Global Emission Monitoring System Market Key Insights
During the forecast period of 2023-2035, the global Emission Monitoring System Market is expected to reach an estimated value of ~USD 6 billion by 2035, by expanding at a CAGR of ~5%. The market further generated revenue of ~USD 3 billion in the year 2022. Major key factors propelling the growth of the emission monitoring system market worldwide are the increasing concerns for the health issues caused due to air pollution and the need for controlling emission levels from different sources.
Market Definition of Emission Monitoring System
To assist a wide range of businesses in achieving their long-term sustainability objectives, the emission monitoring system is a mechanism for evaluating the environmental effects of hazardous emissions. The services of the emission monitoring system guarantee that environmental emissions are kept to a minimum level and that operations comply with applicable environmental laws. However, the data that is produced can also be used to assess the effectiveness of combustion processes and to improve them, both in terms of energy savings and environmental protection. There are numerous gaseous and particle emissions produced by the combustion of cement and other materials. These measurements include O2, CO, CO2, NOx, SO2, VOC, HCl, HF, NH3, and H2O, as well as dust, opacity, flow, temperature, and pressure. This technology is made to be modified to match organizational needs.
Global Emission Monitoring System Market: Growth Drivers
The growth of the global emission monitoring system market can majorly be attributed to the increasing concerns and the rising fatalities owing to air pollution. For instance, as per the data from the World Health Organization every year, 7 million premature deaths are attributed to the impacts of household and ambient air pollution combined, and multiple and situation-specific sources contribute to air pollution. In addition to this, the increasing air pollution, various government and non-government agencies’ efforts to curb air pollution, and the rising usage of emission monitoring devices to check the air pollution and to control the pollutants level are predicted to boost the market growth during the forecast period. It was noted that The Clean Air Act's implementation and technological advancements made by American inventors have significantly improved the country's air quality. Since then, there has been around a 78% decrease in the total emissions of criterion and precursor pollutants.
The global emission monitoring system market is also estimated to grow majorly on account of the following:
· Increasing indoor and outdoor air pollution
· Rising awareness regarding the adverse effects of air pollution on human health
· Significant investment in saving the environment drive
· Higher adoption of emission monitoring systems in various end-user industries
· Stringent government rules to reduce air pollution
Global Emission Monitoring System Market: Restraining Factor
The high cost associated with the emission monitoring system is one of the major factors anticipated to hamper the market growth during the forecast period. Further, the fact that many organizations find it difficult to continuously update the instructions and to implement report outcome for the standard updating for which they choose to rely on third-party report and analysis instead of having their emission monitoring system, is another factor expected to hinder the growth of the global emission monitoring system market during the forecast period.
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Global Emission Monitoring System Market Segmentation
·By End-User Industries (Oil & Gas, Chemicals, Power Generation, Building Materials, Marine & Shipping, Pharmaceuticals, and Others)
The oil & gas segment, amongst all the other segments, is predicted to hold the largest market share by the end of 2035. The oil & gas industry carries out various combustion activities and emits various air pollutants into the environment, including a major greenhouse gas, methane. It was noted that methane is 86 times more potent as a greenhouse gas than carbon dioxide during 20 years, according to the Intergovernmental Panel on Climate Change. According to the United States Environmental Protection Agency, methane emissions from the oil and gas sector will rise by 25% in the following ten years. Furthermore, air toxins including benzene and n-hexane are among the volatile organic compounds emissions from the oil and gas industry which are anticipated to be the major cause of cancerous disease and are estimated to propel the segment growth during the forecast period.
· By Technology Type (Predictive Emission Monitoring Systems, and Continuous Emission Monitoring Systems)
· By Component Type (Hardware, Software, and Services)
· By Region
The North American emission monitoring system market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The growth of the market can be ascribed to the increasing industrialization and the rising air pollution in the region. It was noted that in the United States, around 67 million tons of pollutants were released into the atmosphere in 2021 and approximately 137 million Americans, or more than 40% of the population, reside in areas with bad grades for toxic levels of ozone or particle pollution.
The market research report on global emission monitoring system also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Emission Monitoring System Market
Some of the key players in the global emission monitoring system market are ACOEM Ecotech Pty. Ltd., CMC Solutions, LLC, AMETEK, Inc., Emerson Electric Co., Thermo Fisher Scientific Inc., Siemens, and others.
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