(MENAFN- Ameliorate Digital Consultancy)
The global emission monitoring system market is predicted to rise at a CAGR of 6.5% during 2022-2032. The emission monitoring system market size is estimated to reach US$ 10.7 Bn by 2032 from US$ 5.3 Bn in 2021.
The emission monitoring system market is growing due to a significant reliance on coal-fired power plants for energy generation, strict emission regulations and standards imposed by North American and European governments, and a growing need for environmental protection. Furthermore, the expanding number of coal-fired power production units in APAC is expected to fuel the demand for emission monitoring system.
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Key Takeaways:
The U.S. is estimated to account for a dominant share of the North America market, with demand growing at a CAGR of 5.8% through 2032. Japan is anticipated to exhibit the fastest growth at a remarkable CAGR of 8.7% during the assessment period 2022-2032. India is forecast to emerge as a highly remunerative market in Asia Pacific, with sales projected to grow at an 8.3% CAGR between 2022 and 2032. The U.K. is expected to account for a significant share of the Europe market, driven by the presence of stringent emission norms and regulations in the country. On the basis of system type, the continuous emission monitoring system segment is projected to dominate the market, exhibiting growth at 8.8% CAGR over the forecast period.
Growth Drivers:
Growing establishment of new oil & gas production and refining units to cater to the rising fuel demand is favoring sales in the market. Increasing adoption of continuous emission monitoring systems across industrial sectors, owing to their ability to constantly monitor relatively low gases emission, and high accuracy is driving the demand.
Restraints:
Extravagant set-up and maintenance costs of emission monitoring systems might hinder sales. Presence of regulatory policies and standards across various regions is creating challenges for the development of novel systems for key manufacturers.
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Competitive Landscape
Owing to many competitors in the industry selling their products both domestically and internationally, the emission monitoring systems market is quite competitive.
The demand for emission monitoring system appears to be moderately concentrated, with big firms using methods including product innovation, mergers and acquisitions, and strategic partnerships to stay competitive and expand their global emission monitoring system reach.
Recent Developments in the Emission Monitoring System:
ENVEA will launch Mercury CEMS in October 2021. (SM-5). It enables the monitoring of very low mercury contents in flue gas emissions in a continuous, accurate, and reliable manner. Emerson will release the Rosemount XE10 CEMS in September 2021. It is intended to assist industrial units in complying with increasingly stringent environmental requirements as well as growing sustainability demands. Baker Hughes launched System 1 Predictive Emission Monitoring System (PEMS) in February 2020, which forecasts the amount of stack emissions produced by combustion equipment based on ambient circumstances, fuel mix, and machine operating parameters.
Key Companies Profiled:
Servomex Fuji Electric Yokogawa Electric Corporation M&C Tech Group DURAG Group ALS Limited Thermo Fisher Scientific Inc Teledyne Technologies Siemens AG Rockwell Automation Inc Sick AG Horiba
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Key Questions Covered in the Emission Monitoring System Market Report
What is the projected value of the Emission Monitoring System factors Industry in 2022? At what rate will the global Emission Monitoring System factors market size grow until 2032? Which are the factors hampering the growth of Emission Monitoring System factors? Which region is expected to lead in the global Emission Monitoring System factors market By 2032? Which are the factors driving the Emission Monitoring System factors Industry during the forecast period? What is the expected market value of the Emission Monitoring System factors market during the forecast period?
Regional Analysis For Emission Monitoring System Market:
APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka) Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania) North America (USA, Canada and Mexico) South America (Brazil, Chile, Argentina, Rest of South America) MEA (Saudi Arabia, United Arab Emirates, South Africa)
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