Market Industry Reports (MIR) has published a new report titled “IoT in Chemical Industry Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global IoT in chemical industry market is estimated to be over US$ 39 Bn in 2018. It is anticipated to grow at a healthy CAGR from 2019 to 2030.
The significant growth of the market can be attributed to the emphasis on high production yield by optimization of several process factors which requires continuous monitoring which can be achieved by the adoption of IoT technology. Moreover, one of the other major concern in the chemical industry is, the risk involved while handling and production of chemical products. The efficient risk management offered by the application of machine based on IoT and cloud computing is promoting the growth of the market.
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Some of the prominent players in the IoT in Chemical Industry Market include:
Siemens, GENERAL ELECTRIC, ABB, Emerson Electric Co., Honeywell International Inc, Schneider Electric, Yokogawa Electric Corporation, Rockwell Automation, Inc., FANUC America Corporation, Cisco Systems
The key factor driving the IoT in chemical industry market is an emphasis on the digitalization of chemical plants for higher production efficiency. For instance, Denka a global chemical manufacturer started a chemical plant on Singapores Jurong Island. The plant is provided with Emerson Connected Services based on Industrial Internet of Thing (IIoT) technologies, for steam trap monitoring, which will help the plant save 7% of the cost of steam. Furthermore, in February 2017, JGC Corporation and NEC Corporation collaborated for developing Efficient Plant Operations by using AI (Artificial Intelligence) and IoT (Internet of Things) technologies. Systems based on IoT will help in detecting signs of abnormalities in plant operations and provide related services for plants serving the sectors of oil refinement, chemical, LNG (liquefied natural gas) and gas, power, resource development, and other fields.
Chemical industries are associated with toxic products hence risk management remains an essential concern. With the adoption of IoT in chemical industries, the risk can be reduced by safety management system assured by improved monitoring assets, processes, people, and products on a continuous and real-time basis. For combating the risk associated with chemical plants, the adoption of IoT is increasing which propels the growth of the market. For instance, In July 2019, Emerson Electric Co. launched two new Rosemount 628 Universal Gas Sensors to measure carbon monoxide and oxygen depletion which will help in eliminating the risk related to gas leaks.
The IoT in Chemical Industry Market is segmented on the basis of Product, Modality, Cancer Type, End-Users and region.
By Process (Manufacturing, Packaging and Research & Development (R&D)), Chemical Industry Vertical (Petrochemicals & Polymers, Fertilizers & Agrochemicals and Specialty Chemicals)
As a standard protocol at MIR, all research assignments go through the following rigorous processes.
- Secondary Research
- Primary Research
- Market Size Estimation & Forecasting
- Data Validation & Triangulation
- Report Generation
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Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
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