The Emission Monitoring System by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Emission Monitoring System , The emission monitoring system market size has grown rapidly in recent years. It will grow from $3.41 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to regulatory compliance, public awareness, industrial growth, cost reduction.
The emission monitoring system market size is expected to see strong growth in the next few years. It will grow to $5.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to global climate initiatives, renewable energy expansion, government incentives. Major trends in the forecast period include advancements in sensor technology, data analytics and ai integration, remote monitoring and cloud-based solutions, focus on green solutions, global collaboration for standardization, decentralized energy systems.
Growing demand from oil and gas and power generation industries is expected to propel the growth of emission monitoring systems market. Consumption of natural gas in India is expected to grow as it burns cleaner than fossil fuels and is easy to store. For instance, according to IBEF, an Indian Government export promotion agency, in the year 2020, crude oil production in India stood at 32.2 MMT. The production of crude oil was at 4.9 MMT in FY22 (April-May 2021) and was 30.5 MMT. India’s consumption of petroleum products grew 4.5% to 213.69 MMT during FY20. Thus, increase in the consumption of oil and natural gas is predicted to increase the demand for the emission monitoring systems going forward.
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The emission monitoring system market covered in this report is segmented –
1) By System Type: Continuous Emission Monitoring System (CEMS), Predictive Emission Monitoring System (PEMS)
2) By Component Outlook: Hardware, Software, Service
3) By Industry: Marine And Shipping, Mining, Metals, Pharmaceuticals, Pulp And Paper, Building Materials, Chemicals, Petrochemicals, Refineries And Fertilizers, Oil And Gas, Power Generation
Technological advancements are shaping the emission monitoring system market. Many companies are using new technologies to provide better and enhanced products to their customers. For instance, in 2021, ABB, a Europe-based multinational company working in the end users’ sector, launched a new emissions monitoring system called CEMcaptain, designed to help shipping companies in managing compliance with the IMO emissions regulations. CEMcaptain is a multi-component analyzer system that integrates analyzer modules and sample processing components in a freestanding cabinet to deliver real-time emissions measurement data. By regulations, the unit monitors sulfur dioxide (SO2) and carbon dioxide (CO2) concurrently and constantly. With up to four distinct components per analyzer module, each analyzer has two unique gas channels to enable continuous CO2/SO2 measurement of separate streams.
The emission monitoring system market report table of contents includes:
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