Global IoT in Chemical Industry Market 2019 research provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Global IoT in Chemical Industry market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
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The IoT in Chemical Industry Market is estimated to grow from US$ 48.9 Billion in 2019 to US$ 77.9 Billion by 2024, at a CAGR of 9.7%. This report spread across 216 Pages, Profiling 22 Companies and Supported with 69 Tables and 61 figures is now available in this research.
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.
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.
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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.