IoT in Chemical Industry Market Anticipated To Witness High Growth In The Near Future and Forecast 2031
The widespread application of IoT in various chemical industry sectors, coupled with the adoption of industrial robotics, drives market growth.
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ — The recent report from Allied Market Research, titled “IoT in Chemical Industry Market,” provides insights into the market’s dynamics, trends, and growth prospects. The global IoT in Chemical Industry market, estimated at $57.4 billion in 2021, is projected to reach $193.9 billion by 2031, with a CAGR of 13.3% during 2022-2031.
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Key Findings and Analysis:
Drivers, Restraints, and Opportunities:
– The widespread application of IoT in various chemical industry sectors, coupled with the adoption of industrial robotics, drives market growth.
– Concerns regarding data privacy and high initial costs pose challenges, but a surge in chemical production in both emerging and developed economies offers new growth opportunities.
COVID-19 Impact:
– The pandemic led to disruptions in the supply chain, negatively affecting chemical production.
– However, there was increased demand for cloud-based IoT solutions, aiding sustainable growth in the chemical sector.
Segment Analysis:
– Plant asset management is expected to record the highest CAGR of 14.1% from 2022 to 2031, driven by the need for efficient management of production plants and fixed assets.
– The Petrochemicals and Polymers segment is anticipated to hold the major market share, driven by IoT’s use in data collection and operational efficiency enhancement.
Regional Analysis:
Asia-Pacific is predicted to dominate the market, accounting for nearly three-fifths of the global IoT in Chemical Industry market in 2021, with a CAGR of 14.1%. This growth is attributed to rising chemical production and industrialization in countries like China and India.
Key Players:
Major players include ABB Ltd, Altizon, Inc., Cisco Systems, Inc., Honeywell International Inc., and Siemens AG, among others. These players have adopted strategies like strategic expansion and new product launches to strengthen their market position.
Conclusion:
The IoT in Chemical Industry market shows promising growth prospects, driven by technological advancements and increasing adoption across various chemical industry segments. However, challenges related to data privacy and initial costs need to be addressed for sustained growth.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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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