Environmental Monitoring Technology Market to observe high growth by 2024

Environmental monitoring technology includes technological advancements that in turn ensure protection and development of the environment and aligned nature constituents. It includes technologies that monitor diverse activities such as clean air, land contamination, waste management, resource optimization, monitoring of discharges into water, ozone depleting substances, recycling and so forth. 

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Environmental monitoring is a high innovation and technology-based industrial branch. Nanotechnology and biotechnology are anticipated to govern the development of environmental technology industry. Environmental monitoring is essential in order to protect the vulnerable environment of air, earth, water, and energy from the pressures of increasing world population and associated demands. This can be achieved by initially motoring the current aspect of these environmental variables and further delivering safe, efficient, and cost equitable technologies to deal with the cleaning of hazardous waste materials. 

The factors favoring the  growth of  environmental monitoring technology market are enhanced environmental protection undertakings by the small and medium-sized enterprises, increasing number initiatives towards the development of environment-friendly industries, decrease in export tariff rates on environmental technologies in both developed and emerging markets, increasing government funding for pollution prevention and control, development of policies and initiatives to reduce soil, air, and water pollution. Furthermore, constantly growing  global population is expected to propel the demand for environmental monitoring technologies. As environmental monitoring has become essential for the composition of a high-quality modern day living space, the provision of enhanced sensors and devices is a competitive aspect for players to engross market share.

The factors restraining the growth of the sector are high export barriers on environmental technologies in developing economies, slow implementation of pollution control reforms, and the high cost of acquiring environmental monitoring solutions. Furthermore, uncertain and inconsistent regulations and standards in emerging countries are expected to throttle environmental monitoring technology market growth over the forecast period.

Challenges are numerous owing to the technological complexity and consistency required in result delivery thereby fueling further advancements in the field. It will be difficult to monitor certain aspects, and ability to provide the same level of consistency globally as it requires considerable investments and hi-tech development in the environmental monitoring setups. Compensating results in certain geographies owing to functioning barriers may not achieve holistic environmental monitoring and associated enhancement as projected in these initiatives. Development of nanotechnology-based environment monitoring products is expected to further bring novel market opportunities in the environmental monitoring technology sector. Nanotechnology innovation would increase the environmental monitoring accuracy and make the service provision cost efficient. With pressure rising from United Nations for environmental safety along with the implementation of initiatives such as United Nations Environment Programme (UNEP), nation-state globally has to stay up front in their environment monitoring initiatives.

The industry is segmented by product type, sampling methods, application and sensor types. On the basis of product, type market is classified as environmental monitoring software, environmental monitors, and environmental sensors. Further, the environmental monitors segment is bifurcated into fixed and portable environmental monitors. On the basis of the sampling method used by the specific environmental monitoring technology device, the sector is classified as active monitoring, passive monitoring, intermittent monitoring and continuous monitoring of numerous environmental variables. On the basis of sensors, the market is segmented into various sensor application segments such as noise measurement, temperature sensing, chemical detection, moisture detection, and biological detection. By application fit, the sector is classified into air pollution, water pollution, soil and noise pollution monitoring.

The U.S. and Canada environmental monitoring technology industry is expected to propel on account of major restructuring along with mergers & acquisitions in the recent years.. The Asian markets such as China, Japan and India are expected to grow at a significant rate on account of growing need to comply with various environmental safety regulations across the region, changing international environmental policies and large-scale industrialization. Some of the key players in the environmental monitoring technology market are E.S.I. Environment Sensors Inc., Thales Group, Danaher Corporation, The Raytheon Company, TE Connectivity Ltd., Lockheed Martin Corporation, Agilent Technologies, Inc., Siemens AG, Honeywell International, Inc. and Ball Aerospace.

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