Press release
Global Emission Monitoring System Market Projected to Surpass $5.96 Billion by 2029 with 9.8% Annual Growth
Emission Monitoring System Market Size
The anticipated growth of the emission monitoring systems market is largely due to the increasing demand from the oil and gas and power generation sectors. As India is predicted to see an increase in natural gas consumption due to its cleaner combustion compared to fossil fuels and ease of storage, the need for these systems will likely escalate. For instance, the Energy Information Administration, a US government agency, predicted in June 2024 that U.S. crude oil production would rise by 2% from its 2023 level, averaging at 13.2 million barrels per day in 2024. This is expected to further increase by 4% in 2025, taking the production up to 13.7 million barrels per day. Therefore, as the consumption of oil and natural gas is projected to rise, the global market demand for emission monitoring systems is also expected to escalate.
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What growth opportunities are expected to drive the emission monitoring system market's CAGR through 2034?
In the past few years, there has been a significant uptick in the size of the emission monitoring system market. It is projected to grow from $3.73 billion in 2024 to reach $4.1 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 9.9%. The historical growth in this market can be associated with regulatory compliance, public knowledge, industrial development, and cost-cutting.
The market size for the emission monitoring system is anticipated to witness robust expansion in the impending years, escalating to $5.96 billion by 2029, with a CAGR of 9.8%. The prospective growth during the forecast period can be credited to worldwide climate campaigns, the surge in renewable energy, and governmental inducements. Key trends for this period are expected to involve enhancements in sensor technology, data analytics and AI inclusion, remote surveillance and cloud-based solutions, attention towards eco-friendly solutions, global unification for standardization, and decentralized energy systems.
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What are the emerging trends shaping the future of the emission monitoring system market?
The emission monitoring system market is being redefined by technological advancements. Numerous businesses are leveraging cutting-edge technologies to deliver superior and improved products to their consumers. For instance, Honeywell International Inc., a US technological firm, unveiled the Advanced Emissions Monitoring System for Offshore Oil and Gas Platforms in August 2024. This groundbreaking system is a component of Honeywell's extensive Emissions Management Suite, designed to offer a holistic solution for tracking, monitoring, reporting, and reducing emissions in the energy sector. The system is meticulously engineered to provide comprehensive solutions that enable precise identification and real-time reporting of unintentional emissions. This feature is vital for offshore operations where emissions can dramatically affect regulatory adherence and ecological sustainability.
Which growth-oriented segments of the emission monitoring system market are leading the industry's development?
The emission monitoring system market covered in this report is segmented -
1) By System Type: Continuous Emission Monitoring System (CEMS), Predictive Emission Monitoring System (PEMS)
2) By Component Outlook: Hardware, Software, Service
3) By Industry: Marine And Shipping, Mining, Metals, Pharmaceuticals, Pulp And Paper, Building Materials, Chemicals, Petrochemicals, Refineries And Fertilizers, Oil And Gas, Power Generation
Subsegments:
1) By Continuous Emission Monitoring System (CEMS): Gas Monitoring Systems, Particulate Monitoring Systems, Data Acquisition And Management Systems, Calibration And Validation Systems
2) By Predictive Emission Monitoring System (PEMS): Software Solutions For Emission Forecasting, Data Integration Tools, Algorithm Development Services, Reporting And Compliance Solutions
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What regions are leading the charge in the emission monitoring system market?
North America was the largest region in the emission monitoring system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the emission monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the emission monitoring system market?
Major companies operating in the emission monitoring system market include Thermo Fisher Scientific Inc., Teledyne Technologies Inc., Sick AG, 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
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What Is Covered In The Emission Monitoring System Global Market Report?
•Market Size Forecast: Examine the emission monitoring system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the emission monitoring system market for a structured understanding.
•Key Players Overview: Analyze major players in the emission monitoring system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the emission monitoring system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the emission monitoring system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the emission monitoring system market.
•Industry Challenges: Identify potential risks and obstacles affecting the emission monitoring system market.
•Competitive Landscape: Review strategic developments in the emission monitoring system market, including expansions, agreements, and new product launches.
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