Emission Monitoring Systems Market Size, Regional Outlook, Application Growth Potential, COVID-19 Impact Analysis, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI3486
Emission Monitoring Systems Market size is expected to witness prolific growth over 2021-2027. This growth is driven by the ability of continuous emission monitoring systems to offer accurate measurement information on pollutants or gaseous emissions from stacks in industries like textile. Likewise, the implementation of stringent emission norms and regulations to combat climate change will also amplify the product demand in the years ahead. The European Commission, for instance, adopted a series of legislative proposals in 2021, with an aim to achieve climate neutrality by 2050 in the EU, including at least a 55% net reduction in GHG emissions by 2030.
Emission monitoring refers to a process of assessing the environmental impacts of harmful emissions to help various businesses reach their long-term sustainability goals. The emission monitoring services ensure that the environmental footprint is minimal, and the production is in line with environmental legislation.
Robust electricity demand and the subsequent surge in the production of air pollutants from the power generation sector is one of the key trends propelling the emission monitoring systems market share. Moreover, the escalating rate of VOC emissions from the burgeoning oil and gas industry will further drive the emission control system demand over the estimated timeline. VOC emissions from this industry include air toxins or pollutants like benzene and n-hexane, which are considered potential causes of serious health conditions like cancer.
In terms of segmentation by end-use, the emission monitoring systems market from the petrochemicals segment is likely to exhibit a strong growth rate through 2027. This is a result of high reliance on fossil fuels and feedstocks, a major source of CO? emissions. Growing concerns about the negative impacts of air pollutants among people living near the petrochemical complexes will add impetus to the segmental growth in the upcoming years.
North America is anticipated to emerge as a lucrative revenue pocket for the emission monitoring systems industry by 2027. This can be credited to the rising impacts of climate change and the agreements signed between regulatory bodies and automakers to limit the GHG emission levels in the region. In 2020, California’s regulatory board announced the signing of deals with automakers including BMW and Ford Motor, binding them to the state regulatory standards to support emission reduction through 2026.
Key players operating in the global emission monitoring systems market include Babcock & Wilcox Company, Ecotech (ACOEM Group), Teledyne Technologies, Enviro Technology Services, Durag Group, HORIBA, Ltd., Thermo Fisher Scientific, Envea, Siemens AG, General Electric, Emerson Electric, AMETEK, ABB, Parker Hannifin, SICK, and Rockwell Automation, among others. These companies are incorporating varied strategies like new product launches and business expansions to gain a competitive advantage over rivals across the global market.
For instance, in January 2021, ABB announced the launch of an emission monitoring system, CEMcaptain. This system was designed to help the maritime industry comply with the sulfur emission regulations enforced in 2020 and monitor the CO? footprint.
Chemical Business Disruptions Amid COVID-19 to Impact Emission Monitoring Systems Market Trends:
Economic downturn, border closures, travel bans, and supply chain disruptions during the coronavirus pandemic have adversely impacted various chemical companies. Product demand is on the decline, due to their significant exposure to highly affected sectors like oil and gas, automotive, and aerospace. Wider business disruptions across the chemical industry may also create roadblocks to the steady growth of the emission monitoring systems industry.
However, in May 2020, the concentration of CO? in the atmosphere crept up to over 418 parts per million, despite the dramatic decline in its emission during the crisis. Moreover, the pandemic has led to a surge in deforestation activities across South America and Asia, which could increase the level of carbon emission and in turn, boost the industry demand in the near future.
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