EINPresswire/ -- Allied Market Research has published a report titled, “IoT in Chemical Industry Market by Technology (Industrial Robotics, Big Data, Artificial Intelligence, AR and VR, Machine Vision, 3D Printing, Digital Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, and Others) and Application (Petrochemicals and Polymers, Fertilizers and Agrochemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2031.”

According to the report, the global IoT in chemical industry market generated $57.4 billion in 2021 and is projected to reach $193.9 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

Market Dynamics:-

Drivers:

- The widespread adoption of IoT technologies across various chemical segments including petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, consumer chemicals, industrial gases, and water management drives market growth. In addition, the growing penetration of industrial robotics within chemical manufacturing processes further boosts market expansion.

Restraints:

- High implementation costs and data privacy concerns remain key challenges for market players.

Opportunities:

- The rapid increase in chemical production in both emerging and developed economies presents significant growth opportunities for the IoT in chemical industry market.

Segment Insights

Plant Asset Management Segment to Exhibit Highest Growth:

- Based on technology, the plant asset management segment is expected to register the highest CAGR of 14.1% from 2022 to 2031. The growth is attributed to increasing use of asset management software to monitor asset lifecycles, improve equipment reliability, reduce maintenance costs, and optimize plant performance.

Petrochemicals and Polymers Segment to Lead Market Share:

- By application, the petrochemicals and polymers segment held more than two-fifths of the global market share in 2021 and is expected to maintain dominance through 2031, registering a CAGR of 14.1%. The integration of IoT technologies in this segment enhances data collection, operational efficiency, and cost reduction. For instance, chemical producers are implementing AI-powered camera systems in super absorbent polymer (SAP) production lines to detect irregularities and prevent downtime.

Regional Insights

Asia-Pacific Dominates and Will Continue to Lead:

- Asia-Pacific accounted for nearly three-fifths of the global market in 2021 and is expected to maintain its dominance, growing at a CAGR of 14.1% during the forecast period. The region’s growth is driven by increasing chemical production and industrialization in countries such as China, India, Thailand, and Indonesia.

Key Market Players:

Leading players in the global IoT in chemical industry market include:

- ABB Ltd., Altizon, Inc., Atos SE, Cisco Systems, Inc., Emerson Electric Co., Endress+Hauser AG, Fanuc Corporation, General Electric, Honeywell International Inc., Microsoft Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation.

These companies focus on strategic partnerships, product innovation, and geographic expansion to strengthen their market presence and technological capabilities.

𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬' 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬:

About Us

Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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