EMISSION MONITORING SYSTEM MARKET ANALYSIS

Market Challenges And Opportunities

Global Emission Monitoring System Market: Drivers:

Dependency on coal-fired power plant to generate electricity

Increasing dependency on coal-fired power plants to generate electricity is expected to drive growth of the global emission monitoring system market during the forecast period. Many countries are still highly dependent upon coal-powered plants to generate electricity. The coal-burning releases a vast number of airborne toxins such as sulfur dioxide, mercury, lead, nitrogen oxides, particulates, and other heavy metals. Extended exposure to these pollutants leads to harmful effects in health including breathing difficulties, brain damage, asthma, heart problems, cancer, and premature deaths. The emission monitoring system plays a crucial role in reducing the carbon emission since it determines the concentration of toxic gases or particulate matter released from the plant and other industrial operations. This, in turn, ensures that emission is limited to permitted standards.

Stringent emission norms to drive the market in the forecast period

Stringent emission norms enforced in Europe and North America are expected to propel the global emission monitoring system market growth over the forecast period. Many countries in developed regions such as North America and Europe have enforced stringent norms and standards in carbon emission. For instance, in September 2015, Euro 6 emission standards were introduced in Europe, which set maximum limitations on certain harmful gases and particulate matter a car is allowed limit including hydrocarbons and nitrogen oxides. Both petrol and diesel cars are required to follow these standards. Moreover, emerging economies such as India have enforced emission standards to curb air pollution from cars and light commercial vehicles. For instance, in April 2020 Bharat Stage VI standards were mandated by the government of India, which limited the emission of harmful gases such as nitrous oxide and particulate matter. Such standards have increased the demand for the emission monitoring system.

Global Emission Monitoring System Market: Opportunities:

Market players can offer novel products at competitive prices and gain a significant advantage in the market.

Asia Pacific is one of the prominent emerging regions in the world that is rapidly using coal-fired power generation. Emerging economies such as China and India are among the largest users of coal-fired power generation. This, in turn, creates lucrative opportunities for key players in the emission monitoring system market. There are various regulations enforced on the control of air pollution and are becoming more stringent every year. Market players can offer novel products at competitive prices and gain a significant advantage in the market.

Research and development activities among market players

Oil and gas industry produces a vast amount of emission of harmful gases such as methane, sulfur dioxide, and others. The emission monitoring system can gather data required of emissions where the government can regulate the release of harmful gases. Key companies can focus on these opportunities and provide unique products to gain a competitive edge in the market.

Global Emission Monitoring System Market: Restraints:

High Cost of continuous emission monitoring system to hamper the growth

High cost of continuous emission monitoring systems is expected to hamper the global emission monitoring system market growth over the forecast period. Continuous emission monitoring systems are significantly expensive in terms of procurement and deployment. It is also expensive to integrate these systems with the existing system, which poses a major challenge for the industry.

Growing focus on clean energy

Growing focus on clean energy is expected to restrain growth of the global emission monitoring system market during the forecast period. Renewable energy has gained significant traction since the turn of the century. Many countries are making significant efforts to develop sustainable, reliable, and efficient renewable energy sources such as solar power, hydropower, wind power, and bioenergy. These energy sources are deemed to replace existing conventional energy sources. As a result of this, the world needs to rapidly shift toward a low-carbon source of energy to reduce CO2 emissions. This, in turn, eliminates the requirement of an emission monitoring system.