (IoT) as a tool for operation monitoring and remote processes. With the usage of this technology, companies can keep an eye on their facilities and machinery from anywhere in the world, which can reduce the likelihood of casualties and raise productivity. Furthermore, IoT sensors can be utilized to keep an eye on the health of equipment like valves, pumps, and reactors. As a result, potential problems can be found utilizing this data before they result in a breakdown or accident, which will in turn propel the market.
High initial investment and data privacy concerns are expected to impede market growth.
Regional Analysis
North America dominated the market in terms of the largest shares and is predicted to continue its dominance. This can be majorly attributed to the cutting-edge infrastructure and high costs in the industry. Furthermore, Canada has also taken the chemicals sector very enormously by offering surged feasibilities to the manufacturers with raised demand and maintaining a balance within the supply chain.
Asia Pacific is expected to dominate the market in terms of the growth rate. This is generally owing to the surging investment from the private and public sectors in countries like Japan., India, Australia, and others. Furthermore, the surging focus of end-user verticals on cutting-edge technologies to combat any discrepancy in production, supply chain, and other areas is likely to boost the market in the region.
Segmentation Insights
In terms of application insight, the petrochemicals and polymers segment is estimated to dominate the market in terms of the largest shares. This is mainly due to the IoT technology being broadly used to provide innovative solutions for data collection in the conventional petroleum and petrochemical industry to fulfill the growth of the informatization construction of the oil industry and the business requirements for price reduction and efficiency advancement.
Prominent Companies
Segmentation Outline
The global IoT in chemical industry market segmentation focuses on Technology, Application, and Region.
By Technology
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL IOT IN CHEMICAL INDUSTRY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: IOT IN CHEMICAL INDUSTRY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL IOT IN CHEMICAL INDUSTRY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL IOT IN CHEMICAL INDUSTRY MARKET, BY TECHNOLOGY
5.1 OVERVIEW
5.2 MACHINE VISION
5.3 3D PRINTING
5.4 DIGITAL TWIN
5.5 PLANT ASSET MANAGEMENT
5.6 MANUFACTURING EXECUTION SYSTEM
5.7 DISTRIBUTED CONTROL SYSTEM
5.8 INDUSTRIAL ROBOTICS
5.9 BIG DATA
5.10 ARTIFICIAL INTELLIGENCE
5.11 AR AND VR
5.12 OTHERS
6 GLOBAL IOT IN CHEMICAL INDUSTRY MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 PETROCHEMICALS AND POLYMERS
6.3 FERTILIZERS AND AGROCHEMICALS
6.4 OTHERS
7 GLOBAL IOT IN CHEMICAL INDUSTRY MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL IOT IN CHEMICAL INDUSTRY MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 FANUC CORPORATION
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 GENERAL ELECTRIC
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 MICROSOFT CORPORATION
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 SCHNEIDER ELECTRIC SE
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 SIEMENS AG
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 HONEYWELL INTERNATIONAL INC.
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 ENDRESS+HAUSER
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 ATOS SE
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 YOKOGAWA ELECTRIC CORPORATION
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 CISCO SYSTEMS INC.
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 EMERSON ELECTRIC CO.
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 ABB LTD
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 MITSUBISHI ELECTRIC CORPORATION
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 ALTIZON INC
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.15 ROCKWELL AUTOMATION INC.
9.15.1 OVERVIEW
9.15.2 FINANCIAL PERFORMANCE
9.15.3 PRODUCT OUTLOOK
9.15.4 KEY DEVELOPMENTS
9.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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