IoT in Chemical Industry Market

IoT in Chemical Industry Market Size (2023-2028)

IoT in Chemical Industry Market is estimated to be USD 53.25 Billion in 2022 and is projected to reach USD 85.67 Billion by 2028. with a CAGR of 13.12%

The Internet of Things (IoT) has become a new buzzword in various industries in the world, with no exception to chemicals. Implementing IoT in the chemicals industry is likely to enhance productivity, improve asset management, generate increased revenue, and optimize existing processes. The introduction of IoT also brings advanced technologies like big data, machine learning, artificial intelligence, and so on into the chemicals industry. Machine learning with advanced analytics help in identifying the most prominent resources for research projects according to the requirements. Also, simulations related to the natural impact and sustainability can be easily implemented with the adoption of these novel technologies among chemical manufacturers.

Drivers & Restraints of IoT in the Chemical Industry Market:

Growing investments towards the developments in the chemical sector has been one of the major factors that have contributed to the growth of the global IoT in the Chemical Industry market in recent years. The use of IoT in the chemical industry is known to improve manufacturing and asset management, which is likely to generate huge demand in the coming years. Several interesting opportunities are estimated to arise in the chemical sector with the increasing application of technological advancements. In addition, the supply chain management issues can be easily addressed with the adoption of the IoT, which is supposed to boost the developments in the target market in the foreseen years.

Infrastructural issues existing in the chemical industry is a major drawback hindering growth. In order to improve the issues associated with this infrastructure, extensive funding is needed. This whole process is costly and time-consuming which limits the expansion of the IoT in the chemical industry market.  IoT devices also pose a risk of data theft and privacy issues. This makes the IoT in Chemical Industry vulnerable to cyber theft. Cyber security is a principal reason estimated to hinder the adoption of this technology in the worldwide marketplace.

IOT IN CHEMICAL INDUSTRY MARKET REPORT COVERAGE:

IoT in Chemical Industry Market Segmentation:

On the basis of Technology:

• Industrial Robotics

• Machine Vision

• 3D Printing

• Big Data

• Machine Condition Monitoring

• AR & VR

• Artificial Intelligence

All the advanced technologies are estimated to result in huge developments in the IoT in the chemical industry market share in the forecast period. Wide-scale adoption of technologies such as machine learning, neural networks, Big data, etc., in chemical activities, is a major reason for this growth.  These technologies incorporated into devices are capable of collecting accurate data which could be further utilized to track various activities.

On the basis of the Application:

• Mining

• Food and Beverages

• Petrochemicals

• Polymers

• Fertilizers

• Paper and Pulp

In terms of application, vertical segments such as paper and pulp, petrochemicals, and polymers are the most sought-after variants for the IoT in the chemical industry business. Rising concerns related to risks associated with chemicals and metals are driving the growth of the implications of IoT in the chemical industry.

On the basis of Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Globally, North America, with the USA accounts for the largest share of the IoT in the Chemical Industry market. This is credited to the advanced infrastructure and high expenses in the industry. Canada has also taken the chemicals sector very seriously by providing increasing feasibilities to the manufacturers with increasing demand and maintaining a balance within the supply chain. The market in Canada is expected to grow at a CAGR of 8% during the outlook period.

In Europe, Germany and UK are supposed to witness the largest demand and growth rate during the projection period. These countries provide superior infrastructure to the growing industry. In addition, the surge in research and development activities in these nations is supposed to create immense growth potential for the regional market in the coming years.

Nevertheless, the Asia Pacific market is determined to develop with a considerable compound annual growth rate in the IoT in the chemical industry market with increasing investment from the public and private sectors in nations like India, Japan, Australia, and others. The rising focus of end-user verticals on advanced technologies to combat any discrepancy in production, supply chain, and other areas is likely to promote the Asia Pacific IoT in the chemical industry market in the coming years.

Key Market Players:

1. Siemens AG

2. General Electric Co

3. ABB Ltd

4. Rockwell Automation Inc.

5. Emerson Electric Company

6. Yokogawa Electric Corporation

7. Honeywell International Inc.

8. Schneider Electric SE

Impact of COVID-19 on the Global IoT in the Chemical Industry Market:

The coronavirus has exposed severe challenges to the chemical industry market by impacting operations in several industry verticals. Global markets related to production activities have been seriously affected resulting in low demand and low production. However, COVID-19 is also one of the major reasons for the aggressive growth of the IoT in the Chemical Industry markets. Demand for equipment such as Masks, Gloves, and PPE kits is at an all-time high to fight the existing situation. More investments are being made towards the safety of the frontline workers who are battling the virus; normal households have also taken personal protection seriously with devices such as masks being mandatory, the sector is set to boom and become a big hub for investments in the present and in the future. Physical activity tracking devices become very common during this period and demand for in-person monitoring equipment increased, supporting the adoption of new technologies in the chemical sector.