Emission Monitoring System Market Is Also Expected to Register A CAGR of 11% Over The Projection Period 2018 To 2023.
The growing attempts at reducing the carbon footprints is anticipated to fuel demand for emission monitoring system over the next couple of years. In a recent assessment presented by Market Research Future (MRFR), the global emission monitoring system market is prognosticated to grow from USD 2.95 Bn in 2017 to USD 5.37 Bn by 2023.
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Rapid industrialization has led to an increase in carbon emissions. It is motivating non-profit organizations and governments to direct efforts towards the reduction of carbon footprints. This, in turn, is expected to encourage the growth of the emission monitoring system market over the next couple of years.
Technological advancements are prognosticated to propel the expansion of the market in the years to come. In addition, the implementation of stricter regulation for the protection of the environment is anticipated to boost the expansion of the emission monitoring system market in the foreseeable future. Increasing awareness about environmental degradation is anticipated to propel market expansion over the next few years. However, the high maintenance cost is poised to undermine the growth of the market in the years to come.
AMETEK, Inc. (US), ABB Ltd (Switzerland), Emerson Electric Co. (US), Siemens AG (Germany), Teledyne Technologies, Inc. (US), General Electric Company (US), Parker Hannifin Corporation (US), Sick AG (Germany), Rockwell Automation, Inc. (US), and Thermo Fisher Scientific (US) are few of the major participants of the global emission monitoring system market assessed in this MRFR report. Other players that are poised to play a developmental role in market growth are Enviro Technology Services plc (UK), CMC Solutions, LLC (US), Environnement S.A. (France), Fuji Electric Co., Ltd (Japan), EcoTech Marine (US), and Horiba, Ltd. (Japan).
The players are focusing on strategies for growth, such as expansion, technological innovations, agreements, product portfolio development, regional expansion, etc. The competitive landscape of the emission monitoring system market is anticipated to witness the entry of new participants. This, in turn, is poised to spur competition among the market participants over the next couple of years. Also, the rising investment in research & development is prognosticated to motivate the competition in the market, thus supporting its growth.
On the basis of system type, the global emission monitoring system market has been bifurcated into predictive emission monitoring system (PEMS), and continuous emission monitoring system (CEMS).
Based on component, the emission monitoring system market has been segmented into software, hardware, and service. The sub-segments of the hardware segment are probes, gas analyzers, controllers, filters, and others. And, the sub-segments of the services segment include maintenance service and installation service.
On the basis of industry, the segmental analysis of the global emission monitoring system market covers oil & gas, metal & mining, chemicals & petrochemicals, pulp & paper, pharmaceuticals, energy & power, and others.
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The geographical analysis of the global emission monitoring system market spans across four regional segments - North America, Asia Pacific (APAC), and the Rest of the World (RoW). Asia Pacific is anticipated to lead the growth of the market in the forthcoming years. The growth can be primarily attributed to the fast-developing economies of China and India. Rapid industrialization and urbanization being observed in the region are anticipated to propel the expansion of the emission monitoring system market in the region over the next few years. Also, the implementation of strict government regulations is projected to boost the revenue growth of the regional market across the evaluation period. North America and Europe markets are also prognosticated to exhibit substantial growth in the years to come.
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