Emission Monitoring System Market
The emission monitoring system market share is expected to witness considerable growth due to the rise in investments by various regulatory bodies for lowering environmental pollution, along with the increasing concern for health diseases associated with air pollution, which is expected to drive the market growth. Allied Market Research, titled, The Global Emission Monitoring System Market was valued at $3.8 billion in 2021, and is projected to reach $8.7 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.
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An emission monitoring system uses volume flow measurement devices and gas & dust analyzers to monitor the prescribed limits that apply to combustion systems. These analyzers, which are often combined as a system solution, send measured values to data acquisition systems, which then standardize, classify, and store these data in compliance with legal requirements. An emission monitoring system is mainly of two types namely, continuous emission monitoring system (CEMS) and predictive emission monitoring system (PEMS).
Emission monitoring systems have witnessed wide acceptance due to the demand for energy management systems to save energy across the globe. Several countries are emphasizing controlling energy consumption and formulating strategies for efficiently managing energy. Such factors have played a major role in the emergence of coal-powered energy-generating industries majorly in developing countries. Since the energy & utilities industries are the major end-users of emission monitoring systems industries, the emergence of the energy-generating industries has fueled the overall growth of the emission monitoring system industry.
According to the emission monitoring system market analysis, the hardware segment was the highest contributor to the market in 2021. The industrial and energy & utilities segments collectively accounted for around 74.3% market share in 2021. The outbreak of COVID-19 has significantly impacted the growth of the emission monitoring system market size.
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Strict regulatory frameworks create certain technical challenges for emission monitoring systems that include missing data procedures. The malfunctioned systems generally undergo some issues during the annual report generation or audit. Missing the data dated long back provides major hindrances to the emission monitoring system market. However, the emergence of software-embedded emission monitoring systems with the aid of sensors such as sensors is presenting lucrative opportunities for the overall emission monitoring system market growth.
The emission monitoring system market key players and innovators profiled in the report include:
• ABB Ltd
• Advanced Emissions Solutions Inc.
• AMETEK Inc.
• Babcock & Wilcox Company
• Baker Hughes
• Emerson Electric Company
• Envea Envirp & Industrial Solutions ME
• Fuji Electric France SAS
• Horiba Ltd.
• Intertek Group plc
• Parker Hannifin
• Rockwell Automation Inc.
• Sick AG
• Siemens AG
• Teledyne Technologies Incorporated
• Thermo Fisher Scientific Inc.
Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the emission monitoring system market trends.
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KEY FINDINGS OF THE STUDY
• In 2021, the hardware segment accounted for maximum revenue and is projected to grow at a notable CAGR of 9.16% during the forecast period.
• The installation & deployment and support & maintenance segments together accounted for around 86.3% of the emission monitoring system trends in 2021.
• The energy & utilities segment is projected to grow at a CAGR of 10.78% during the forecast period.
• North America contributed the major fraction of the emission monitoring system market share, accounting for more than 42% share in 2021.
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