The Digital Chemical Industry Market Size is valued at USD 15.81 Billion in 2023 and is predicted to reach USD 75.69 Billion by the year 2031 at a 21.7% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The adoption of Internet of Things technology in the chemical industry is a significant driver for the digital chemical industry market.
- Growing environmental concerns, the focus on reducing risks associated with chemical industries is a driver for the digital chemical industry market.
- North America dominated the market and accounted for a global revenue share in 2023.
- One of the key challenges for the Digital Chemical Industry Market is the high cost of integrating new technologies.
Digitalization is significantly impacting all the segments of the chemical industry, from petrochemicals to pesticides. It helps in improving supply chains, productivity, and market channels. For instance, in July 2021, Siemens and Dow created a process automation test bed to help bring digital transformation to chemical process manufacturing. This test bed designed to allow manufacturers and technology providers to help inform the development of digital twins for process manufacturing.
The major factors driving the growth of the digital chemical industry market include the rising need for continuous and efficient manufacturing methods, adoption of advanced digital technologies by chemical industries, increasing demand for better scheduling of batch production, rising awareness about digitalization solutions. Moreover, increasing government investments in R&D for optimizing manufacturing processes are anticipated to propel market adoption over the forecast period. The growing implementations of modern technologies such as IoT, 3D printing, VR, and AI are expected to increase the R&D activities, likely to fuel the demand for digitization in various industries.
However, the high cost of integrating new technologies, limited knowledge of new digital technologies, and various environmental and safety regulations are expected to hamper the market's growth.
Competitive Landscape
Some Of The Key Players In The Digital Chemical Industry Market:
- ABB Ltd.,
- Analog Devices,
- Atos SE,
- Autonics Corporation,
- Cisco Systems, Inc.,
- Emerson Electric Co.,
- Fanuc Corporation,
- Flowserve Corporation,
- Fortive, General Electric Co.,
- Hans Turck GmbH & Co. KG,
- Hanwei Electronics,
- Hewlett Packard Enterprise Company,
- Honeywell International Inc.,
- Huagong Tech,
- Hydro Systems,
- Infineon, International Business Machines Corporation,
- InvenSense,
- Microsoft Corporation,
- Mitsubishi Electric Corporation,
- Movement Industries Corporation,
- NXP Semiconductors N.V.
- Omron, Panasonic,
- Qualcomm Inc.,
- Rockwell Automation, Inc.,
- Schneider Electric SE,
- Semtech,
- Sensirion,
- SICK AG,
- Siemens AG,
- Silicon Laboratories,
- steute Technologies GmbH & Co. KG,
- STM, Stratasys Ltd.,
- TE Connectivity,
- TI,
- Vishay Intertechnology, Inc. ,
- Yokogawa Electric Corporation,
- Zhonghang Electronic Measuring Instruments,
- Other Prominent Players.
Market Segmentation
The digital chemical industry market is segmented based on technology, verticals, process, and region. By technology, the market comprises the Internet of Things (IoT), 3D printing, augmented reality (AR), virtual reality (VR), artificial intelligence, digital twin, and other technology. The IoT segment is anticipated to hold the highest market share over the forecast period due to its ability to integrate with new technologies. The verticals segment is grouped into petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, and other verticals. The petrochemicals and polymers would be the fastest-growing segment during the forecast period owing to the increasing demand for petrochemicals and polymers by various industries. Based on the process, the market is classified into research & development, manufacturing, procurement, packaging, supply chain management & logistics, and other processes. The manufacturing segment is expected to dominate the digital chemical industry market in the coming years as the digitalization of the manufacturing process offers higher productivity without any capital investments. Regionally, the market is studied across North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa.
North America is estimated to hold the maximum share of this market in the near future due to the rising awareness about digitization solutions and increasing R&D funding of chemical companies for overall manufacturing process improvements.
The Digital Chemical Industry Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 15.81 Billion |
|
Revenue Forecast In 2031 |
USD 75.69 Billion |
|
Growth Rate CAGR |
CAGR of 21.7% from 2024-2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024-2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Technology, By Verticals, By Process |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
ABB Ltd., Analog Devices, Atos SE, Autonics Corporation, Cisco Systems, Inc., Emerson Electric Co., Fanuc Corporation, Flowserve Corporation, Fortive, General Electric Co., Hans Turck GmbH & Co. KG, Hanwei Electronics, Hewlett Packard Enterprise Company, Honeywell International Inc., Huagong Tech, Hydro Systems, Infineon, International Business Machines Corporation, InvenSense, Microsoft Corporation, Mitsubishi Electric Corporation, Movement Industries Corporation, NXP Semiconductors N.V. , Omron, Panasonic, Qualcomm Inc., Rockwell Automation, Inc., Schneider Electric SE, Semtech, Sensirion, SICK AG, Siemens AG, Silicon Laboratories, steute Technologies GmbH & Co. KG, STM, Stratasys Ltd., TE Connectivity, TI, Vishay Intertechnology, Inc. , Yokogawa Electric Corporation, Zhonghang Electronic Measuring Instruments, and Other Prominent Players. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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