InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Digital Chemical Industry Market Trends, Industry Competition Analysis, Revenue and Forecast Till 2030”
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According to the latest research by InsightAce Analytic, the global digital chemical industry market is valued at US$ XX Million, and it is expected to reach US$ XX Million by 2030, with a CAGR of XX% during a forecast period. By region, North America dominated the market with a share of XX% in 2020.
Digitalization in the chemical industries provides the means to unlock a new level of productivity enhancement. By using digital-enabled approaches, companies can improve their business processes. Digitalization can generate higher yields and throughput, lower energy consumption, and offer more effective maintenance.
The growth of the global digital chemical industry market can be attributed to several factors, such as the increased demand for fast, continuous, and cost-effective manufacturing, rapid implementation of modern digital technologies, increasing R&D activities for process optimization, and the reduced cybersecurity risks. In addition, rising demand for recyclable products is expected to boost the market growth opportunities over the forecast years. The environmental safety concerns encourage chemical industries to develop and innovate recyclable and low carbon footprint products. Digitization in chemical industries helps companies to address regulatory restrictions and use recyclable materials in their manufacturing processes. Thereby, increases the demand for digitalization.
On the other hand, the high cost of implementing advanced technologies and the scarcity of technically skilled workers limit market adoption.
Geographically, the Asia Pacific region is expected to witness significant growth over the forecast period due to the rising chemical industries and increasing government investments in R&D for manufacturing processes.
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Major market players operating in the digital chemical industry market include 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.
Key developments in the market:
- In February 2021, Siemens Digital Industries Software, a business unit of Siemens AG (Germany), partnered with Citrine Informatics (US), the materials informatics platform for data-driven materials and chemicals development, to deliver digital solutions for the materials and chemicals and manufacturing industries.
- In December 2020, ABB (Switzerland) collaborated with CORYS (France), a French simulation company, to deliver advanced digital twin technology to help drive down capital and operational costs and reduce risks for customers.
- In November 2019, Rockwell Automation, Inc (US) and Accenture’s (NYSE: ACN) Industry X.0 collaborated to develop a digital offering to help industrial clients move beyond existing manufacturing solutions to transform their entire connected enterprise. The collaboration enables clients to leverage the Industrial Internet of Things (IIOT) more effectively and ultimately drive measurable growth outcomes.
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Global Digital Chemical Industry Market, by Technology, 2020-2030 (Value US$ Mn)
- Internet of Things (IoT)
- 3D Printing
- Augmented Reality (AR)
- Virtual Reality (VR)
- Artificial Intelligence
- Digital Twin
- Other Technology
Global Digital Chemical Industry Market, by Verticals, 2020-2030 (Value US$ Mn)
- Petrochemicals & Polymers
- Specialty Chemicals
- Fertilizers & Agrochemicals
- Other Verticals
Global Digital Chemical Industry Market, by Process, 2020-2030 (Value US$ Mn)
- Research & Development
- Supply Chain Management & Logistics
- Other Processes
Global Digital Chemical Industry Market, by Region, 2020-2030 (Value US$ Mn)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America Digital Chemical Industry Market, by Country, 2020-2030 (Value US$ Mn)
Europe Digital Chemical Industry Market, by Country, 2020-2030 (Value US$ Mn)
- Rest of Europe
Asia Pacific Digital Chemical Industry Market, by Country, 2020-2030 (Value US$ Mn)
- South Korea
- Australia & New Zealand
Latin America Digital Chemical Industry Market, by Country, 2020-2030 (Value US$ Mn)
- Rest of Latin America
Middle East & Africa Digital Chemical Industry Market, by Country, 2020-2030 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global digital chemical industry market
- To receive an industry overview and future trends in the digital chemical industry market
- To analyze the digital chemical industry market drivers and challenges
- To get information on the digital chemical industry market size (value US$ Mn) & forecast to 2030
- Significant investments, mergers & acquisitions in the digital chemical industry market industry
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