The global emissions monitoring systems industry is projected to grow at a compound annual growth rate of 8.33% through 2028 as an increasing number of companies adopt sustainability initiatives and environmental regulations tighten.
According to a recent ResearchandMarkets.com report, the industry was valued at $4.78 billion in 2022 and shows no sign of slowing in the coming years. Emissions limits imposed by governments and regulatory bodies have spurred demand for the technology, which can ensure companies are meeting emissions reductions as claimed.
Emissions monitoring systems may analyze particulate matter from a given source to measure pollutants and may display results through computer simulations. Some systems have been developed that use satellites to hone in on emissions from industrial sites or may predict emissions from a given facility. With these specific, visual results, companies working to increase sustainability emphasis may showcase how their efforts are contributing to tangible emissions reductions.
The report also notes that Asia-Pacific currently stands out as the major player in the emissions monitoring market, attributing this to rapid industrial growth and progressive environmental policies in the region.
The report explains that AI and machine learning combined with remote monitoring capabilities will considerably shape the market landscape going forward.
Predictive emissions monitoring systems (PEMS) and hardware components are anticipated to experience rapid growth accordingly. PEMS reportedly allow for lower operational and maintenance costs compared to hardware-based emissions monitoring systems. They may be used on their own or alongside continuous emissions monitoring systems (CEMS).
AI-based tools, including PEMS, may allow industries, such as oil and gas, power generation, mining, and chemicals, to proactively evaluate their facility emissions. They may also identify the key variables causing emissions at a given site, automatically validate emissions sensors, or reconstruct emissions levels based on historical data if a CEMS device fails.
The report offers predictions for both the CEMS and PEMS segments along with market details by component, including hardware, software, and services.
Key industry players listed in the report include ABB, Ametek, Emerson Electric, General Electric, Enviro Technology Services, Horiba, Fuji Electric, Rockwell Automation, Siemens, and Thermo Fisher Scientific.
