What is IoT In Chemical Industry?
IoT is a network of interconnected devices that are enabled with the technology of interacting with each other or external environment to solve some purpose. In chemical industries, IoT is highly used for processes like procurement, production, and logistics. In recent times, IoT is gaining much popularity in various industries to improve quality, predict maintenance, etc. and reduce downtime and cost of quality management systems. However, the rise of fourth industrial revolution has boosted the adoption of advanced technologies like AI, ML, IoT, and many more among the industries.
The market study is broken down, by Application (Remote Operations, Predictive Analytics, Predictive Maintenance, Energy Management and Others) and major geographies with country level break-up.
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global IoT In Chemical Industry market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Honeywell International (United States), Altizon, Inc. (India), General Electric (United States), Siemens AG (Germany), Schneider Electric (Germany), Rockwell Automation (United States), Yokogawa Electric Corporation (Japan), Mitsubishi Electric Corporation (Japan), ABB Ltd. (Switzerland) and Hewlett Packard Enterprise (United States) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global IoT In Chemical Industry market by Type, Application and Region.
On the basis of geography, the market of IoT In Chemical Industry has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. Cloud will boost the IoT In Chemical Industry market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Chemical Vertical, the sub-segment i.e. Commodity Chemicals will boost the IoT In Chemical Industry market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering, the sub-segment i.e. Hardware will boost the IoT In Chemical Industry market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In September 2020, Accenture acquired Germany-based SALT Solutions AG to Improve Manufacturing Operations and Logistics with Cloud-Based Industrial IoT Platforms. SALT Solutions implements and maintains IT systems for production, operations and logistics at leading German automotive, manufacturing, consumer goods and chemicals companies. With the acquisition of SALT Solutions, Accenture will build cloud-based industrial internet of things (IoT) platforms that speed up and optimize clients’ production and logistics and enable them to reduce quality and waste issues along the entire supply chain.
In July 2021, Movement Industries Corporation announced the launch of the software. The software is a fully integrated SaaS product with a hardware platform based on cellular and satellite communications modules and allows for the monitoring and/or control of all chemical injection assets. The software has been built for chemical injection pump systems that help to reduce exposure to health, safety, and environmental incidents and optimize the production process.
- Growing Petrochemical and Pharmaceutical Industries in Chemical Vertical Will Boost the Adoption of IoT
- Increasing Automation, Adoption of IIoT Devices or Sensors and Higher Demand of Big Data Analytics in Chemical Industry to Predict Maintenance, Monitoring Energy Cost, and Chemicals in Transit
- Increasing Investment in R&D Activities in Order to Develop New Products and Improvement in Existing Products
- Growing Security and Privacy Concern of Data
- Rapidly Increasing Price of Petrochemical Raw Materials Across the Globe
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, IoT in Chemical Industry Hardware Manufacturers, IoT in Chemical Industry Software & Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-use Industries and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as Honeywell International (United States), Altizon, Inc. (India), General Electric (United States), Siemens AG (Germany), Schneider Electric (Germany), Rockwell Automation (United States), Yokogawa Electric Corporation (Japan), Mitsubishi Electric Corporation (Japan), ABB Ltd. (Switzerland) and Hewlett Packard Enterprise (United States) etc.
2. Can we have customized study for IoT In Chemical Industry Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of IoT In Chemical Industry Market by 2026?
Analysts at AMA estimates IoT In Chemical Industry Market to reach USD Million by 2026.