Jersey City, NJ, January 27, 2022 /PRNewswire/ — Newly published report titled “Global Digital Chemical Industry Market – Trends, Industry Competition Analysis, COVID-19 Analysis, Revenue (US$ bn) and Forecast till 2030”. Features a detailed industry analysis and a comprehensive study on the market, discovering its notable factors.
According to the latest market research report by InsightAce Analytic, the size of the global digital chemical industry market was assessed as US$11.1 billion in 2021, and is expected to reach US$61.7 billion In 2030, record a promising CAGR of 21.4% from 2022 to 2030.
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Digitization in the chemical industries provides a way to increase productivity, reduce costs, and improve process stability and safety. Chemical manufacturers are gradually adopting digital technologies in various areas such as manufacturing operations, product development, competitive pricing, supply chain and market expansion.
High demand for digitization of manufacturing processes, adoption of new technologies like artificial intelligence, virtual reality, 3D printing in R&D studies and increasing supply chain modifications are expected to boost the demand of digital chemical industry market during the forecast period. . Moreover, rising demand for better batch production scheduling, increasing awareness of digitization solutions, increased R&D activities for process optimization, and demand for recyclable products are driving the market growth. Environmental safety issues encourage the chemical industries to innovate with low carbon footprint and reusable products. The integration of digital technologies into the chemical industry helps companies deal with regulatory restrictions, and it also helps to use reusable materials in manufacturing processes. Thus, increasing digitization of chemical industries is expected to drive the demand for digital chemical industry market during the forecast years. On the other hand, limited knowledge of new digital technologies, high cost of implementing advanced technologies, and various environmental and safety regulations may hinder market adoption in the coming years.
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Major players in the digital chemical industry market include:
ABB Ltd., Autonics Corporation, Analog Devices, Atos SE, Emerson Electric Co., Cisco Systems, Inc., Flowserve Corporation, Fanuc Corporation, General Electric Co., Fortive, Hans Turck GmbH & Co. KG, Hewlett Packard Enterprise Company, Hanwei Electronics, Honeywell International Inc., Huagong Tech, International Business Machines Corporation, Hydro Systems, Infineon, Invenience, Microsoft Corporation, Mitsubishi Electric Corporation, Movement Industries Corporation, Omron, NXP Semiconductors NV, Sic AG, Panasonic , Qualcomm Inc., Schneider Electric SE, Rockwell Automation, Inc., Semtec, Sensirion, Siemens AG, Statute Technologies GmbH & Co. KG, Silicon Laboratories, STM, TE Connectivity, Subject Intertechnology, Inc., Stratasys Ltd., Yokogawa Electric Corporation, ZhongHang Electronic Measurement Instruments, and other major players.
Digitalization in chemical industry is positively affecting the market growth. It allows companies to enhance their manufacturing processes by improving productivity and reducing carbon footprint without any additional investment.
Major Industry Developments from Major Players:
- In July 2021, Siemens and Dow created a process automation testbed to help bring digital transformation to chemical process manufacturing. This testbed is designed to help manufacturers and technology providers inform the development of digital twins for process manufacturing.
- In February 2021Siemens Digital Industries Software, (Siemens AG) announced a partnership with Citrine Informatics (US), a materials informatics platform for data-driven chemicals and materials development, to provide digital solutions for the chemicals and materials manufacturing industries. To be.
- In December 2020, abb (SwitzerlandAnnounces cooperation with CORYS (France), a French simulation company, to offer advanced digital twin technology to help reduce operating and capital costs and reduce risk for customers.
digital chemical industry market Regional Analysis:
Asia Pacific The sector is anticipated to have the highest market share during the forecast period. Factors such as the developing chemical industry, increased R&D investment for manufacturing processes, and the rapid adoption of digital technologies by chemical industries in developing countries Japan, Indonesia, India, And China It is expected to boost the regional digital chemical industry market.
Europe expected to grow at the fastest rate during the projected time frame, followed by North America Due to increasing government funding and initiatives to develop chemical industries, favorable regulatory environment and newly emerging chemical industries.
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Global Digital Chemical Industry Market segment
Based on Global Digital Chemical Industry Market Estimate (Value US$ Billion) and Forecast & Trend Analysis, 2019 to 2030 Technology
- Internet of Things (IoT)
- 3d printing
- Augmented Reality (AR)
- Virtual Reality (VR)
- artificial intelligence
- digital twin
- other technology
Based on Global Digital Chemical Industry Market Estimate (Value US$ Billion) and Forecast & Trend Analysis, 2019 to 2030 workspace
- Petrochemicals and Polymers
- specialty chemicals
- Fertilizers and Agricultural Chemicals
- other workspace
Based on Global Digital Chemical Industry Market Estimate (Value US$ Billion) and Forecast & Trend Analysis, 2019 to 2030 Process
- Research & Development
- Supply Chain Management and Logistics
- other procedures
Based on Global Digital Chemical Industry Market Estimate (Value US$ Billion) and Forecast & Trend Analysis, 2019 to 2030 Area
- North America
- Latin America
- Asia Pacific
- Middle East And Africa
North America Digital Chemical Industry Market Projected Revenue (US$ billion) by country, 2019 to 2030
Europe Digital Chemical Industry Market Country, Projected Revenue (US$ billion) from 2019 to 2030
- the rest Europe
Asia Pacific Digital Chemical Industry Market Projected Revenue (US$ billion) by country, 2019 to 2030
- South Korea
- Australia And New Zealand
Latin America Digital Chemical Industry Market Country, Projected Revenue (US$ billion) from 2019 to 2030
- the rest Latin America
Middle East & Africa Digital Chemical Industry Market Projected Revenue (US$ billion) by country, 2019 to 2030
- South Africa
- gcc countries
- of the rest Middle East And Africa
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