IoT Market In Chemical Industry is projected to register high demand during the forecast period with increasing demand from major IoT technology such as software & services, device management, application & connectivity management during the forecast period.
The Internet of Things (IoT) is a modern system of computing devices designed to provide connectivity within various interrelated devices and applications to deliver quantifiable benefits within business processes. The IoT progress occurs due to the merging of multiple technologies such as real-time analytics, machine learning, advanced & real-time sensors, and other embedded systems that include a network of various sensors, automation, different control systems, and other related devices. In recent times, such type of digital transformation has changed the way of operations in many industries ranging from aerospace & defense, automotive, oil & gas, chemicals, healthcare, etc.
Segment Insights
The chemical industry is a group of industries that produce a variety of products used in a wide range of end-use industries in different value chains. Today’s competitive market environment, along with the rapidly changing customer preferences, shifting towards green and renewable products, has enabled chemical companies to adopt innovative technological solutions. Cost suppression pressures, narrowing margin gap, improvement of plant production capacity, effective & efficient supply chain, new product innovation, and development have led chemical companies to adopt the consecration of modern technologies. Besides this, the emergence of new players, growing regulatory issues, and increasing adoption of green & renewable products have driven the use of advanced technologies in the chemical industry.
In the chemical industry, IoT can provide a set of networks and processes that can be included with a variety of modern and advanced technological products and services in multiple networks to improve data accumulation, data mining, interpretation, and action based on the outcome. This can further help the chemical industry to improve product efficiency, innovation, supply chain networks, and other processes within the chemical industry. The IoT market in the chemical industry promises high growth during the forecast period with factors such as a focus on improving plant productivity, and effective supply chain management.
Key Factors Impacting Market Growth:
- Improvement of plant productivity, product innovation, and effective supply chain management
- A competitive market position with a good profit margin
- A decline in the downtime and unplanned maintenance i.e. better predictive maintenance to reduce unwanted downtime cost
Regional Analysis
On the basis of the region, the IoT market In the chemical Industry market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America and Western Europe are some of the major markets that are also traditional suppliers of chemicals such as specialty chemicals, bulk chemicals, and so on. Major companies in this market are headquartered in North America and Western Europe. This region has been witnessing a number of transitions in terms of productions of chemicals and respective applications by end-use industries. The preference towards bio-based feedstock has been instrumental in the development of the green alternatives in these regions. Moreover, regulatory authorities have imposed strict guidelines with regard to environmental concerns and potential health hazards due to exposures. This has been more instrumental in the Western Europe region competitively. Some of the major economies in these regions include the US, Germany, UK, France, Canada, Italy, Spain, and so on.
The Asia Pacific and the Middle East are expected to register substantial growth in the IoT market In the chemical Industry market during the forecast period. This demand is with regard to the growth of major IoT technology such as software & services, device management, application & connectivity management and others. Major countries in the Asia Pacific region include China, South Korea, Japan, India, Australia, and so on. Middle East includes the UAE, Saudi Arabia, Iran, Israel, Egypt, and so on. Eastern Europe has been largely dominated by Russia and Turkey with operations of major chemical giants in the region. Rest the World that includes South America and Africa has a strong potential for the IoT market In chemical Industry market. There has been an increasing number of investments by global companies in these regions to strengthen their presence and tap the potential market. Major economies in these regions for the IoT market In the chemical Industry market include Brazil, South Africa, Nigeria, Argentina, Colombia, and others.
Companies Covered: The major companies that provide IoT to the chemical industry studied in the report are Intel Corporation, Oracle, Microsoft, Google, Amazon Web Services, IBM Corporation, CISCO Systems, and Others…
Market Segmentation:
By Chemical Industry Type:
- Specialty Chemicals
- Paints and Coatings
- Personal Care
- Petrochemical
- Consumer Products
- Others
By IoT Technology Platform:
- Software and Services
- Device Management
- Application and Connectivity Management
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Chemical Industry Type
- By IoT Technology Platform
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Chemical Industry Type
- By IoT Technology Platform
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Chemical Industry Type
- By IoT Technology Platform
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Chemical Industry Type
- By IoT Technology Platform
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of the Middle East)
- By Chemical Industry Type
- By IoT Technology Platform
- Rest of the World
- By Region (South America, Africa)
- By Chemical Industry Type
- By IoT Technology Platform
Reasons To Buy This Report:
- Market size estimation of the global IoT market in the chemical industry on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
- In-depth primary interviews with leading service providers, along with other players in the chemical industry value chain
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
For more information, contact: sales@quincemarketinsights.com