Issue link: https://www.e-digitaleditions.com/i/1292632
14 / October 2020 powderbulk.com on professional services, managed services, system integrations, and others. The professional services portion of the market is expected to dominate during the forecast period, with revenue expected to reach $4,752.8 million by 2022. The report shares that more than 40 percent of process manufactur- ers are using data generated from connected devices and more than 15 percent of the manufacturers are planning to use the data from IoT technology in the next 5 years. IoT is used in various industries, includ- ing the pharmaceutical, life sciences, and chemical sectors. The chemical industry is expected to be an emerg- ing market for IoT in the next 6 to 7 years. For more info and to pur- chase a copy of the report for $3,500, visit www.infoholicresearch.com. Potassium fertilizer market to grow in Africa, Mideast region Potassium fertilizer market demand is expected to grow 2.2 percent per year to 40 million metric tons (about 44 million tons) in 2022. The material's increased demand will be supported by its use in sophisti- cated proprietary fertilizer blends, an improved supply around the world, and better farmer education touting the material's benefit. The increase in farmland for corn is also expected to positively impact potas- sium fertilizer demand, as the crop requires high potassium input. This is according to Global Fertilizers, a report by The Freedonia Group, an industrial research company. The fastest growth in the potas- sium fertilizer market is predicted to occur in the Africa and Mideast region, where potassium fertilizer use was low because of natural resource restrictions. However, the distribution network for fertilizers is improving, so it's expected that The report cites an increasing demand to improve production activities and performance as a driver for process manufacturing industry members to adopt IoT technology into their businesses. IoT allows companies to gather more data from production operations by connecting smart devices to their networks. Potential advantages to the technology include enhancing customer service while allowing manufacturers to address security issues, improve operation efficiency, reduce operation costs, and improve business operation and intelligence decision-making. IoT also incorpo- rates smart monitoring, production integration, remote diagnosis, and predictive maintenance. The IoT services market is cov- ered in the report with information lative, and regulatory interests of the US animal food industry and its suppliers. MARKETS UPDATE IoT in process manufacturing expected to show high growth, increased adoption The global Internet of Things (IoT) in process manufacturing market is expected to grow at a high com- pound annual growth rate (CAGR) of 46.3 percent during the forecast period from 2016 through 2022, according to the report Global IoT in Process Manufacturing Market — Drivers, Opportunities, Trends, and Forecasts: 2016-2022 by Infoholic Research LLP. KEEPING YOUR BUSINESS MOVING Nol-Tec designs and manufactures integrated bulk material handling systems to help our clients realize the full potential of their materials. TRUSTED TO DELIVER™ SINCE 1983 sales@nol-tec.com | www.nol-tec.com | 651-780-8600