DUBLIN, Jan. 30, 2020 /PRNewswire/ -- The "IoT in Chemical Industry by Technology Type (Enabling Technology and Operational Technology), Chemical Verticals (Mining & Metals, Food & Beverages, Chemicals, Pharmaceuticals, Paper & Pulp), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global IoT in Chemical Industry is estimated to grow from USD 48.9 billion in 2019 to USD 77.9 billion by 2024, at a CAGR of 9.7%.
It is largely driven by the increasing emphasis on technology for various industrial applications, such the growing use of IoT in the manufacturing process and the introduction of AI base models in predictive analytics for asset management and condition monitoring.
The key players profiled in the report include as 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).
Enabling technology is expected to be the fastest-growing type segment of the IoT in Chemical Industry market, in terms of value, between 2019 and 2024
The enabling technology segment is projected to register the highest growth, in terms of value, during the forecast period. The growing concern toward the reduction of risk associated with chemical and metal industries, rising environmental concerns due to chemical release from the plants, and the rising emphasis on circular economy are driving the demand for digital transformation, which is leading to the growth in the IoT in Chemical Industry market.
Chemical verticals segment is estimated to register the highest growth rate, between 2019 and 2024
The chemical verticals segment is estimated to register the highest growth rate, in terms of value, between 2019 and 2024. This is owing to the increase in chemical production across various regions and rise in demand for specialty chemicals in advanced engineering processes.
The chemicals segment is expected to reach USD 5 trillion in next 5 years. This also reflects the growing chemical production facilities and infrastructure globally. The increased number of chemical refineries and production plants is expected to impact the market positively since new plants are highly anticipated to adopt technologies such as IoT, big data, augmented reality, and industrial robots.
Rising customer demand from food & beverage and pharmaceutical industries and the growth in chemical production are likely to drive the demand for IoT in Chemical Industry in APAC
The APAC IoT in Chemical Industry market is estimated to witness significant growth during the forecast period. The growing chemical production in China and increasing urbanization and industrialization are driving the IoT in Chemical Industry market in the region. In addition, the rise of mining and metal companies in the region will further drive the IoT in Chemical Industry market.
APAC has some of the highest growing countries in the world. This is possible due to the growth in industrial infrastructure and increased foreign investments. Various plants and production facilities are anticipated to start in the region in the coming years. Greenfield projects are likely to integrate new processing technologies, thus further boosting the growth of the IoT in Chemical Industry market.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Chemical 4.0 Market
4.2 Chemical 4.0 Market, By Region (2019-2024)
4.3 APAC: Chemical 4.0 Market, By Enabling Technology and Country
4.5 Chemical 4.0 Market, By Operational Technology
5 Market Overview
5.1 Introduction
5.1.1 Market Evolution
5.1.2 Elements of Chemical 4.0
5.1.2.1 Cyber Physical Systems
5.1.2.2 Industrial Internet of Things
5.1.2.3 Cloud Computing
5.1.2.4 Cognitive Computing
5.1.2.5 Data
5.1.3 Essentials of Chemical 4.0
5.1.3.1 Technical Requirements
5.1.3.1.1 Connectivity
5.1.3.1.2 Sensor Technology
5.1.3.1.3 Automation
5.1.3.1.4 Data Analytics
