Global IoT in Chemical Market Overview:
Chemical companies invest heavily in the technology solution, generate volumes of data during manufacturing, but they exploit only a small amount to improve decision making and add value. In a complex and with stringent rules and regulated, global business environment, it gets important to have an integrated supply chain. Data from sensors embedded in the product packaging or transportation assets, this helps the manufacturer to track and trace the location, condition, and authenticity of products through the help of IoT. IoT in chemical -plays a vital role as it connected sensors, devices, and apps comprising the IoT to help chemical engineers improve chemical process control to increase the consistent results while reducing the probability of production delays or shutdowns.
- Increasing Adoption of Industrial Robots
- Industry 4.0 Transformation in Chemical Industry
- Rise in Demand for Industry-Specific Solutions to Drive the Growth of the Market for IoT in Manufacturing
- Increased Emphasis on Regulatory Compliances
- High Capital Investment Required for Transformation
- Threats to Data Security and Other Cybersecurity Risks
- Potential Growth in Emerging Economies
- Advancement in IoT, Cognitive Computing, and Additive Manufacturing
- Real-Time Data Generation and Data-Driven Process
- Enterprise-Wide Integration Leading to Enhanced Efficiency
- Challenges in Information Technology and Operational Technology Convergence
- Employee Pushback and Change Management
Some of the key players profiled in the report are Siemens AG (Germany), General Electric Co (United States), Qualcomm (United States), Microsoft Corporation (United States), Fortive (United States), Cisco Systems (United States), ABB Ltd (Switzerland), Rockwell Automation, Inc. (United States), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany), Emerson Electric Co (United States) and Honeywell International Inc. (United States). Additionally, following companies can also be profiled that are part of our coverage like Stratasys (Isreal) and Yokogawa Electric Corporation (Japan). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global IoT in Chemical market by 2025. Considering Market by Vertical, the sub-segment i.e. Chemicals will boost the IoT in Chemical market. Considering Market by Platform, the sub-segment i.e. Device management will boost the IoT in Chemical market. Considering Market by Technology Type, the sub-segment i.e. Enabling Technology (Industrial Robotics, 3D Printing, Machine Vision, Internet of Things, Big data, Artificial Intelligence, Machine Condition Monitoring, AR & VR and Digital Twin) will boost the IoT in Chemical market. Considering Market by Component, the sub-segment i.e. Software Solution will boost the IoT in Chemical market.
May 2019, BASF and Emerson agreed on a multi-million dollar contract to modernize automation software and controllers at BASFs specialty chemical production facility in Lampertheim, Germany.
In July 2019, Mitsubishi Electric Corporation has launched world’s first diagnostic technology based on the company's proprietary Maisart artificial intelligence (AI) technology that uses machine learning to analyze sensor data and then generate models.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global IoT in Chemical market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in IoT in Chemical market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.