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Sustainability in Focus: Global Emission Monitoring System Trends 2024
Emission Monitoring System Market
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According to The Business Research Company's, The emission monitoring system market size has grown rapidly in recent years. It will grow from $3.41 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to regulatory compliance, public awareness, industrial growth, cost reduction.
The emission monitoring system market size is expected to see strong growth in the next few years. It will grow to $5.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to global climate initiatives, renewable energy expansion, government incentives. Major trends in the forecast period include advancements in sensor technology, data analytics and ai integration, remote monitoring and cloud-based solutions, focus on green solutions, global collaboration for standardization, decentralized energy systems.
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Market Drivers and Trends:
Growing demand from oil and gas and power generation industries is expected to propel the growth of emission monitoring systems market. Consumption of natural gas in India is expected to grow as it burns cleaner than fossil fuels and is easy to store. For instance, according to IBEF, an Indian Government export promotion agency, in the year 2020, crude oil production in India stood at 32.2 MMT. The production of crude oil was at 4.9 MMT in FY22 (April-May 2021) and was 30.5 MMT. India's consumption of petroleum products grew 4.5% to 213.69 MMT during FY20. Thus, increase in the consumption of oil and natural gas is predicted to increase the demand for the emission monitoring systems going forward.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Teledyne Technologies Inc., Sick AG, Rockwell Automation Inc., Parker-Hannifin Corporation, Siemens AG, General Electric Company, Emerson Electric Co, AMETEK Inc., ABB Ltd., CMC Solutions LLC, Environmental SA Pvt. Ltd., Opsis AB, Ecotech Technologies Pvt. Ltd., Intertek Group plc, Analytical Technology Inc., Bacharach Inc., Beijing SDL Technology Company Limited, California Analytical Instruments Inc., Codel International Ltd., The Durag Group, E Instruments International LLC, ECO PHYSICS AG, ENVEA Société Anonyme, Fuji Electric Co. Ltd., Gasmet Technologies Oy, Horiba Ltd., KANE International Ltd., KIMO Instruments, Land Instruments International Ltd., M&C TechGroup Germany GmbH, Testo SE & Co. KGaA, Yokogawa Electric Corporation
Emission Monitoring System Market 2024 Key Insights:
• The emission monitoring system market size is expected to see strong growth in the next few years. It will grow to $5.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Expanding Oil And Gas Industry Drives Demand For Emission Monitoring Systems
• Pioneering Technological Advancements In The Emission Monitoring System Market
• North America was the largest region in the emission monitoring system market in 2023
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