5.1.3.2 Organizational Requirements
5.1.3.2.1 Digitization Strategy
5.1.3.2.2 Workforce Optimization
5.1.3.2.3 Change Management
5.1.3.2.4 Cross-Industry Collaborations
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Emphasis on Efficiency and Optimization
5.2.1.2 Increasing Adoption of Industrial Robots
5.2.1.3 Increasing Demand for Industry-Specific Solutions to Drive the Growth of the Market for IoT in Manufacturing
5.2.1.4 Increased Emphasis on Regulatory Compliances
5.2.1.5 Growth of the Semiconductor Industry and Other Supporting Industries
5.2.1.6 5G Communication
5.2.1.7 Circular Economy
5.2.2 Restraints
5.2.2.1 High Capital Investment Required for Transformation
5.2.2.2 Low Adoption Rate of Technologies
5.2.3 Opportunities
5.2.3.1 Industrial Growth in Emerging Economies
5.2.3.2 Enterprise-Wide Integration Leading to Enhanced Efficiency
5.2.3.3 High Emphasis on Digitization By Governments Globally
5.2.3.4 Advancement in IoT, Cognitive Computing, and Additive Manufacturing
5.2.3.5 Real-Time Data Generation and Data-Driven Process
5.2.3.6 Better Working Conditions, Superior Sustainability, Increased Energy-Efficiency, and Environmentally Sustainable Production and Systems
5.2.3.7 Food Safety, Spoilage, and Contamination
5.2.4 Challenges
5.2.4.1 Threats to Data Security and Other Cybersecurity Risks
5.2.4.2 Skill Gap
5.2.4.3 Lack of Infrastructure
5.2.4.4 Challenges in Information Technology and Operational Technology Convergence
5.2.4.5 Low Adoption Rate of Industry 4.0 Infrastructure in Small- and Medium-Sized Industries
5.2.4.6 Employee Pushback and Change Management
5.2.4.7 Transparency, Ethics, and Regulatory Compliances
6 Chemical 4.0 Market, By Type
6.1 Introduction
6.2 Operational Technology
6.3 Distributed Control System (DCS)
6.3.1 DCS Provide Safe Execution and Control of Critical Process, Which are Not Possible to Control Manually Due the Risks Involved
6.4 Programmable Logic Controller (PLC)
6.4.1 Increasing Number of Factories are Generating Demand for Micro and Nano Plcs
6.5 Manufacturing Execution System (MES)
6.5.1 High Rate of Adoption of Mes is Due to Its Increasing Benefits in Process and Discrete Industries
6.6 Enterprise Resource Planning (ERP)
6.6.1 Ability to Integrate All the Critical Business Information Across an Organization is Boosting the Adoption of Erp Solutions in Smart Factories
6.7 Supervisory Control and Data Acquisition (SCADA)
6.7.1 Shift Toward Development of Scada App for Smartphones and Tablets is Likely to Encourage Chemical 4.0 Market Growth
6.8 Plant Asset Management (PAM)
6.8.1 Increasing Demand for Software Solutions Capable of Determining Failures in Advance is Favoring the Market for Pam
6.9 Human Machine Interface (HMI)
6.9.1 Evolution of Industrial Internet of Things (IIoT) and the Growing Demand of Smart Automation Solutions are Driving the Market
6.10 Product Lifecycle Management (PLM)
6.10.1 Rising Demand for Efficiency and Productivity in Manufacturing Plants Across the Globe is Promising for the Market
6.11 Enabling Technology
6.12 Industrial Robotics
6.12.1 Traditional Robots
6.12.1.1 Cartesian Robots
6.12.1.1.1 Cartesian Robots Help With A High Degree of Mechanical Rigidity, Accuracy, and Repeatability
6.12.1.2 Scara Robots
6.12.1.2.1 Scara Robots Provide Higher Flexible Reach
6.12.1.3 Articulated Robots
6.12.1.3.1 These Robots Cover A Larger Work Envelope
6.12.1.4 Other Robots
6.12.2 Collaborative Robots
6.12.2.1 The Robotics Industry Players are Focusing on Designing Collaborative Robots as Per the Requirements of Smart Manufacturing Facilities
6.13 Machine Vision
6.13.1 Machine Vision Will Be Able to Reduce the Risk of Humans to Get Exposed to Hazardous and Toxic Conditions in Chemical Industries
6.14 Internet of Things (IoT)
