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Environmental Monitoring Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Environmental Monitoring Market Overview
According to The Business Research Company's, The environmental monitoring market size has grown strongly in recent years. It will grow from $16.35 billion in 2023 to $17.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to regulatory compliance, innovation in monitoring solutions, industrialization and urbanization, public awareness and concerns, environmental incidents and disasters.
The environmental monitoring market size is expected to see strong growth in the next few years. It will grow to $22.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to advancements in sensor technology, integration with IoT and ai, emerging environmental regulations, growth in smart cities initiatives, increasing adoption of remote sensing technologies. Major trends in the forecast period include expansion of IoT integration, rise of ai-powered analytics, focus on air quality monitoring, emphasis on water quality management, integration of satellite and remote sensing data.
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Market Drivers and Trends:
The rising level of air pollution is expected to propel the growth of the environmental monitoring market going forward. Air pollution refers to the presence of harmful or excessive quantities of substances in the Earth's atmosphere, which can pose risks to human health, the environment, and the overall quality of life. Air pollution is increasing due to the escalating emissions of pollutants from industrial activities, vehicular exhaust, and other human sources. Environmental monitoring is used to track the levels and trends of air pollution over time, identify sources of pollution, assess compliance with regulatory standards, and inform policy decisions to safeguard public health and the environment against the detrimental impacts of air pollution. For instance, according to the United States Environmental Protection Agency, a US-based government agency, carbon dioxide (CO2) emissions from burning fossil fuels grew by 7% in 2021. Furthermore, in February 2024, according to the World Health Organization, a Switzerland-based intergovernmental organization, approximately 7 million premature deaths occur annually due to the association of ambient air pollution and household air pollution. Therefore, the rising level of air pollution is driving the growth of the environment monitoring market.
Major companies operating in the environmental monitoring market are developing innovative solutions, such as ASIO environmental monitoring systems, to gain a competitive edge in the market. ASIO environmental monitoring systems refer to integrated networks of sensors, instruments, and technologies designed to measure and track various environmental parameters such as air quality, water quality, soil conditions, weather patterns, and biodiversity. For instance, in June 2023, BIRD Aerosystems, an Israel-based defense technology and solutions company, launched the ASIO environmental monitoring system, a cutting-edge solution for detecting and addressing maritime pollution, particularly oil spills. Integrating advanced technology such as the SEA EYE sensor, this innovative system offers real-time detection and classification of oil and organic substances on the water's surface, allowing for swift response and mitigation efforts. With AI capabilities and prediction tools, the ASIO system enables authorities to manage environmental crises effectively, minimizing ecological and economic impacts while ensuring efficient cleanup operations.
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Major Key Players of the Market:
Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, General Electric Company, Thermo Fisher Scientific Inc., Honeywell International Inc., 3M Company, Danaher Corporation, Merck KGaA, Texas Instruments Inc., Thales Group, Nidec Corporation, TE Connectivity Ltd., Emerson Electric Co., Agilent Technologies Inc., Teledyne Technologies Incorporated, AMS AG, bioMérieux SA, Shimadzu Corporation, PerkinElmer Inc., HORIBA Ltd., Spectris plc, Forbes Marshall, Raritan Inc., Powelectncs Limited, Environmental Sensors Inc.
Environmental Monitoring Market 2024 Key Insights:
• The Environmental Monitoring Market is expected to grow to $22.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Increasing Level Of Air Pollution Fuels Growth In The Environmental Monitoring Market
• Advanced Environmental Monitoring Systems Transforming The Market
• North America was the largest region in the environmental monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the environmental monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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