CHICAGO, Jan. 7, 2020 /PRNewswire/ -- According to the new market research report "IoT in Chemical Industry Market by Technology Type (Enabling Technology and Operational Technology), Chemical Verticals (Mining & Metals, Food & Beverages, Chemicals, Pharmaceuticals, Paper & Pulp), Region - Global Forecast to 2024", published by MarketsandMarkets, the IoT in Chemical Industry Market is projected to reach USD 79.9 billion by 2024, at a CAGR of 9.7% from USD 48.9 billion in 2019.
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The growth of chemical and associated industries and the increasing rate of digitization in various manufacturing processes, such as production, procurement, and logistics, are expected to drive the IoT in Chemical Industry market. In addition, rapid industrialization in countries such as China and India will increase the demand for various automation solutions and products. This factor is estimated to drive the IoT in Chemical Industry market.
Enabling technology is the largest segment of the IoT in Chemical Industry market.
The Enabling technology segment is estimated to lead the market, in terms of value, in 2019. The demand for IoT in Chemical Industry is growing because of the growing need for efficient and optimized chemical production, also the need to address the risk associated with various industrial processes and activities. One of the biggest challenges being faced by the industry is the older infrastructure, which is prone to any failure. Lack of flexibility and agility reduces asset utilization rate and hence decreases the overall efficiency of the plant. These are also called anomalies. Technologies such as IoT and Big data can actually help in detecting and analyzing such anomalies. IoT in Chemical Industry is being deployed not only to increase the potential assets but to help reduce downtime risks and accommodate process changes for new products.
Chemical verticals is estimated to be the largest segment of the IoT in Chemical Industry market during the forecast period.
The petrochemical industry in chemical verticals is estimated to have the largest share in the market during the forecast period. The increased use of petrochemicals for various applications and the increased refinery output have driven its demand, which, in turn, increases the demand for IoT in Chemical Industry. Almost 100 greenfield refinery projects are active globally. New plants are expected to enact digital technologies to boost operations. This will have a positive impact on petrochemical production and will increase the adoption of IoT in Chemical Industry in the segment.
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APAC is estimated to be the largest market for IoT in Chemical Industry during the forecast period.
APAC is the largest IoT in Chemical Industry Market and is expected to continue dominating the global market during the forecast period. The market is largely driven by increased investments in the manufacturing industries. Improving living standards has been driving the growth of the associated industries, such as construction, food & beverage, and HVAC (Heating, ventilation, & air conditioning) industries, which is expected to drive the IoT in Chemical Industry market.
The key market players profiled in the report include Siemens AG (Germany), General Electric Co (US), ABB Ltd (Switzerland), Rockwell Automation, Inc. (US), Emerson Electric Co (US), Yokogawa Electric Corporation (Japan), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany)
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