6.14.1 IoT is Gaining Traction With Its Ability to Enhance Product Knowledge and Production Efficiency
6.15 3D Printing
6.15.1 The 3D Printing Market is Experiencing Growth With Strong R&D Regarding New Print Materials and Technologies
6.16 Big Data
6.16.1.The APAC Region Holds Immense Potential for the Growth of the Big Data Market
6.17 Machine Condition Monitoring
6.17.1 The Technology is Helpful in the Reduction of Maintenance Costs By Optimizing Machine Performance
6.18 Augmented Reality (AR) & Virtual Reality (VR)
6.18.1 The Implementation of These Technologies is Increasing in Various Industries, Including Chemical
6.19 Artificial Intelligence (AI)
6.19.1 The Major Factor Contributing to the Growth of the Market in the Ai Segment is the Ability of the Technology to Reduce Human Errors
6.20 Digital Twin
6.20.1 APAC is the Fastest-Growing Market in This Segment
7 Chemical 4.0 Market, By Industry Vertical
7.1 Shift in Revenue Streams Due to Megatrends in Chemical Industry
7.2 Introduction
7.3 Metals & Mining
7.3.1 Rising Demand for Preventive Maintenance is Encouraging the Adoption of Industry 4.0 Solutions in the Mining Industry
7.4 Food & Beverage
7.4.1 The Implementation of Automation Technologies is Growing in This Industry
7.5 Chemical
7.5.1 Petrochemicals & Polymers
7.5.1.1 The Growth of the Petrochemicals & Polymers Segment is Opening Up Opportunities for the Adoption of Industry 4.0 Solutions
7.5.2 Specialty Chemicals
7.5.2.1 Data Analytics Have Immense Scope in This Segment of the Chemical Industry
7.5.3 Fertilizers & Agrochemicals
7.5.3.1 The Growing Demand for Organic Chemicals is Expected to Drive the Market
7.5.4 Others
7.6 Pharmaceutical
7.6.1 Increasing Demand for Industrial Automation to Ensure Product Standard is Driving Digital Transformation in This Industry
7.7 Pulp & Paper
7.7.1 The Ongoing Digitization of the Paper Manufacturing Process is Expected to Drive Chemical 4.0 Adoption in the Industry
7.8 Used Cases
8 Chemical 4.0 Market, By Process
8.1 Introduction
8.2 Research & Development (R&D)
8.2.1 Reduced Product Development Time
8.3 Manufacturing
8.3.1 Leveraging Technology to Improve Production Process
8.4 Procurement
8.4.1 Inventory Management Complements Procurement Process
8.5 Packaging
8.5.1 Achieving Sustainability Through Automation and Technology
8.6 Supply Chain Management and Logistics
8.6.1 Faster and Flexible Distribution
8.6.2 Maintaining A Large Amount of Data
8.6.3 Automation as A Solution
8.6.4 Warehousing for Profit
9 Chemical 4.0 Market, By Region
9.1.1 Introduction
9.1.2 APAC
9.1.3 Europe
9.1.4 North America
9.1.5 Middle East & Africa
9.1.6 South America
10 Competitive Landscape
11 Company Profiles
11.1 Siemens AG
11.1.1 Business Overview
11.1.2 Products Offered
11.1.3 Recent Developments
11.1.4 Winning Imperatives
11.1.5 Current Focus and Strategies
11.1.6 Threat From Competition
11.1.7 Siemens AG's Right to Win
11.2 General Electric Co.
11.3 ABB Ltd.
11.4 Rockwell Automation, Inc.
11.5 Emerson Electric Co.
11.6 Yokogawa Electric Corporation
11.7 Honeywell International Inc.
11.8 Mitsubishi Electric Corporation
11.9 Schneider Electric SE
11.10 Fanuc Corporation
11.11 Fortive
11.12 International Business Machines Corporation
11.13 Cisco Systems Inc.
11.14 Microsoft Corporation
11.15 Stratasys Ltd.
11.16 Hewlett Packard Enterprise Company
11.17 Qualcomm Inc.
11.18 Samsung Electronics Co. Ltd
11.19 Texas Instruments Inc.
11.20 Atos SE
11.21 3D Systems Corporation
11.22 Denso Corporation
11.23 Other Players
For more information about this report visit https://www.researchandmarkets.com/r/qqrput
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Related Links
http://www.researchandmarkets.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article