The IoT In Chemical Industry by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In recent years, the IoT landscape within the chemical industry has witnessed a remarkable surge, as detailed in The Business Research Company’s comprehensive report. The market size is poised to exhibit substantial growth, projecting an ascent from $70.85 billion in 2024 to an impressive $79.01 billion in the same year, driven by a robust compound annual growth rate (CAGR) of 11.5%. This phenomenal growth in the historical period finds its roots in diverse factors such as process optimization, asset management, regulatory compliance, predictive maintenance, energy efficiency, safety monitoring, and data analytics.
Looking ahead, the trajectory continues to soar, with a projected market size of $122.17 billion in 2028, maintaining the CAGR at 11.5%. The forecasted growth is underpinned by pivotal factors encompassing smart chemical plants, environmental monitoring, cybersecurity solutions, circular economy initiatives, and safety and security applications. Noteworthy trends in the forecast period encompass the evolution towards smart manufacturing and Industry 4.0, seamless integration of data analytics and AI, strategic collaboration with technology providers, utilization of advanced sensors, adoption of digital twins, and the integration of blockchain technology.
The increasing adoption of industrial robots is expected to propel the growth of the IoT in the chemical industry market. An industrial robot has been designed to automate manufacturing operations such as those required by a constantly moving assembly line. They are installed in fixed positions within an industrial facility. The Internet of Things will aid in the transformation of the chemical sector. The data collected from IoT-enabled devices assist in forecasting future outcomes and trends, as well as predicting machine maintenance requirements in a production line of chemical industries. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, nearly 517,385 new industrial robots had been installed in companies worldwide in 2021 which is a 31% year-on-year increase and outnumbers the pre-pandemic record of robot installation in 2018 by 22%. At present, the global fleet of operational robots has reached a new high of over 3.5 million units. Therefore, an increase in the adoption of industrial robots will drive the IoT in the chemical industry market.
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The iot in chemical industry market covered in this report is segmented –
1) By Technology: Machine Vision, 3D Printing, Digitial Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, Industrial robotics, Big Data, Artificial Intelligence, AR or VR
2) By Process: Research and Development, Procurement, Packaging, Supply Chain Management and Logistics
3) By End User: Metals and Mining, Food and Beverages, Chemical, Pharmaceutical, Pulp and Paper
Top 5 Major Players:
A significant trend shaping the industry is the widespread deployment of IoT platforms. Leading companies operating in the IoT and chemical industry landscape are actively embracing the implementation of industrial IoT platforms within their chemical plants, positioning themselves strategically in the competitive market. A case in point is Fujitsu Limited, a prominent Japanese information and communications technology corporation, which, in June 2021, successfully deployed its IoT data analytics and visualization platform at Ricoh Company Ltd’s chemical plant in Japan. This transformative initiative, labeled a ‘smart factory,’ empowers Ricoh by facilitating real-time tracking of changes in plant operations and product quality. The deployed system seamlessly connects with smartphones, tablets, and other devices, leveraging Fujitsu’s cutting-edge COLMINA-branded plant visualization technology for the collection and processing of production data. This innovative system enables stakeholders to monitor the plant’s status and product caliber ‘anytime and anywhere.’ Ricoh Company, Ltd., an imaging and electronics giant based in Japan, stands at the forefront of technological advancement in the chemical industry.
The iot in chemical industry market report table of contents includes:
1. Executive Summary
2. IoT In Chemical Industry Market Characteristics
3. IoT In Chemical Industry Market Trends And Strategies
4. IoT In Chemical Industry Market – Macro Economic Scenario
5. Global IoT In Chemical Industry Market Size and Growth
…..
31. Global IoT In Chemical Industry Market Competitive Benchmarking
32. Global IoT In Chemical Industry Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT In Chemical Industry Market
34. IoT In Chemical Industry Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global IoT In Chemical Industry Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global IoT In Chemical Industry Market, Segmentation By Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global IoT In Chemical Industry Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Siemens AG Financial Performance
Table 75: ABB Ltd. Financial Performance
Table 76: Altizon Inc. Financial Performance
Table 77: Atos SE Financial Performance
Table 78: Cisco Systems Inc. Financial Performance
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