Introduction of Novel Emission Monitoring Systems to Shoot-up Demand at 6.5% CAGR Through 2032
Fact.MR offers unbiased analysis on the global emission monitoring system market for the forecast period of 2022 to 2032. This study also provides in-depth insights into key trends and factors influencing sales through segmentation including system type, offering and industry across four verticals.
NEW YORK, May 4, 2022 /PRNewswire/ -- Total sales in the global emission monitoring system market reached US$ 5.3 Bn in 2021 and are expected to rise at a CAGR of 6.5% over the forecast period 2022-2032.
On account of the growing number of coal-fired power production facilities across the countries such as China, India, and Brazil, the demand for emission monitoring systems is projected to total US$ 10.7 Bn by 2032.
There is a significant rise in concerns related to health issues and prevalence of diseases such as lung cancer due to constant contact with volatile organic compounds (VOC). Thus, numerous regulatory organizations such as Environmental Protection Agency are implementing stringent regulations mandating the deployment of emission monitoring systems to curb VOC gases emission.
Driven by this, the sales of the emission monitoring systems are estimated to rise more than 2X between 2022 and 2032, as per Fact.MR.
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Implementation of such regulations across prominent regions has augmented the demand for novel systems. Hence, leading players in the market are emphasizing on research and development activities for launching novel monitoring systems with innovative features.
For instance, in October 2021, ENVEA, a world-class manufacturer of emission, ambient, and process monitoring systems, announced the unveiling of next-generation mercury continuous emission monitoring systems (CEMS), SM-5. It is capable of measuring and monitoring low mercury content in flue gas emissions accurately and reliably. A multiplicity of such new product launches are projected to favor the growth in the market.
Report Attributes | Details |
Base Year Value (2021A) | US$ 5.3 Billion |
Projected Year Value (2032F) | US$ 10.7 Billion |
Global Growth Rate (2022-2032) | CAGR 6.5% |
Key Takeaways:
- The U.S. is estimated to account for a dominant share of the North America market, with demand growing at a CAGR of 5.8% through 2032.
- Japan is anticipated to exhibit the fastest growth at a remarkable CAGR of 8.7% during the assessment period 2022-2032.
- India is forecast to emerge as a highly remunerative market in Asia Pacific, with sales projected to grow at an 8.3% CAGR between 2022 and 2032.
- The U.K. is expected to account for a significant share of the Europe market, driven by the presence of stringent emission norms and regulations in the country.
- On the basis of system type, the continuous emission monitoring system segment is projected to dominate the market, exhibiting growth at 8.8% CAGR over the forecast period.
Growth Drivers:
- Growing establishment of new oil & gas production and refining units to cater to the rising fuel demand is favoring sales in the market.
- Increasing adoption of continuous emission monitoring systems across industrial sectors, owing to their ability to constantly monitor relatively low gases emission, and high accuracy is driving the demand.
Restraints:
- Extravagant set-up and maintenance costs of emission monitoring systems might hinder sales.
- Presence of regulatory policies and standards across various regions is creating challenges for the development of novel systems for key manufacturers.
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Competitive Landscape:
Key players in the emission monitoring system market are focusing on the development and launch of novel systems integrated with innovative technologies and features to enhance their product portfolio and gain competitive edge in the market.
For instance,
- In September 2021, Emerson, an American multinational corporation launched a novel emission monitoring system, the Rosemount XE10 CEMS.
- In February 2020, Baker Hughes, a U.S.-based international industrial service company launched the advanced System 1 Predictive Emission Monitoring System (PEMS), which can forecast the amount of stack emissions produced by combustion equipment on the basis of fuel mix, ambient circumstances, and machine operating parameters.
Key Companies Profiled by Fact.MR
- Servomex
- Fuji Electric
- Yokogawa Electric Corporation
- M&C Tech Group
- DURAG Group
- ALS Limited
- Thermo Fisher Scientific Inc
- Teledyne Technologies
- Siemens AG
- Rockwell Automation Inc
- Sick AG
- Horiba
- General Electric
- Emerson Electric Co
- AMETEK, Inc.
- Opsis
- ABB Ltd.
More Valuable Insights on Emission Monitoring Systems Market
In its latest study, Fact.MR highlights governing factors steering growth in the global emission monitoring system market for the assessment period 2022-2032. The survey also provides key insights into drivers that are expected to create growth prospects in the emission monitoring system market through detailed segmentation as follows:
- Continuous Emission Monitoring System
- Predictive Emission Monitoring System
- Hardware
- Software
- Service
- Power Generation
- Oil & Gas
- Chemicals
- Petrochemicals
- Refineries, & Fertilizers
- Building Materials
- Pulp & Paper
- Pharmaceuticals
- Metals
- Mining
- Marine & Shipping
- Waste Incineration
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World (RoW)
- Middle East
- Africa
- South America
Key Questions Covered in the Emission Monitoring Systems Market Report
- What is the estimated revenue of the emission monitoring system market during the forecast period?
- Which are the challenges faced in the emission monitoring system market?
- Which region is estimated to exhibit fastest growth rate in the global emission monitoring system market during 2022-2032?
- What is the projected market valuation of the emission monitoring system market in 2022?
- Which are the factors driving the emission monitoring system during 2022-2032?
- What is the expected growth rate of the emission monitoring system market until 2032?
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Environmental Sensing and Monitoring Technologies Market: Governments and organizations in several countries are heavily investing in the research and development (R&D) activities for environmental sensing and monitoring technologies to make them more effective and affordable. Furthermore, rising concerns pertaining to environment sustainability is estimated to augment the demand in the market.
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