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Future of Emission Monitoring System Market: Size, Share & Forecasts to 2029
Emission Monitoring System Market
What Is the Projected Market Size Valuation of the Emission Monitoring System Market by 2025?
In recent times, there has been a significant growth in the market size of the emission monitoring system. The valuation will rise from $3.73 billion in 2024 to reach $4.04 billion in 2025, showing a compound annual growth rate (CAGR) of 8.2%. The prior growth observed can be linked to factors such as regulatory compliance, increased public awareness, progress in the industrial sector, and reduction in costs.
What Is the Estimated Market Growth Value for the Emission Monitoring System Industry in 2029?
In the upcoming years, the emission monitoring system market is projected to experience a robust growth, escalating to $5.77 billion by 2029 at a 9.3% compound annual growth rate (CAGR). This significant growth during the forecast period can be credited to international climate actions, expansion of renewable energy, and governmental incentives. The period is also expected to witness key trends such as enhancements in sensor technology, integration of data analytics and artificial intelligence, remote and cloud-based monitoring solutions, emphasis on eco-friendly solutions, global partnerships for standardization, and adoption of decentralized energy systems.
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What Are the Growth Drivers and Opportunities in the Emission Monitoring System Market?
The upsurge in demand from the oil and gas and power generation sectors is set to bolster the emission monitoring systems market. The use of natural gas is likely to increase in India due to its cleaner burning compared to fossil fuels and its ease of storage. For example, the Energy Information Administration, a US government agency, projected in June 2024 that U.S. crude oil production will increase by 2% from its 2023 level, averaging 13.2 million barrels per day (b/d) in 2024. Additionally, a subsequent rise of 4% is expected in 2025, raising production to 13.7 million b/d. Therefore, the escalating consumption of oil and natural gas is set to augment the demand for emission monitoring systems in the future.
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What Are the Primary Segments Covered in the Global Emission Monitoring System Market Report?
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
What Are the Top Growth Trends in the Emission Monitoring System Market?
Emission monitoring system market is being transformed due to technological sophisticatedness. Many corporations are leveraging these innovations to offer superior products to clients. For example, in August 2024, Honeywell International Inc., a firm rooted in technology from the USA, introduced the Advanced Emissions Monitoring System designed explicitly for Offshore Oil and Gas Platforms. This cutting-edge system is a part of the broader Emissions Management Suite from Honeywell, intended to present a complete package for measuring, supervising, declaring, and mitigating emissions in the power sector. The system is devised to serve comprehensive solutions that enable precise detection and instantaneous reporting of fugitive emissions. This feature is vitally important for offshore proceedings where emissions can have a substantial effect on regulatory conformance and environmental preservation.
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Which Companies Are Shaping the Future of 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
Which Region Holds the Largest Market Share in the Emission Monitoring System Industry?
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
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