IoT in Chemical Market Is Set To Garner Staggering Revenues By 2031

 

IoT in Chemical Industry Market: Introduction

• IoT in chemical market is used to improve production of chemicals. IoT employs embedded solutions with software integrity sensors to connect the IoT system. The chemical industry also uses an IoT-enabled mobile robotics platform that provides a high-quality video feed of the tank’s condition and helps the worker to make a preventative maintenance analysis
• The chemical industry has different types of control loops. Each loop relates to something detailed about the broader process of creating a chemical, which adheres to the standard. IoT helps control the loop in order to maintain the exact temperature and monitor the flow level of a substance moving through a pipe.
• Adoption of IoT in the chemical industry is expected to increase among end-users in order to mitigate the risk and reduce the number of accidents at chemical plant sites

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IoT in Chemical Industry Market: Dynamics

IoT in Chemical Industry Market: Key Drivers

• IoT in the chemical industry can be efficiently combined with core marketing and conversion process to digitally transform operations for quality assurance and predictive maintenance in the chemical industry.
• Adoption of IoT in the chemical industry helps enhance productivity with higher revenue and improved asset utilization. Hence, this is expected to increase the market during the forecast period.
• IoT in the chemical industry is helping improve overall safety on job sites. Sites in the chemical Industry are equipped with IoT devices and sensors that monitor several features of chemical industry operations and inform the team whenever they sense possible safety hazards.

High initial investment and lack of awareness in small & medium enterprises to hinder market

• Several small & medium-sized enterprises are budget conscious and cannot afford high initial investments to integrate IoT in the chemical industry, which in turn restrains the market
• Lack of awareness about the benefits of IoT in chemical industry & process automation tools among small & medium enterprises is also expected to hamper the market

Impact of COVID-19 on IoT in Chemical Industry Market

• Increase in number of cases of COVID-19 across the globe is resulting in an economic slowdown. Demand for IoT among especially in small & medium-sized enterprises in the chemical industry is set to decrease. Companies are reducing investment in advanced industrial technological solutions due to low return on investment during the COVID-19 period. This is expected to restrain the IoT in chemical industry market.

Asia Pacific to Hold Major Share of the IoT in Chemical Industry Market

• Asia Pacific is estimated to account for a notable share of the global IoT in chemical industry market owing to the rising chemical production in India, China, Thailand, and Indonesia, along with increasing industrialization and urbanization in the region. Furthermore, expansion of metals and mining companies in the region is also projected to drive the IoT in chemical industry market.

Key Players Operating in the Global IoT in Chemical Industry Market

• Honeywell International, Inc.

Honeywell International, Inc. is an automation and manufacturing company that offers solutions in security, safety, and energy. The company uses its technology to improve the efficiency of products and processes. The company has expertise in workplace and emergency management solutions. It also offers security and control technologies for industrial, defense, and residential end-users. It has a strong presence, globally, to accommodate each market-specific need. The company was incorporated in 1906 and is headquartered in North Carolina, U.S.

• Rockwell Automation, Inc.

Rockwell Automation, Inc., was incorporated in 1903 and is headquartered Wisconsin, U.S. The company is a leading provider of industrial automation products. The company provides industrial automation to enhance productivity of end-use industries. The company operates its business in three segments: software and control, intelligent devices, and lifecycle services. Software and control includes information and network security; intelligent devices comprise sensors, drivers, and industrial components; and lifecycle services offers consulting and maintenance services.

Other key players operating in the global IoT in chemical industry market include Siemens AG, General Electric, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, and Altizon.

IoT in Chemical Industry Market: Research Scope

IoT in Chemical Industry Market, by Type

• Operational Technology
• Programmable Logic Controller (PLC)
• Manufacturing Execution System (MES)
• Enterprise Resource Planning (ERP)
• Supervisory Control and Data Acquisition (SCADA)
• Human Machine Interface (HMI)
• Plant Asset Management (PAM)
• Product Lifecycle Management (PLC)
• Internet of Things (IoT)
• Artificial Intelligence (AI)
• Machine Vision
• Big Data
• 3D Printing
• Augmented Reality (AR) & Virtual Reality (VR)
• Industrial Robotics

IoT in Chemical Industry Market, by End-user

• Metals & Mining
• Food & Beverages
• Chemical
• Pharmaceutical
• Pulp & Paper

IoT in Chemical Industry Market, by Process

• Research & Development (R&D)
• Procurement
• Packaging
• Supply Chain Management and Logistics

IoT in Chemical Industry Market, by Industry

• Large enterprises
• Small and Medium-sized Enterprises (SMEs)

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