IoT in Chemical Industry Market – Covering Impact of COVID-19, Financial Information, Developments, SWOT Analysis based on Current Market Status, Trends, Types, Major Companies by 2030

New York, NY -- (SBWire) -- 10/06/2020 --The global IoT in chemical industry market is estimated to be over US$ 39 Bn in 2018. It is anticipated to grow at a healthy CAGR from 2019 to 2030.

The significant growth of the market can be attributed to the emphasis on high production yield by optimization of several process factors which requires continuous monitoring which can be achieved by the adoption of IoT technology. Moreover, one of the other major concern in the chemical industry is, the risk involved while handling and production of chemical products. The efficient risk management offered by the application of machine based on IoT and cloud computing is promoting the growth of the market.

Top Players are:

The prominent players in the global IoT in chemical industry market are Siemens, GENERAL ELECTRIC, ABB, Emerson Electric Co., Honeywell International Inc, Schneider Electric, Yokogawa Electric Corporation, Rockwell Automation, Inc., FANUC America Corporation, Cisco Systems, Inc. among others.

Download PDF for Deep Analysis on COVID-19's Impact on "IoT in Chemical Industry Market" @ https://www.marketindustryreports.com/pdf/138

Growing Factors:

The key factor driving the IoT in chemical industry market is an emphasis on the digitalization of chemical plants for higher production efficiency. For instance, Denka a global chemical manufacturer started a chemical plant on Singapores Jurong Island. The plant is provided with Emerson Connected Services based on Industrial Internet of Thing (IIoT) technologies, for steam trap monitoring, which will help the plant save 7% of the cost of steam. Furthermore, in February 2017, JGC Corporation and NEC Corporation collaborated for developing Efficient Plant Operations by using AI (Artificial Intelligence) and IoT (Internet of Things) technologies. Systems based on IoT will help in detecting signs of abnormalities in plant operations and provide related services for plants serving the sectors of oil refinement, chemical, LNG (liquefied natural gas) and gas, power, resource development, and other fields.

Chemical industries are associated with toxic products hence risk management remains an essential concern. With the adoption of IoT in chemical industries, the risk can be reduced by safety management system assured by improved monitoring assets, processes, people, and products on a continuous and real-time basis. For combating the risk associated with chemical plants, the adoption of IoT is increasing which propels the growth of the market. For instance, In July 2019, Emerson Electric Co. launched two new Rosemount 628 Universal Gas Sensors to measure carbon monoxide and oxygen depletion which will help in eliminating the risk related to gas leaks.

Segmentation Based On:

By Process:

1.Manufacturing,
2.Packaging
3.Research & Development (R&D)

Chemical Industry Vertical:

1.Petrochemicals & Polymers,
2.Fertilizers & Agrochemicals
3.Specialty Chemicals

Get Free Customization @ https://www.marketindustryreports.com/free-customization/138

Regional Analysis:

Asia Pacific is estimated to account for the highest CAGR in IoT in chemical industry market over the forecast period. Extensive efforts put in urbanization and industrialization for the production of chemicals are driving the growth of the market in this region. Countries in this region specifically China and India have several chemical and associated industries that are driving further adoption of various automation solutions and products based on IoT technology.

Research objectives:-

- To study and analyze the global IoT in chemical industry Market consumption (value & volume) by key regions/countries, product type and application, history data.
- To understand the structure of the IoT in chemical industry Market by identifying its various sub-segments.
- Focuses on the key global IoT in chemical industry Market manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
- To analyze the IoT in chemical industry Market with respect to individual growth trends, future prospects, and their contribution to the total market.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

Table of Content:

1.INTRODUCTION
1.Market Definition
2.Market Classification
3.Geographic Scope
4.Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecasted Years – 2019 to 2030
5.Currency Used

2.RESEARCH METHODOLOGY
1.Research Framework
2.Data Collection Technique
3.Data Sources
1.Secondary Sources
2.Primary Sources
4.Market Estimation Methodology
1.Bottom Up Approach
2.Top Down Approach
5.Data Validation and Triangulation
1.Market Forecasting Model
2.Limitations/Assumptions of the Study

3.ABSTRACT OF THE STUDY

4.MARKET DYNAMICS ASSESMENT
1.Overview
2.Drivers
3.Barriers/Challenges
4.Opportunities

5.UNIQUE SELLING PROPOSITIONS (USPs)
1.Technological Advancements

Have Any Query? Inquire Here Before Buy @ https://www.marketindustryreports.com/inquiry/138

About Market Industry Reports:

Market Industry Reports is a global leader in market measurement & advisory services, Market Industry Reports is at the forefront of innovation to address the worldwide industry trends and opportunities. We identified the caliber of market dynamics & hence we excel in the areas of innovation and optimization, integrity, curiosity, customer and brand experience, and strategic business intelligence through our research.

Contact Us:

Phone: + 91 8956767535
Email: sales@marketindustryreports.com