Published Date : 23 Oct 2023
The global emission monitoring systems market size is anticipated to reach around USD 10.68 billion by 2032 up from USD 4.1 billion in 2022 with a CAGR of 10.1% between 2023 and 2032.
Emission monitoring systems, also known as continuous emission monitoring systems, are sophisticated tools designed to monitor and record the release of particulate matter and greenhouse gases into the atmosphere from industrial processes and facilities. The primary purpose of these systems is to ensure compliance with environmental regulations and to manage and reduce the environmental impact of emissions.
The emission monitoring systems market is driven by various factors including increasing levels of pollution, rising awareness related to the environment, growing investment in R&D, rising technological advancements and many others. In addition, government initiatives across the globe are expected to further stimulate the market over the anticipated timeframe.
North America is expected to dominate the market over the forecast period. The market growth in the region is attributed to the favorable regulatory environment. By enhancing air quality and lowering air pollution, the US Environmental Protection Agency is dedicated to safeguarding public health. The United States air quality has significantly improved since the Clean Air Act was put into effect and several entrepreneurs have made technical breakthroughs since then.
The primary partners of the EPA in reducing the emissions of over 180 harmful air pollutants are state, municipal, and governments. Moreover, the energy and industrial sectors are the main producers of emissions. As a result. EMS solutions have a large consumer base in these industries.
These systems are utilized in a variety of sectors such as manufacturing, chemical, power and refineries to minimize their environmental effect and assure regulatory compliance. For instance, as per the data from the International Energy System, the U.S. electric power industry emitted 1,539 million metric tons (MMmt) of carbon dioxide (CO2) in 2022, accounting for approximately 31% of the country's overall energy-related CO2 emissions of 4,964 (MMmt). Therefore, the aforementioned stats are expected to propel the market growth in the region.
Emission Monitoring Systems Market Report Scope:
|Market Revenue in 2023||USD 4.49 Billion|
|Projected Forecast Revenue by 2032||USD 10.68 Billion|
|Growth Rate from 2023 to 2032||CAGR of 10.1%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Growing concerns related to health
Rising concerns related to health are expected to propel the growth of the emission monitoring systems market during the forecast period. A closure examination of emissions from industrial sites has resulted from worries about the health impacts of air pollution and low air quality. EMS systems are essential for tracking and regulating emissions that cause air pollution and issues with public health. For instance, according to the Australia Institute of Health and Welfare, 8.6% of the burden of coronary heart disease, 8.3% of strokes, 6.7% of type 2 diabetes and COPD, 5.7% of lower respiratory infections, and 3.4% of lung cancer cases were caused by air pollution.
The efficiency and affordability of emission monitoring systems have increased due to developments in sensor technology, data analytics, and remote monitoring capabilities. For instance, in July 2023, QLM Technology Ltd. Introduced Quantum Gas Lidar and the QLM Cloud. Thereby, driving the market growth over the forecast period.
A major obstacle to the broad use of emission monitoring systems is the elevated expense of acquiring. It may be costly for businesses, particularly SMEs to purchase modern sensors, software, and others. These companies usually cannot afford to invest in sophisticated emission monitoring systems, which restricts the growth of the industry. Strict environmental restrictions drive the need for these systems, yet these systems may be quite challenging due to their complex arrangements.
Organizations may find it challenging to properly traverse the authority environment due to differences in compliance standards among nations and sectors. EMS implementation is prohibited for certain businesses since compliance with these regulations sometimes necessitates substantial resources and knowledge. Thereby, hampering the market growth.
Concern over data management
The concern over data management in emission monitoring systems is expected to hamper the market growth over the anticipated timeframe. It might be difficult to handle and manage large amounts of emissions data. Ensuring data accuracy, safe storage, and effective analysis are all part of the EMS solutions. Companies can have trouble properly analyzing and applying the data to make choices. Thus, at some point in time, it might be a major hurdle to the market expansion.
Growing product launches
The growing product launches in the industry are expected to offer an enormous potential for market growth. For instance, in July 2023, to control the carbon emissions of its cooperative business partners, Hyundai Motor Company and Kia Corporation unveiled the Supplier CO2 Emission Monitoring System (SCEMS), a blockchain-based artificial intelligence tool. It is anticipated that this technology will also free suppliers from this time-consuming and expensive effort and allow them to accurately monitor their carbon emissions. Through the utilization of high-performance blockchain technology and artificial intelligence (AI), business partners may effectively oversee and manage the gathered data as well as the carbon emission status at each company.
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