DUBLIN, Jan. 30, 2020 /PRNewswire/ -- The "IoT in Chemical Industry by Technology Type (Enabling Technology and Operational Technology), Chemical Verticals (Mining & Metals, Food & Beverages, Chemicals, Pharmaceuticals, Paper & Pulp), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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The Global IoT in Chemical Industry is estimated to grow from USD 48.9 billion in 2019 to USD 77.9 billion by 2024, at a CAGR of 9.7%.

It is largely driven by the increasing emphasis on technology for various industrial applications, such the growing use of IoT in the manufacturing process and the introduction of AI base models in predictive analytics for asset management and condition monitoring.

The key players profiled in the report include as Siemens AG (Germany), General Electric Co (US), ABB Ltd (Switzerland), Rockwell Automation, Inc. (US), Emerson Electric Co (US), Yokogawa Electric Corporation (Japan), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany).

Enabling technology is expected to be the fastest-growing type segment of the IoT in Chemical Industry market, in terms of value, between 2019 and 2024

The enabling technology segment is projected to register the highest growth, in terms of value, during the forecast period. The growing concern toward the reduction of risk associated with chemical and metal industries, rising environmental concerns due to chemical release from the plants, and the rising emphasis on circular economy are driving the demand for digital transformation, which is leading to the growth in the IoT in Chemical Industry market.

Chemical verticals segment is estimated to register the highest growth rate, between 2019 and 2024

The chemical verticals segment is estimated to register the highest growth rate, in terms of value, between 2019 and 2024. This is owing to the increase in chemical production across various regions and rise in demand for specialty chemicals in advanced engineering processes.

The chemicals segment is expected to reach USD 5 trillion in next 5 years. This also reflects the growing chemical production facilities and infrastructure globally. The increased number of chemical refineries and production plants is expected to impact the market positively since new plants are highly anticipated to adopt technologies such as IoT, big data, augmented reality, and industrial robots.

Rising customer demand from food & beverage and pharmaceutical industries and the growth in chemical production are likely to drive the demand for IoT in Chemical Industry in APAC

The APAC IoT in Chemical Industry market is estimated to witness significant growth during the forecast period. The growing chemical production in China and increasing urbanization and industrialization are driving the IoT in Chemical Industry market in the region. In addition, the rise of mining and metal companies in the region will further drive the IoT in Chemical Industry market.

APAC has some of the highest growing countries in the world. This is possible due to the growth in industrial infrastructure and increased foreign investments. Various plants and production facilities are anticipated to start in the region in the coming years. Greenfield projects are likely to integrate new processing technologies, thus further boosting the growth of the IoT in Chemical Industry market.

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Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights 4.1 Attractive Growth Opportunities in the Chemical 4.0 Market4.2 Chemical 4.0 Market, By Region (2019-2024)4.3 APAC: Chemical 4.0 Market, By Enabling Technology and Country4.5 Chemical 4.0 Market, By Operational Technology

