Emission Monitoring Systems Market estimated to grow at a CAGR of 9.14% to reach a value of US$5,582.588 million by 2024
Emission monitoring systems are the type of systems used to keep track of pollutant emission rates. These systems are necessary for the determination of a concentration or emission rate in the environment using analyzer measurements and other tools to produce the results in units of applicable limits of emission.
According to the report, the emission monitoring systems market is projected to expand at an impressive CAGR of 9.14% over the forecast period 2018-2024. The Emission monitoring systems market is expected to surge during the forecast period which can be attributed to rising concerns of people towards the environment. Urbanization and industrialization today have intensified the health risk of humans and pollution is considered as one of the largest causes of disease & premature death in the world. According to the World Bank, the cost associated with health damage from ambient air pollution is estimated at nearly US$5.7 trillion, the equivalent of 4.8% of the global GDP in 2016. Also, stringent regulation in several parts of the world is expected to be one of the prime drivers for the growth of the emission monitoring systems market during the forecast period.
The emission monitoring systems market is segmented as type, component, vertical and geography. By type, continuous emission monitoring systems are expected to grow at a significant rate during the forecast period owing to its wider application and increasing adoption in industries like oil and gas and power plants. By vertical, the oil and gas industry is anticipated to hold a considerable amount of market share due to the strict regulatory norms. The oil and gas industry is a significant source of emission of methane (greenhouse gas) which has global warming potential of more than twenty times than that of carbon dioxide, which further makes it an area of focus for the government while combating the problem of pollution.
By geography, North America is expected to hold a significant amount of share because the region is having strict regulation especially in the United States and Canada. The clean air act of the US authorizes Environment Protection Agency (EPA) to establish National Ambient Air Quality Standards (NAAQS) aiming to protect public health to regulate emissions of hazardous air pollutants. In Europe, recently Ukraine adopted MRV law implementing the European standards for greenhouse gas emission (GHG) and is expected to go into force on January 1, 2021. Besides, due to increasing CO2 emission in countries like China and India the market for the region is anticipated to witness exponential growth during the forecast period.
Some of the major players covered as part of the report are Rockwell Automation, Inc, ABB Ltd, Emerson Electric Co., Siemens AG, General Electric Company, Enviro Technology Services Plc., AMETEK, Inc. and Thermo Fisher Scientific Inc.
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This report segmented the emission monitoring systems market on the basis of the following terms
- CEMS (Continuous Emission Monitoring System)
- PEMS (Predictive Emission Monitoring System)
- Oil & Gas
- Pulp & Paper
- Metal & Mining
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
- North America
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