Emission Equipment Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope

The emission equipment market consists of sales of emission monitoring systems, emission control devices, activated carbon filters, industrial dust collectors, and industrial flares. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The emission equipment market size has grown rapidly in recent years. It will grow from $155.52 billion in 2023 to $172.12 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to environmental regulations and policies, industrialization and urbanization, growing public awareness and advocacy, rising health concerns, and awareness of environmental issues.

The emission equipment market size is expected to see rapid growth in the next few years. It will grow to $260.08 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continued stricter environmental regulations, economic growth, and industrial expansion, increased public and governmental pressure, global agreements and initiatives, and health and environmental impact awareness. Major trends in the forecast period include technology advancements, integration of advanced technologies, renewable energy and clean technologies, focus on sustainable and green technologies, digitalization, and smart technologies.

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Segmentation & Regional Insights

The emission equipment market covered in this report is segmented –

1) By Emission Type: Particulate Matter Control Equipment, Nitrogen Oxides Control Equipment, Sulfur Oxides Control Equipment, Volatile Organic Compounds Control Equipment
2) By Solution: Emission Test Equipment, Emission Test Software, Emission Test Service
3) By Application: Industrial, Automotive, Marine, Aerospace, Other Applications

North America was the largest region in the emission equipment market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the emission equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increase in greenhouse gas emissions is expected to propel the growth of the emission equipment market going forward. Greenhouse gas emissions refer to releasing gases into the Earth’s atmosphere that trap heat, leading to the greenhouse effect and global warming. The increase in greenhouse gas emissions is due to various human activities and natural processes that have intensified significantly over the past century. Emission equipment is critical in mitigating greenhouse gas emissions by reducing the pollutants released into the atmosphere from various industrial and commercial activities. For instance, in June 2024, according to the Office for National Statistics (ONS), a UK-based government department, greenhouse gas emissions per person in the UK increased by 1.2% to 506 million tons of CO2 equivalent between 2021 and 2022. Therefore, an increase in greenhouse gas emissions is driving the growth of the emission equipment market.

Key Industry Players

Major companies operating in the emission equipment market are BASF SE, Siemens AG, General Electric Company, Thermofisher Scientific Inc., Honeywell International Inc., ABB Ltd., Baker Huges Co., Alstom SA, Johnson Matthey plc, Emerson Electric Co., ANDRITZ AG, Fuji Electric Co. Ltd., Ametek Inc., Teledyne Technologies Incorporated, HORIBA Ltd., SICK AG, Spectris plc, Thermax Limited, Babcock And Wilcox Enterprises Inc., Enviro Technology Services plc

The emission equipment market report table of contents includes:

1. Executive Summary
2. Emission Equipment Market Characteristics
3. Emission Equipment Market Trends And Strategies
4. Emission Equipment Market – Macro Economic Scenario
5. Global Emission Equipment Market Size and Growth
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32. Global Emission Equipment Market Competitive Benchmarking
33. Global Emission Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Emission Equipment Market
35. Emission Equipment Market Future Outlook and Potential Analysis
36. Appendix