In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global emission monitoring system market is anticipated to record a CAGR of ~9% during the forecast period, i.e., 2021-2030. The growth of the market can be primarily attributed to the increasing health concerns caused due to the rising air pollution, along with the growing focus of the government of nations across the globe to monitor polluting sources and reduce emissions. According to the World Bank, the cost associated with the health damage from ambient air pollution is equivalent to around 4.8% of the GDP of the world. Moreover, the economic burden of pollution associated with premature mortality and morbidity in individual countries worldwide is equivalent to 5 to 14% of the countries’ GDPs. Air, water, and land pollution is estimated to cause more than 9 Million premature deaths worldwide. Moreover, in the year 2016, ambient air pollution alone caused around 4.2 Million deaths. The market is also anticipated to grow on account of the rising focus of the government of nations on the utilization of emission analytics solutions for monitoring emissions from the manufacturing sector and to ensure compliance of emission standards. Industries worldwide are required nowadays to monitor and control their emissions, backed by the stringent government regulations to control pollution emitted from the industries. As a result, there is a rising need for the monitoring systems that allow industries to keep a track of their emission levels, which is anticipated to drive the market growth.
The market is segmented by technology type into continuous emission monitoring system (CEMS) and predictive emission monitoring system (PEMS), out of which, the continuous emission monitoring system (CEMS) segment is anticipated to hold the largest share in the global emission monitoring system market throughout the forecast period. CEMS devices allow for continuous monitoring of emission levels, unlike the PEMS systems. Moreover, most of the CEMS devices are certified by regulatory bodies and hence are more trustworthy when compared to PEMS devices. CEMS devices, on the other hand, provide more appropriate data and are equipped with sensors that can monitor nitrogen oxides, sulfur dioxide, carbon monoxide, airborne particulate matter, volatile organic compounds, mercury, oxygen, and others.
Regionally, the global emission monitoring system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to witness the largest share throughout the forecast period on the back of growing stringent regulatory norms set by the United States Environmental Protection Agency (EPA) to lower emissions from different emitting sources, along with the increasing awareness amongst the end-users for emission monitoring systems. Moreover, increasing focus of the government to curb air pollution in the region is also anticipated to drive the market growth in North America. According to the statistics by the EPA, around 82 Million people lived in the countries of North America with air quality concentrations above the primary level of the National Ambient Air Quality Standards (NAAQS) in the year 2019.
The global emission monitoring system market is further classified on the basis of region as follows:
Our in-depth analysis of the global emission monitoring system market includes the following segments:
Ans: The increasing concerns for the health issues caused due to air pollution and the need for controlling emission levels from different sources are the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2020-2030.
Ans: The high price of emission monitoring systems is one of the major factors estimated to hamper the market growth.
Ans: The market in the Asia Pacific is anticipated to display significant business opportunities in the future.
Ans: The major players in the market are ACOEM Ecotech Pty. Ltd., CMC Solutions, LLC, AMETEK, Inc., Emerson Electric Co., Thermo Fisher Scientific Inc., Siemens, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology type, component type, end-user industries, and by region.
Ans: The continuous emission monitoring system (CEMS) segment is anticipated to hold the largest market share over the forecast period and display significant growth opportunities.