PUBLISHER: Acute Market Reports | PRODUCT CODE: 1397465
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1397465
The emission monitoring systems market is expected to grow at a CAGR of 10% during the forecast period of 2023 to 2031, driven by the global imperative to mitigate emissions and achieve cleaner air and water. The emission monitoring systems market is not only an essential component of environmental protection but also a growing and evolving industry in its own right. Industries worldwide are transitioning to cleaner and more sustainable practices, driven by regulations and a commitment to a healthier environment. As a result, the market for emission monitoring systems is poised for continued expansion, with technological advancements and an increased focus on environmental well-being leading the way.
One of the primary drivers propelling the emission monitoring systems market is the ever-tightening environmental regulations across the globe. Governments and environmental bodies are imposing stringent emission standards and mandates on industries, ranging from manufacturing to energy production. As businesses aim to comply with these regulations, the demand for continuous emission monitoring systems (CEMS) and predictive emission monitoring systems (PEMS) is soaring.
Public awareness about air quality and its impact on health is increasing. This growing concern is driving industries and governments to adopt emission monitoring systems to better understand, measure, and mitigate air pollutants. In many urban areas, where air quality issues are most pronounced, the installation of CEMS and PEMS is becoming commonplace to assess and control emissions from factories, power plants, and transportation.
The advancement of technology has significantly contributed to the growth of the emission monitoring systems market. Innovations in sensors, data analytics, and connectivity have made CEMS and PEMS more efficient, accurate, and cost-effective. These technologies have improved data collection and reporting, aiding industries in complying with emissions regulations. The increasing adoption of IoT (Internet of Things) for real-time monitoring and remote data access has furthered the market's expansion.
While the long-term benefits of emission monitoring systems are clear, the initial costs of implementing these systems can be substantial for industries. This cost includes not only the purchase of hardware and software but also the expenses related to system integration, installation, and training. Industries may find these upfront costs challenging, particularly in regions or sectors where profit margins are thin.
The emission monitoring systems market is segmented into Continuous emission monitoring systems (CEMS) and Predictive emission monitoring systems (PEMS). In 2022, CEMS led the market in terms of revenue due to its established presence and widespread adoption. However, PEMS is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period from 2023 to 2031. The versatility, lower costs, and increasing accuracy of PEMS are key factors contributing to its growth.
The market is further segmented by offering, including hardware, software, and services. In 2022, the hardware segment generated the highest revenue, given the necessity of physical components for monitoring emissions. Nonetheless, the services segment is expected to experience the highest CAGR from 2023 to 2031. Industries are increasingly relying on services such as maintenance, support, and consulting to ensure the efficient operation of their emission monitoring systems.
Geographic trends in the emission monitoring systems market reveal varying degrees of adoption and growth. While North America and Europe maintained their dominance in revenue generation in 2022, the Asia-Pacific region is anticipated to display the highest CAGR during the forecast period of 2023 to 2031. This robust growth can be attributed to the increasing industrialization in this region and the implementation of emissions regulations.
The emission monitoring systems market features several prominent players, including ABB Ltd., AMETEK, Inc., Siemens AG, Teledyne Technologies, Babcock & Wilcox Enterprises Inc., Sick AG, Emerson Electric Co., AMETEK, Inc., Durag Group. These key players are focusing on developing advanced systems and expanding their service portfolios to cater to the diverse needs of industries. Furthermore, strategic collaborations and mergers and acquisitions are prevalent in the market, allowing companies to consolidate their positions and leverage their expertise.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofEmission Monitoring Systems market are as follows:
Micro and macro environment factors that are currently influencing the Emission Monitoring Systems market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
TABLE 4 Global Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 8 North America Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 12 U.S. Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 16 Canada Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 20 Rest of North America Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 24 UK and European Union Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 28 UK Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 32 Germany Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 36 Spain Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 40 Italy Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 44 France Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 48 Rest of Europe Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 52 Asia Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 56 China Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 60 Japan Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 64 India Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 68 Australia Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 72 South Korea Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 76 Latin America Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 80 Brazil Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 84 Mexico Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 88 Rest of Latin America Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 92 Middle East and Africa Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 96 GCC Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 100 Africa Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
TABLE 104 Rest of Middle East and Africa Emission Monitoring Systems Market By Industry, 2021-2031, USD (Million)
FIG. 10Market Positioning of Key Emission Monitoring Systems Market Players, 2022
FIG. 11Global Emission Monitoring Systems Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031