The global emission monitoring system market is set for explosive growth, with projections indicating a surge to $7.47 billion by 2031. This remarkable expansion, driven by increasing investment in oil and gas, automotive industry and growing importance of emission monitoring system in the marine sector.
NEW YORK, Nov. 27, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global emission monitoring system market is observing significant growth. The rising number of oil and gas plants, increasing government initiatives to build power plants, and rising industrialization are fueling the demand for technologies to monitor, track, and map emissions and their impact on the environment.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. The growing number of oil and gas, mining, and construction projects in remote areas is boosting the expansion of the emission monitoring system market across the globe.
Market Overview and Growth Trajectory:
Emission Monitoring System Market Growth: According to an exhaustive report by The Insight Partners, the Emission Monitoring System Market is experiencing significant growth, driven by emphasis on air quality maintenance, significance of emission monitoring systems in industrial sectors and extensive applications of emission monitoring systems in automotive industry. The market, valued at $3.61 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.5% during 2023–2031.
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The increase in substantial investments in the automotive sector boosts the emission monitoring market growth. Additionally, the growing adoption of emission monitoring systems across the mining and chemicals sector is projected to fuel the growth of the emission monitoring system market across the globe.
Development in Oil & Gas Sector: The demand for oil and gas has grown substantially across the globe. Countries such as the US, China, India, Vietnam, and South Korea are showcasing huge demand for crude oil owing to the continuous development in their manufacturing sectors, supported by favorable financial conditions and government policies and a surge in investments in the oil & gas sector. The emission monitoring system plays a crucial role in the oil & gas industry to monitor and manage the emissions from the oil & gas exploration and production operations. Thus, the increase in demand for natural gas and the evolution in the oil & gas sector are expected to provide growth opportunities to the emission monitoring system market.
Emphasis on Air Quality Maintenance: The rising concern about the harmful environmental impact of toxic gases drives the application of emission monitoring systems worldwide. Thus, the growing government focus on mitigating the environmental impact of harmful gases and reducing air pollution is acting as a major driver for the emission monitoring system market globally.
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Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.
Emission Monitoring System Market Segmentation, Applications, Geographical Insights:
Based on functionality, the emission monitoring system market has been segmented into continuous emission monitoring system (CEMS) and portable emission monitoring system (PEMS). The continuous emission monitoring system (CEMS) segment held the largest share of the emission monitoring systems market in 2023.Based on technology, the emission monitoring system market has been segmented into catalytic bead, infrared sensor technology, electrochemical sensors, photoionization detectors (PID), and others. The electrochemical sensor segment held the largest share in the emission monitoring systems market in 2023.Based on type, the emission monitoring system market has been segmented into methane gas detectors, CO2 gas detectors, oxygen gas detectors, and others. The CO2 gas detectors segment held the largest share in the emission monitoring systems market in 2023.Based on the end user, the emission monitoring system market is segmented into marine vessels, oil & gas, chemicals, automotive, power generation, and others. The oil and gas segment held the largest share in the emission monitoring systems market in 2023.The Emission Monitoring System market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Emission Monitoring System Market is characterized by the presence of several major players, including:
ABB LtdSiemens AGHoriba LtdDanfoss ASEmerson Electric CoAmetek IncProtea LtdSLBSensirion Holding AGGreen Instruments A/SEmsys Maritime LtdGreen Sea GuardOPSIS ABNevadaNanoProject CanaryQube Technology
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Emission Monitoring System Market Recent Developments and Innovations:
“Sensirion Connected Solutions, a leading provider of sensor-based monitoring solutions, and Intero—The Sniffers, a global environmental and integrity service provider, have partnered to help the oil and gas industry reduce methane emissions and comply with voluntary initiatives and new standards.””Emerson announced the new Rosemount™ XE10 Continuous Emissions Monitoring System, which is designed to help industrial plants meet increasingly stringent environmental regulations and evolving sustainability demands.””Caerus Oil and Gas announced its collaboration with Qube Technologies, which is a milestone in its commitment to sustainable energy development. After a comprehensive pilot, Caerus has decided to deploy Qube’s advanced continuous monitoring technology across 50 sites in Colorado’s Piceance basin. This initiative highlights Caerus’s dedication to environmental leadership and marks a significant step forward in the adoption of cleaner energy practices. (Source: Qube Technologies, Press Release, May 2024)””HORIBA, Ltd., a global leader in analytical and measurement technologies, proudly announces the launch of its groundbreaking AP-380 series of analyzers, catering to diverse air quality monitoring needs. The AP-380 series offers a comprehensive lineup of five models, each tailored to address specific trace gas monitoring requirements. These cutting-edge models include APMA-380 for carbon monoxide, APSA-380 for sulfur dioxide, APOA-380 for ozone, APNA-380 for nitrogen oxides, and APHA-380 for hydrocarbon trace gas monitoring. (Source: HORIBA, Ltd., Press Release, January 2024)”
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Conclusion:
Emission monitoring technology is currently witnessing a period of robust growth and development across multiple industries, including automotive, oil & gas, power generation, and chemicals. These industries are witnessing substantial investments from the private and public sectors, with many planned projects in the development stages. In specific, the automotive industry is undergoing substantial growth. This will continue, specifically with the government initiatives and funding for infrastructure development to incorporate autonomous vehicle technology. The emission monitoring system market outlook continues to be positive since this technology is well-positioned to serve the growing requirements for managing emissions of end users, such as oil & gas, utilities, construction, and manufacturing.
With projected growth to $7.47 Billion by 2031, the Emission Monitoring System Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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