JERSEY CITY, NJ, January 27, 2022 /PRNewswire/ — The recently released report titled, “Global Digital Chemical Industry Market – By Trends, Industry Competitive Analysis, Covid-19 Analysis, Revenue (USD Billion) and Forecast to 2030”. features detailed industry analysis and an extensive study of the market, exploring its remarkable factors.
According to the latest InsightAce Analytic market research report, the global digital chemical industry market size was valued at US$11.1 billion in 2021, and it is expected to reach US$61.7 billion in 2030, register a promising CAGR of 21.4% from 2022 to 2030.
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Digitalization in the chemical industries offers a way to improve 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 chains, and market expansion.
High demand for digitization of manufacturing processes, increasing adoption of new technologies such as artificial intelligence, virtual reality, 3D printing in R&D studies and increasing supply chain changes are expected to drive the digital chemical industry market demand over the forecast period. Furthermore, rising demand for better batch production planning, growing awareness of digitization solutions, increase in R&D activities for process optimization, and demand for recyclable products are driving the growth of the market. Environmental safety issues encourage chemical industries to innovate in terms of low-carbon and recyclable products. The integration of digital technologies in chemical industries helps companies deal with regulatory restrictions and also helps to use recyclable materials in manufacturing processes. Thus, the growing digitalization of chemical industries is expected to drive the demand for the digital chemical industry market over the forecast years. On the other hand, limited awareness of new digital technologies, high cost of implementing cutting-edge technologies, and various environmental and safety regulations may hamper market adoption in the coming years.
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Key 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, InvenSense, Microsoft Corporation, Mitsubishi Electric Corporation, Movement Industries Corporation, Omron, NXP Semiconductors NV, SICK AG, Panasonic, Qualcomm Inc., Schneider Electric SE, Rockwell Automation, Inc., Semtech, Sensirion, Siemens AG, steute Technologies GmbH & Co. KG, Silicon Laboratories, STM, TE Connectivity, Vishay Intertechnology, Inc., Stratasys Ltd., Yokogawa Electric Corporation, Zhonghang Electronic Measuring Instruments , and other important players.
Digitalization in the chemical industry is having a positive impact on the growth of the market. It allows companies to improve their manufacturing processes by improving productivity and reducing carbon footprint without additional investment.
Key industry developments from major players:
In Jul 2021, Siemens and Dow have created a process automation testbed to help bring digital transformation to chemical process manufacturing. This testbed is designed to enable manufacturers and technology providers to help inform the development of digital twins for process manufacturing.
In February 2021Siemens Digital Industries Software, (Siemens AG), announced a partnership with Citrine Informatics (USA), the materials informatics platform for data-driven chemical and materials development, to provide digital solutions to the chemical and materials manufacturing industries.
In Dec 2020, ABB (Switzerland) announced a collaboration with CORYS (France), a French simulation company, to deliver advanced digital twin technology to reduce operating and capital costs and reduce risk for customers.
Digital Chemical Industry Market Regional analysis:
the Asia Pacific The region is estimated to hold the highest market share during the forecast period. Factors such as the development of chemical industries, increasing investment in R&D for manufacturing processes and rapid adoption of digital technologies by chemical industries in developing countries like Japan, Indonesia, Indiaand China are expected to fuel the regional digital chemical industry market.
Europe is expected to grow at the fastest rate over the estimated period, followed by North America due to increased government funding and initiatives to develop chemical industries, favorable regulatory environments and new emerging chemical industries.
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The Global Digital Chemical Industry Market segments
Global digital chemical industry market estimates (value in billion US$), forecast and trend analysis, from 2019 to 2030, based on Technology
Internet of Things (IoT)
Augmented Reality (AR)
Virtual Reality (VR)
Global digital chemical industry market estimates (value in billion US$), forecast and trend analysis, from 2019 to 2030, based on vertical
Global digital chemical industry market estimates (value in billion US$), forecast and trend analysis, from 2019 to 2030, based on To treat
Global digital chemical industry market estimates (value in billion US$), forecast and trend analysis, from 2019 to 2030, based on Region
Middle East & Africa
Estimated revenue of the North America digital chemical industry market (in billion US$) by country, from 2019 to 2030
Europe digital chemical industry market estimates (USD billion) by country, from 2019 to 2030
Rest of Europe
Asia-Pacific digital chemical industry market estimates ($ billion) by country, from 2019 to 2030
Australia & New Zealand
Estimated revenue of Latin America digital chemical industry market (USD billion) by country, from 2019 to 2030
Rest of Latin America
the Middle East & Africa Digital Chemical Industry Market Estimates Revenue (Billion US$) by Country, 2019 to 2030
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