IoT in Chemical Industry Market to Garner $193.9 Billion, Globally, By 2031 at 13.3% CAGR, Says Allied Market Research

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Sep 15, 2022, 05:30 ET

PORTLAND, Ore., Sept. 15, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "IoT in Chemical Industry Market by Technology (Industrial Robotics, Big Data, Artificial Intelligence, AR and VR, Machine Vision, 3D Printing, Digital Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, Others), by Application (Petrochemicals and Polymers, Fertilizers and Agrochemicals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global IoT in Chemical Industry market was estimated at $57.4 billion in 2021, and is set to reach $193.9 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, restraints, and opportunities

Large-scale application of the internet of things (IoT) in various applications such as petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, consumer chemicals, industrial gases, and water management drive the growth of the global IoT in chemical industry market. Furthermore, a massive penetration of industrial robots in chemical sector will boost global market trends. However, growing concerns pertaining to data privacy and huge initial costs can pose a threat to the growth of the global market. Nevertheless, a prominent surge in the chemical production in emerging economies and developed countries can open new growth opportunities for the global market.

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Covid-19 scenario:

The COVID-19 pandemic severely impacted the growth of the global IoT in Chemical Industry market due to strict lockdowns and shutdowns of chemical units and factories.
Disruptions in the supply chain negatively impacted chemical production, thereby halting the expansion of the global market.
Escalating demand for cloud-based IoT solutions in the chemical sector during the COVID-19 pandemic has helped the chemical sector maintain sustainable growth.

The plant asset management segment to record the highest CAGR Over 2022-2031

Based on the technology, the plant asset management segment is projected to record the highest CAGR of 14.1% from 2022 to 2031 owing to the use of asset management software in collecting data about crucial performance by tracking assets' lifecycle from procurement to disposal. This data encompasses the condition, usage, maintenance, and average lifecycle of an asset. The chemical engineering industry relies highly on the efficient management of its production plants and fixed assets, hence chemical asset management tools are gaining traction globally. These tools help improve the reliability of equipment and machinery as well as maximize the utilization of assets. They also help businesses in reducing expenses on asset-related maintenance and insurance costs. The report also analysis other segments such as Industrial Robotics, Big Data, Artificial Intelligence, AR and VR, Machine Vision, 3D Printing, Digital Twin, Manufacturing Execution System, Distributed Control System, and Others.

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The Petrochemicals and Polymers segment to hold the major market share over 2022-2031

On basis of the application, the Petrochemicals and Polymers segment is predicted to account for the highest market share in 2031. The segment will contribute more than two-fifths of the global IoT in Chemical Industry market share in 2031. Furthermore, the same segment is anticipated to register the highest CAGR of 14.1% over the forecast period. The growth of the segment over the forecast timeline can be attributed to the massive use of IoT technology in delivering innovative solutions for data collection in the traditional petroleum and petrochemical industry to meet the oil demand of the people. IoT also addressed the business needs of the people and reduces costs along with enhancing operational efficiency. Moreover, companies nowadays are installing cameras in their super absorbent polymer (SAP) production lines, where a deep-learning algorithm is applied that learns behaviors via moving images. This is helping companies to deal with production lines and shutdowns impacted by foreign substances and enhance the efficiency of product inspection. The report also includes other segments such as Fertilizers and Agrochemicals and Others.

Asia-Pacific to retain global market domination over 2022-2031

By region, Asia-Pacific contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly three-fifths of the global IoT in Chemical Industry market in 2021. Furthermore, the region also registered the fastest growth with a CAGR of 14.1% during the forecast timespan. The growth of the market in the region over the forecast timeframe can be credited to the rising chemical production in countries such as China, Thailand, India, and Indonesia, along with surging industrialization and urbanization in the Asia-Pacific zone. The report also analyzes other regions including LAMEA, North America, and Europe.

Major Market Players

ABB Ltd
Altizon, Inc.
Atos SE
Cisco Systems, Inc.
Emerson Electric Co
Endress+Hauser AG
Fanuc Corporation
General Electric
Honeywell International Inc.
Microsoft Corporation
Mitsubishi Electric Corporation
Rockwell Automation, Inc.
Schneider Electric SE
Siemens AG
Yokogawa Electric Corporation

The report analyzes these key players in the global IoT in Chemical Industry market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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