5 Market Overview 5.1 Introduction5.1.1 Market Evolution5.1.2 Elements of Chemical 4.05.1.2.1 Cyber Physical Systems5.1.2.2 Industrial Internet of Things5.1.2.3 Cloud Computing5.1.2.4 Cognitive Computing5.1.2.5 Data5.1.3 Essentials of Chemical 4.05.1.3.1 Technical Requirements5.1.3.1.1 Connectivity5.1.3.1.2 Sensor Technology5.1.3.1.3 Automation5.1.3.1.4 Data Analytics5.1.3.2 Organizational Requirements5.1.3.2.1 Digitization Strategy5.1.3.2.2 Workforce Optimization5.1.3.2.3 Change Management5.1.3.2.4 Cross-Industry Collaborations5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Increased Emphasis on Efficiency and Optimization5.2.1.2 Increasing Adoption of Industrial Robots5.2.1.3 Increasing Demand for Industry-Specific Solutions to Drive the Growth of the Market for IoT in Manufacturing5.2.1.4 Increased Emphasis on Regulatory Compliances5.2.1.5 Growth of the Semiconductor Industry and Other Supporting Industries5.2.1.6 5G Communication5.2.1.7 Circular Economy5.2.2 Restraints5.2.2.1 High Capital Investment Required for Transformation5.2.2.2 Low Adoption Rate of Technologies5.2.3 Opportunities5.2.3.1 Industrial Growth in Emerging Economies5.2.3.2 Enterprise-Wide Integration Leading to Enhanced Efficiency5.2.3.3 High Emphasis on Digitization By Governments Globally5.2.3.4 Advancement in IoT, Cognitive Computing, and Additive Manufacturing5.2.3.5 Real-Time Data Generation and Data-Driven Process5.2.3.6 Better Working Conditions, Superior Sustainability, Increased Energy-Efficiency, and Environmentally Sustainable Production and Systems5.2.3.7 Food Safety, Spoilage, and Contamination5.2.4 Challenges5.2.4.1 Threats to Data Security and Other Cybersecurity Risks5.2.4.2 Skill Gap5.2.4.3 Lack of Infrastructure5.2.4.4 Challenges in Information Technology and Operational Technology Convergence5.2.4.5 Low Adoption Rate of Industry 4.0 Infrastructure in Small- and Medium-Sized Industries5.2.4.6 Employee Pushback and Change Management5.2.4.7 Transparency, Ethics, and Regulatory Compliances

6 Chemical 4.0 Market, By Type 6.1 Introduction6.2 Operational Technology6.3 Distributed Control System (DCS)6.3.1 DCS Provide Safe Execution and Control of Critical Process, Which are Not Possible to Control Manually Due the Risks Involved6.4 Programmable Logic Controller (PLC)6.4.1 Increasing Number of Factories are Generating Demand for Micro and Nano Plcs6.5 Manufacturing Execution System (MES)6.5.1 High Rate of Adoption of Mes is Due to Its Increasing Benefits in Process and Discrete Industries6.6 Enterprise Resource Planning (ERP)6.6.1 Ability to Integrate All the Critical Business Information Across an Organization is Boosting the Adoption of Erp Solutions in Smart Factories6.7 Supervisory Control and Data Acquisition (SCADA)6.7.1 Shift Toward Development of Scada App for Smartphones and Tablets is Likely to Encourage Chemical 4.0 Market Growth6.8 Plant Asset Management (PAM)6.8.1 Increasing Demand for Software Solutions Capable of Determining Failures in Advance is Favoring the Market for Pam6.9 Human Machine Interface (HMI)6.9.1 Evolution of Industrial Internet of Things (IIoT) and the Growing Demand of Smart Automation Solutions are Driving the Market6.10 Product Lifecycle Management (PLM)6.10.1 Rising Demand for Efficiency and Productivity in Manufacturing Plants Across the Globe is Promising for the Market6.11 Enabling Technology6.12 Industrial Robotics6.12.1 Traditional Robots6.12.1.1 Cartesian Robots6.12.1.1.1 Cartesian Robots Help With A High Degree of Mechanical Rigidity, Accuracy, and Repeatability6.12.1.2 Scara Robots6.12.1.2.1 Scara Robots Provide Higher Flexible Reach6.12.1.3 Articulated Robots6.12.1.3.1 These Robots Cover A Larger Work Envelope6.12.1.4 Other Robots6.12.2 Collaborative Robots6.12.2.1 The Robotics Industry Players are Focusing on Designing Collaborative Robots as Per the Requirements of Smart Manufacturing Facilities6.13 Machine Vision6.13.1 Machine Vision Will Be Able to Reduce the Risk of Humans to Get Exposed to Hazardous and Toxic Conditions in Chemical Industries6.14 Internet of Things (IoT)6.14.1 IoT is Gaining Traction With Its Ability to Enhance Product Knowledge and Production Efficiency6.15 3D Printing6.15.1 The 3D Printing Market is Experiencing Growth With Strong
R&D Regarding New Print Materials and Technologies6.16 Big Data6.16.1.The APAC Region Holds Immense Potential for the Growth of the Big Data Market6.17 Machine Condition Monitoring6.17.1 The Technology is Helpful in the Reduction of Maintenance Costs By Optimizing Machine Performance6.18 Augmented Reality (AR) & Virtual Reality (VR)6.18.1 The Implementation of These Technologies is Increasing in Various Industries, Including Chemical6.19 Artificial Intelligence (AI)6.19.1 The Major Factor Contributing to the Growth of the Market in the Ai Segment is the Ability of the Technology to Reduce Human Errors6.20 Digital Twin6.20.1 APAC is the Fastest-Growing Market in This Segment

