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Emission Equipment Market Size, Trends, Growth Drivers, Forecast To 2033
Emission Equipment Market Size
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According to The Business Research Company's, The emission equipment market size has grown rapidly in recent years. It will grow from $155.52 billion in 2023 to $172.12 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to environmental regulations and policies, industrialization and urbanization, growing public awareness and advocacy, rising health concerns, and awareness of environmental issues.
The emission equipment market size is expected to see rapid growth in the next few years. It will grow to $260.08 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continued stricter environmental regulations, economic growth, and industrial expansion, increased public and governmental pressure, global agreements and initiatives, and health and environmental impact awareness. Major trends in the forecast period include technology advancements, integration of advanced technologies, renewable energy and clean technologies, focus on sustainable and green technologies, digitalization, and smart technologies.
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Market Drivers and Trends:
The increase in greenhouse gas emissions is expected to propel the growth of the emission equipment market going forward. Greenhouse gas emissions refer to releasing gases into the Earth's atmosphere that trap heat, leading to the greenhouse effect and global warming. The increase in greenhouse gas emissions is due to various human activities and natural processes that have intensified significantly over the past century. Emission equipment is critical in mitigating greenhouse gas emissions by reducing the pollutants released into the atmosphere from various industrial and commercial activities. For instance, in June 2024, according to the Office for National Statistics (ONS), a UK-based government department, greenhouse gas emissions per person in the UK increased by 1.2% to 506 million tons of CO2 equivalent between 2021 and 2022. Therefore, an increase in greenhouse gas emissions is driving the growth of the emission equipment market.
Major companies operating in the emission equipment market are developing advanced products, such as IoT-based building management systems, to reduce energy consumption and emissions. IoT-based building management systems reduce emissions by optimizing energy use through real-time monitoring and control of building systems such as lighting and ventilation. For instance, in March 2023, Siemens AG, a Germany-based provider of advanced emission equipment solutions, launched Connect Box, an open and user-friendly IoT solution tailored for managing and reducing emissions from small to medium-sized buildings. The Siemens Connect Box optimizes building operations by gathering real-time data from IoT sensors to monitor energy consumption and system performance. It then uses this data to make adjustments that maximize efficiency, reducing overall emissions from the building's operations.
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Major Key Players of the Market:
BASF SE, Siemens AG, General Electric Company, Thermofisher Scientific Inc., Honeywell International Inc., ABB Ltd., Baker Huges Co., Alstom SA, Johnson Matthey plc, Emerson Electric Co., ANDRITZ AG, Fuji Electric Co. Ltd., Ametek Inc., Teledyne Technologies Incorporated, HORIBA Ltd., SICK AG, Spectris plc, Thermax Limited, Babcock And Wilcox Enterprises Inc., Enviro Technology Services plc
Emission Equipment Market 2024 Key Insights:
• The emission equipment market size is expected to see rapid growth in the next few years. It will grow to $260.08 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Impact Of Increasing Greenhouse Gas Emissions On The Emission Equipment Market
• Innovative IoT-Based Solutions Driving Emission Reduction In Building Management
• North America was the largest region in the emission equipment market in 2023
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