The IoT (Internet of Things) in chemical industry market is impelled by the augmenting implementation of industrial robots, the advancement of the IoT, the rising demand for the smart automation solutions, and intensifying emphasis on the regulatory compliances. The global IoT in chemical industry market is chiefly driven by enabling technology and is expected to lead in the future in terms of revenue. The factors such as increased concerns toward the lessening of risks related to chemical & metal industries, augmenting environmental concerns owing to chemical release from the plants, and surged emphasis on the circular economy are boosting the demand for digital transformation, which is advancing the IoT in chemical industry market.
The chemical verticals section is predicted to witness the maximum growth rate in the future. This is due to the augment in chemical production in various regions and surge in demand for specialty chemicals that are used in advanced engineering processes. The expansion of specialty chemical and petrochemical segments is directly affecting the growth of the chemical industry. There are approximately 100 Greenfield refinery projects operational across the globe, which will help in the growth of the petrochemical industry. The rising need for automated processes coupled with the interconnected units to increase production process is expected to drive the growth of IoT in chemical industry market.
Many key players are contributing to the market growth with product development, restructuring, and collaborations for their growth. On a similar note, Siemens AG (Germany)—an innovation leader in digitalization & automation—is focusing on developing its automation business by releasing novel products and developing in regions such as Africa and South America. In May 2019, HP—the leader in industrial 3D printing—and Siemens declared their planned alliance to aid customers in transforming their businesses with industrial AM (additive manufacturing). With this deal, Siemens and HP are expected to expand their inclusive additive manufacturing solution.
Integrating new software and systems innovations, as well as overall PLM (product lifecycle management) will facilitate the organization to expand its offering into novel technologies and markets. Siemens also launched an innovative comprehensive additive manufacturing solution that incorporates full additive manufacturing procedure from automatic performance-driven design optimization to highly developed 3D printing. This solution comprises digital manufacturing, integrated design simulation, and data & process management software. Another leading player in the market, Emerson Electric Co. is focusing on innovative product launches. In July 2019, the manufacturing company introduced two new Rosemount 628 Universal Gas Sensors to determine carbon monoxide and oxygen depletion apart from the existing capability to examine hydrogen sulfide. This is anticipated to help the chemical industry to decrease the hazards related to gas leakages and help Emerson to expand its customer base.
Get Research Report Sample PDF for more Industry Insights – https://www.zionmarketresearch.com/sample/iot-in-chemical-industry-market