The internet of things (IoT) is an alignment of connected and interrelated computing devices, machine components, digital machines & mechanical systems and devices with unique identifiers (UIDs), which allow the transfer of data between the devices without the need of human interaction. Key players operating in the chemical industry are changing their focus towards adoption of IoT to carry out several operations in order to fuel production capacities with limited usage of resources. The major growth of the market can be ascribed to the focus on high production yield by optimization of various process factors which need constant monitoring which can be obtained by the adoption of IoT technology.  Furthermore, one of the other key concern in the chemical industry is, the risk incurred while managing and production of chemical products. The effective risk management provided by the application of machine based on IoT and cloud computing is boosting the growth of the IoT in chemical industry market. Moreover, the adoption of internet of things has increased in chemical sector owing to the various beneficial features which is likely to augment the market demand in the forecast period. For instance, the Internet of Things (IoT) can be efficiently integrated with key conversion and marketing processes to digitally transfigure operations for effective predictive maintenance and quality assurance in the chemical industry. Also, its adoption assists in getting better productivity with considerable revenue, enhanced asset utilization and helps in minimizing downtime risks and hold process changes for new products. Apart from that, the heavy capital investment needed for transformation may hinder the market in the long run. Also, the slow adoption rate of technologies is negatively impacting the IoT in chemical industry market.

Besides, that, the present industry trends, such as high focus on digitization by the government and advancement in cognitive computing, IoT, and additive manufacturing, are anticipated to provide various beneficial market opportunities to the key players. Furthermore, the industrial growth observed in the developing countries, real-time data generation and data-driven process will also opportunities in the market. Moreover, the better working conditions, superior sustainability, increased energy-efficiency, and environmentally sustainable production and systems further will prompt the IoT in chemical industry market growth.

The global IoT in Chemical Industry Market is segregated on the basis of Technology as Industrial Robotics, Machine Vision, 3D Printing, Big Data, Machine Condition Monitoring, AR & VR and Artificial Intelligence. Based on Application the global IoT in Chemical Industry Market is segmented in Mining, Food and Beverages, Petrochemicals, Polymers, Fertilizers and Paper and Pulp.

The global IoT in Chemical Industry Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The IoT in Chemical Industry Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

3D Systems Corporation, ABB Ltd., Atos SE, Cisco Systems, Inc., Denso Corporation and others are among the major players in the global IoT in Chemical Industry Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In February 2017, JGC Corporation and NEC Corporation partnered for developing Efficient Plant Operations by utilizing AI (Artificial Intelligence) and IoT (Internet of Things) technologies. Systems based on IoT will help in discovering signs of abnormalities in plant operations and offer associated services for plants catering the sectors of oil refinement, LNG (liquefied natural gas) and gas, chemical, resource development, power and other fields.
• In July 2019, Mitsubishi Electric Corporation has introduced world’s first diagnostic technology based upon the company's proprietary Maisart artificial intelligence (AI) technology which uses machine learning to analyze sensor data and then create models.
• In April 2019, SE introduced a new digital ecosystem to propel worldwide economies of scale for IoT solutions.
• In May 2019, BASF and Emerson signed a multi-million dollar contract to update automation software and controllers at BASFs specialty chemical production facility in Lampertheim, Germany.

The global IoT in Chemical Industry Market has been segmented as below:

IoT in Chemical Industry Market, By Technology

• Industrial Robotics
• Machine Vision
• 3D Printing
• Big Data
• Machine Condition Monitoring
• AR & VR
• Artificial Intelligence

IoT in Chemical Industry Market, By Application

• Mining
• Food and Beverages
• Petrochemicals
• Polymers
• Fertilizers
• Paper and Pulp

IoT in Chemical Industry Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

IoT in Chemical Industry Market, By Company

• 3D Systems Corporation
• ABB Ltd.
• Atos SE
• Cisco Systems, Inc.
• Denso Corporation
• Emerson Electric Co.
• Fanuc Corporation
• Fortive
• General Electric Co.
• Hewlett Packard Enterprise Company
• Honeywell International Inc.
• International Business Machines Corporation
• Microsoft Corporation
• Mitsubishi Electric Corporation
• Qualcomm Inc.
• Rockwell Automation, Inc.
• Samsung Electronics Co. Ltd
• Schneider Electric SE
• Siemens AG
• Stratasys Ltd.

The report covers the below scope:

• Global IoT in Chemical Industry Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global IoT in Chemical Industry Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global IoT in Chemical Industry Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global IoT in Chemical Industry Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global IoT in Chemical Industry Market share. Major industry players with significant revenue share include 3D Systems Corporation, ABB Ltd., Atos SE, Cisco Systems, Inc., Denso Corporation and others.

Why to Buy this Report:

• Gain detailed insights on the IoT in Chemical Industry industry trends
• Find complete analysis on the market status
• Identify the IoT in Chemical Industry Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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