IoT in Chemical Industry Market: Introduction
- IoT in chemical industry is used to improve production of chemicals. IoT employs embedded solutions with software integrity sensors to connect the IoT system. The chemical industry also uses an IoT-enabled mobile robotics platform that provides a high-quality video feed of the tank’s condition and helps the worker to make a preventative maintenance analysis
- The chemical industry has different types of control loops. Each loop relates to something detailed about the broader process of creating a chemical, which adheres to the standard. IoT helps control the loop in order to maintain the exact temperature and monitor the flow level of a substance moving through a pipe.
- Adoption of IoT in the chemical industry is expected to increase among end-users in order to mitigate the risk and reduce the number of accidents at chemical plant sites
IoT in Chemical Industry Market: Dynamics
IoT in Chemical Industry Market: Key Drivers
- IoT in the chemical industry can be efficiently combined with core marketing and conversion process to digitally transform operations for quality assurance and predictive maintenance in the chemical industry.
- Adoption of IoT in the chemical industry helps enhance productivity with higher revenue and improved asset utilization. Hence, this is expected to increase the market during the forecast period.
- IoT in the chemical industry is helping improve overall safety on job sites. Sites in the chemical Industry are equipped with IoT devices and sensors that monitor several features of chemical industry operations and inform the team whenever they sense possible safety hazards.
High initial investment and lack of awareness in small & medium enterprises to hinder market
- Several small & medium-sized enterprises are budget conscious and cannot afford high initial investments to integrate IoT in the chemical industry, which in turn restrains the market
- Lack of awareness about the benefits of IoT in chemical industry & process automation tools among small & medium enterprises is also expected to hamper the market
Impact of COVID-19 on IoT in Chemical Industry Market
- Increase in number of cases of COVID-19 across the globe is resulting in an economic slowdown. Demand for IoT among especially in small & medium-sized enterprises in the chemical industry is set to decrease. Companies are reducing investment in advanced industrial technological solutions due to low return on investment during the COVID-19 period. This is expected to restrain the IoT in chemical industry market.
Asia Pacific to Hold Major Share of the IoT in Chemical Industry Market
- Asia Pacific is estimated to account for a notable share of the global IoT in chemical industry market owing to the rising chemical production in India, China, Thailand, and Indonesia, along with increasing industrialization and urbanization in the region. Furthermore, expansion of metals and mining companies in the region is also projected to drive the IoT in chemical industry market.
Key Players Operating in the Global IoT in Chemical Industry Market
- Honeywell International, Inc.
Honeywell International, Inc. is an automation and manufacturing company that offers solutions in security, safety, and energy. The company uses its technology to improve the efficiency of products and processes. The company has expertise in workplace and emergency management solutions. It also offers security and control technologies for industrial, defense, and residential end-users. It has a strong presence, globally, to accommodate each market-specific need. The company was incorporated in 1906 and is headquartered in North Carolina, U.S.
- Rockwell Automation, Inc.
Rockwell Automation, Inc., was incorporated in 1903 and is headquartered Wisconsin, U.S. The company is a leading provider of industrial automation products. The company provides industrial automation to enhance productivity of end-use industries. The company operates its business in three segments: software and control, intelligent devices, and lifecycle services. Software and control includes information and network security; intelligent devices comprise sensors, drivers, and industrial components; and lifecycle services offers consulting and maintenance services.
Other key players operating in the global IoT in chemical industry market include Siemens AG, General Electric, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, and Altizon.
IoT in Chemical Industry Market: Research Scope
IoT in Chemical Industry Market, by Type
- Operational Technology
- Programmable Logic Controller (PLC)
- Manufacturing Execution System (MES)
- Enterprise Resource Planning (ERP)
- Supervisory Control and Data Acquisition (SCADA)
- Human Machine Interface (HMI)
- Plant Asset Management (PAM)
- Product Lifecycle Management (PLC)
- Internet of Things (IoT)
- Artificial Intelligence (AI)
- Machine Vision
- Big Data
- 3D Printing
- Augmented Reality (AR) & Virtual Reality (VR)
- Industrial Robotics
IoT in Chemical Industry Market, by End-user
- Metals & Mining
- Food & Beverages
- Pulp & Paper
IoT in Chemical Industry Market, by Process
- Research & Development (R&D)
- Supply Chain Management and Logistics
IoT in Chemical Industry Market, by Industry
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
IoT in Chemical Industry Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.