7 Chemical 4.0 Market, By Industry Vertical 7.1 Shift in Revenue Streams Due to Megatrends in Chemical Industry7.2 Introduction7.3 Metals & Mining7.3.1 Rising Demand for Preventive Maintenance is Encouraging the Adoption of Industry 4.0 Solutions in the Mining Industry7.4 Food & Beverage7.4.1 The Implementation of Automation Technologies is Growing in This Industry7.5 Chemical7.5.1 Petrochemicals & Polymers7.5.1.1 The Growth of the Petrochemicals & Polymers Segment is Opening Up Opportunities for the Adoption of Industry 4.0 Solutions7.5.2 Specialty Chemicals7.5.2.1 Data Analytics Have Immense Scope in This Segment of the Chemical Industry7.5.3 Fertilizers & Agrochemicals7.5.3.1 The Growing Demand for Organic Chemicals is Expected to Drive the Market7.5.4 Others7.6 Pharmaceutical7.6.1 Increasing Demand for Industrial Automation to Ensure Product Standard is Driving Digital Transformation in This Industry7.7 Pulp & Paper7.7.1 The Ongoing Digitization of the Paper Manufacturing Process is Expected to Drive Chemical 4.0 Adoption in the Industry7.8 Used Cases

8 Chemical 4.0 Market, By Process 8.1 Introduction8.2 Research & Development (R&D)8.2.1 Reduced Product Development Time8.3 Manufacturing8.3.1 Leveraging Technology to Improve Production Process8.4 Procurement8.4.1 Inventory Management Complements Procurement Process8.5 Packaging8.5.1 Achieving Sustainability Through Automation and Technology8.6 Supply Chain Management and Logistics8.6.1 Faster and Flexible Distribution8.6.2 Maintaining A Large Amount of Data8.6.3 Automation as A Solution8.6.4 Warehousing for Profit

9 Chemical 4.0 Market, By Region 9.1.1 Introduction9.1.2 APAC9.1.3 Europe9.1.4 North America9.1.5 Middle East & Africa9.1.6 South America

10 Competitive Landscape

11 Company Profiles 11.1 Siemens AG11.1.1 Business Overview11.1.2 Products Offered11.1.3 Recent Developments11.1.4 Winning Imperatives11.1.5 Current Focus and Strategies11.1.6 Threat From Competition11.1.7 Siemens AG's Right to Win11.2 General Electric Co.11.3 ABB Ltd.11.4 Rockwell Automation, Inc.11.5 Emerson Electric Co.11.6 Yokogawa Electric Corporation11.7 Honeywell International Inc.11.8 Mitsubishi Electric Corporation11.9 Schneider Electric SE11.10 Fanuc Corporation11.11 Fortive11.12 International Business Machines Corporation11.13 Cisco Systems Inc.11.14 Microsoft Corporation11.15 Stratasys Ltd.11.16 Hewlett Packard Enterprise Company11.17 Qualcomm Inc.11.18 Samsung Electronics Co. Ltd11.19 Texas Instruments Inc.11.20 Atos SE11.21 3D Systems Corporation11.22 Denso Corporation11.23 Other Players

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