Emission Monitoring System Market is estimated to be valued at US$ 6,564.0 Mn by 2030.
Emission monitoring system is a tool used to monitor flue gas for carbon monoxide, oxygen, and carbon diode to provide information for combustion control in industrial facilities. It is comprised of several components that can determine gas or particulate matter concentration or emission rate of specific pollutants. EMS software can produce results of the applicable emission limitation or standards in units. EMS is typically used in various industries such as power generation, petrochemicals, chemicals, and oil & gas.
Emission Monitoring System Market: Drivers
Increasing need of protecting environment to drive the market
Increasing need for environmental protection is expected to boost the global emission monitoring system market growth over the forecast period. The carbon emission has serious repercussions on the environment, which eventually harms human health as well. Air pollution has become a severe global problem, which requires a joint effort. According to the World Health Organization (WHO), air pollution kills around 7 million people globally every year. It can lead to severe chronic diseases such as stroke, respiratory infections, lung cancer, and chronic obstructive pulmonary disease. Such harmful environmental impact has increased the need for protection and urgency to curb carbon emission from industries as well as vehicles. Emission monitoring system provides data regarding the emission of gases from a particular building or facility, which can help to governing authority to reduce it. Many government agencies have enforced stringent regulatory standards on carbon emission with the deployment of EMS.
Emission Monitoring System Market: Opportunities
Increasing Research and development activities
Increasing research and development activities can present significant market opportunities in the global emission monitoring system market. Many market players are focused on research and development activities in the emission monitoring systems and investment a significant fund, in order to innovate novel products.
Emission Monitoring System Market: Restraints
Technical challenges to hamper the global market
Technical challenges related to adherence to regulatory norms are expected to hamper the global emission monitoring system market growth over the forecast period. There are stringent regulatory frameworks that create certain challenges in the adoption of emission monitoring system. These challenges are regarding the maintenance of the instruments and designs. The EMS operated under harsh conditions and extreme weather. These systems can be used in various industry settings, which makes it even more difficult to provide precise and reliable data.
Market Trends
Presence of key players to propel the market growth
Among regions, North America is expected to witness significant growth in the global emission monitoring system market during the forecast period. This is owing to the presence of robust and stringent regulatory emission norms in the region. Moreover, the large presence of major market players such as General Electric Company, Thermo Fisher Scientific Inc., and Emerson Electric Co. is expected to propel the North America emission monitoring system market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global emission monitoring system market during the forecast period. This is owing to the presence of robust and stringent regulatory emission norms in the region. Moreover, the large presence of major market players such as General Electric Company, Thermo Fisher Scientific Inc., and Emerson Electric Co. is expected to propel the North America emission monitoring system market growth over the forecast period.
Global Emission Monitoring System Market- Impact of Coronavirus (Covid-19) Pandemic
The impact of the COVID-19 pandemic outbreak has been both positive and negative on the global emission monitoring system market. Emission monitoring system enables connectivity with the control system via standard protocols to obtain real-time process data for generating the emission estimations. With many countries choosing the nationwide lockdown policies, the market was impacted with temporary suspension in economic activities. However, emission monitoring system has helped monitoring and analyzing the environment quality efficiently. In fact, many organizations and environmental agencies have started using EMS to detect, monitor, and analyze pollution levels in the environment. The negative impact of COVID-19 is short term as more and more organizations are adopting EMS solutions.
Emission Monitoring System Market: Competitive Landscape
Key players operating in the global human machine interface market are ABB Ltd, Thermo Fisher Scientific Inc., AMETEK, Inc., Teledyne Technologies, and Inc. Emerson Electric Co., Sick AG, General Electric Company, Siemens AG, Rockwell Automation, Inc., and Horiba Ltd.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/emission-monitoring-system-market-4711
Key Takeaways:
Global market was valued at US$ 3,427.2 Mn in 2022 and is forecast to reach a value of US$ 6,564.0 Mn by 2030 exhibiting CAGR of 8.5% between 2023 and 2030.
Emission Monitoring System Market: Recent Developments
In Jan 2021, ABB unveiled an emissions monitoring system that will help the maritime industry achieve its decarburization targets.
