IoT in Chemical Industry Market to Grow USD 106490 Million by 2028 with a CAGR of 8.5% | Valuates Reports

BANGALORE, India, Oct. 6, 2022 /PRNewswire/ -- The Global IoT in Chemical Industry is Segmented by Type (Enabling Technology, Operational Technology), Applications of IoT in Chemical Industry (Mining and Metals, Chemicals, Paper & Pulp): Global Opportunity Analysis and Industry Forecast, 2022-2028.  It is published in Valuates Reports under the Chemicals Industry Category.

Due to the COVID-19 pandemic, the global IoT in Chemical Industry market size is estimated to be worth USD 65310 Million in 2022 and is forecast to a readjusted size of USD 106490 Million by 2028 with a CAGR of 8.5% during the review period.

Major factors driving the growth of IoT in Chemical Industry market are:

The IoT in Chemical Industry market is driven by the rising use of industrial robots, the development of IoT, the rising need for intelligent automation solutions, and the growing importance of regulatory compliances.

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TRENDS INFLUENCING THE GROWTH OF IOT IN CHEMICAL INDUSTRY MARKET:

Companies that manufacture chemicals can improve operations and encourage strategic expansion thanks to IoT technologies. To reduce operating expenses, businesses can also track and analyze the energy and other resources used by crucial operations. IoT-enabled solutions collect data from equipment to monitor variables that control process performance and product quality. Automation in the industry improves productivity and yields better outcomes. These factors are expected to drive the growth of IoT in chemical industry market

Automation in the Chemical industry improves productivity and yields better outcomes. The IoT may streamline a number of activities and procedures for businesses involved in the manufacturing and distribution of chemicals, including the provision of smart machines, increased capacity for large data storage, and assistance with system and asset optimization. Chemical firms can generate profitable commercial results and develop into intelligent enterprises by fusing the IoT with machine learning.

The chemical industry benefits from IoT adoption in terms of increased productivity, increased revenue, and greater asset utilization. As a result, it is anticipated that the IoT in Chemical Industry market would grow throughout the forecast period. IoT in the chemical sector is enhancing all-around job site safety. Chemical industry sites are outfitted with IoT devices and sensors that keep an eye on a number of operational aspects and alert the team if they detect potential safety issues.

The global IoT in chemical industry market is also expected to grow as a result of widespread adoption of the internet of things (IoT) in a number of applications, including petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, consumer chemicals, industrial gasses, and water management. Additionally, a significant increase in industrial robot use in the chemical industry would positively impact market trends worldwide.

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IoT IN CHEMICAL INDUSTRY MARKET SHARE

The IoT in chemical industry market is anticipated to have the highest share in the APAC region. The market in the region is being driven by rising chemical output in China, India, Indonesia, and Thailand as well as rising urbanization and industrialization. The market for IoT in the chemicals industry will also grow as a result of the expansion of mining and metals companies in the area.

During the anticipated period, the market for IoT in the chemical industry is anticipated to be led by enabling technologies. The demand for digital transformation, which is driving the market for IoT in the chemical industry, is being driven by rising environmental concerns due to chemical releases from plants, growing emphasis on the circular economy, and growing concern about reducing the risk associated with the chemical and metal industries.

The industry segment for chemicals is predicted to increase at the fastest rate. This is due to the rise in specialty chemical demand in cutting-edge engineering processes and the expansion of chemical products across numerous locations. The expansion of the petrochemical and specialized chemical sectors has a direct impact on the expansion of the chemical industry.

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Key Companies:

• Siemens
• GE
• ABB
• Rockwell Automation
• Emerson Electric
• Yokogawa Electric
• Honeywell International
• Mitsubishi Electric
• Schneider Electric.

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SIMILAR REPORTS:

-  The global IoT in Manufacturing market size is projected to reach USD 1148.9 million by 2028, from USD 550.2 million in 2021, at a CAGR of 10.6% during 2022-2028. The managed services segment is expected to grow at the highest CAGR during the forecast period.

-  The global IoT Sensors market size is estimated to be worth USD 11500 million in 2022 and is forecast to a readjusted size of USD 31060 million by 2028 with a CAGR of 18.0% during the forecast period.

-  In 2020, the global Chemical Sensors market size was USD 28750 million and it is expected to reach USD 47700 million by the end of 2027, with a CAGR of 7.5% during 2021-2027.

-  The global IoT market size is projected to reach USD 74630 million by 2028, from USD 34250 million in 2021, at a CAGR of 11.6% during 2022-2028.

-  The global IoT Fleet Management Market size is projected to reach USD 26410 million by 2027, from USD 6955.7 million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027.

-  The global IoT Cloud Platform market size is projected to reach USD 10330 million by 2028, from USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.

-  The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

-  The global Internet of Things in Retail market size is projected to reach USD 40340 million by 2027, from USD 20280 million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2021-2027.

-  The global IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.

-  In 2020, the global IoT Chip market size was USD 39880 million and it is expected to reach USD 109140 million by the end of 2027, with a CAGR of 15.5% during 2021-2027.

-  The global IoT Engineering Services market size is projected to reach USD 44280 Million by 2028, from USD 12100 Million in 2021, at a CAGR of 19.8% during 2022-2028.

-  The global IoT Managed Services market size is projected to reach USD 138.5 million by 2026, from USD 68 million in 2020, at a CAGR of 12.7% during 2021-2026.

-  The global IoT Platforms market size is projected to reach USD 20720 million by 2028, from USD 4574.3 million in 2021, at a CAGR of 23.8% during 2022-2028.

-  The global Industrial IoT (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.

-  The global IIoT Platform market size is projected to reach USD 19780 million by 2028, from USD 3587 million in 2021, at a CAGR of 27.1% during 2022-2028.

-  The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

-  Global IoT in Elevators Market Size, Status and Forecast 2022-2028

-  Global Sensors in Internet of Things (IoT) Market Insights, Forecast to 2028

-  Global IoT in Portable Water Monitoring Market Size, Status and Forecast 2021-2027

-  The global environmental sensor market size is projected to reach USD 1798.7 million by 2027 from USD 1296.2 million in 2020 at a CAGR of 5.6% during 2021-2027.

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