The Emission Monitoring System market size is expected to reach US$ 7.47 billion by 2031 from US$ 3.61 billion in 2023. The market is estimated to record a CAGR of 9.5% from 2023 to 2031. The growing importance of Emission Monitoring System in the marine sector is likely to remain a key market trend.
Emission monitoring technology is currently witnessing a period of robust growth and development across multiple industries, including automotive, oil & gas, power generation, and chemicals. These industries are witnessing substantial investments from the private and public sectors, with many planned projects in the development stages. In specific, the automotive industry is undergoing substantial growth. This will continue, specifically with the government initiatives and funding for infrastructure development to incorporate autonomous vehicle technology. The emission monitoring system market outlook continues to be positive since this technology is well-positioned to serve the growing requirements for managing emissions of end users, such as oil & gas, utilities, construction, and manufacturing. The marine vessel and mining sectors are two prominent application areas of Emission Monitoring System. Aviation, pharmaceuticals, waste processing, and pulp & paper industries have also contributed a significant share of carbon emissions across the globe in every past decade. Most of these industries mandate government regulations that are associated with the reduction of carbon emissions from the respective industries' operations. Such factors are contributing to the demand for Emission Monitoring System worldwide.
The Emission Monitoring System market growth is attributed to the growing concern for rising environmental pollution levels from toxic gases from oil & gas, utility, automotive, mining, construction, marine, and manufacturing industries. In addition, the increasing urbanization boosts the demand for Emission Monitoring System. The increase in substantial investments in the automotive sector boosts the emission monitoring market growth. Additionally, the growing adoption of Emission Monitoring System across the mining and chemicals sectors is projected to fuel the growth of the emission monitoring system market across the globe.
Airborne pollution is considered a health concern globally. The emphasis on air quality maintenance across different nations fuels the demand for Emission Monitoring System worldwide. The Environmental Protection Agency (EPA) phased out lead in motor vehicle gasoline under Clean Air Act authority in order to meet the US air quality standards, excluding areas near certain large lead-emitting industrial facilities. The harmful impact of lead emissions is linked with neurological consequences in children, such as behavioral problems, lowered IQ, and learning deficits, and high blood pressure and heart disease in adults.
The rising concern about the harmful environmental impact of toxic gases drives the application of Emission Monitoring System worldwide. The EPA promotes and supports area-wide air toxics strategies of state, tribal, and local agencies through national, regional, and community-based initiatives across the US. In India, the government has adopted several measures to improve air quality, foster green cover, and improve citizens' quality of life. Thus, the growing government focus on mitigating the environmental impact of harmful gases and reducing air pollution is acting as a major driver for the emission monitoring system market globally.
The demand for oil and gas has grown substantially across the globe. Countries such as the US, China, India, Vietnam, and South Korea are showcasing huge demand for crude oil owing to the continuous development in their manufacturing sectors, supported by favorable financial conditions and government policies and a surge in investments in the oil & gas sector. In November 2021, Equinor, a petroleum refining company, announced an investment of US$ 8.8 billion for the development of Wisting petroleum discovery in the Arctic Barents Sea, the northernmost oilfield of the world. Also, Petróleo Brasileiro S.A. has initiated an investment of US$ 68 billion for managing production at the offshore fields in the subsea pre-salt area from 2022 to 2026. The Qatar government has announced its plans to increase its LNG production by ~40% to ~110 million metric tons per annum by 2026. The government of Russia has also announced its strategy to escalate the LNG production capacity to ~140 million tons per year by 2035. Moreover, with the ever-increasing emphasis on reducing carbon emissions, governments of several nations are supporting gas-powered power plants over coal-powered power plants, as natural gas emits less carbon than coal. The emission monitoring system plays a crucial role in the oil & gas industry to monitor and manage the emissions from the oil & gas exploration and production operations. Thus, the increase in demand for natural gas and the evolution in the oil & gas sector are expected to provide growth opportunities to the emission monitoring system market.
Key segments that contributed to the derivation of the Emission Monitoring System market analysis are functionality, technology, type, and end user.
The Emission Monitoring System market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and Asia Pacific.
The Environmental Protection Agency (EPA) has set strict regulations and standards in regard to greenhouse gases, particularly programs such as the Greenhouse Gas Reporting Program. Companies operating in the petroleum sector will need monitoring systems to adhere to the required standards, avoiding sanctions. In December 2023, The US EPA announced a final rule to lower methane and other harmful air pollutants generated by the oil and natural gas industry nationwide. The rule aims to promote the use of advanced methane detection technologies; it is expected to prevent approximately 58 million tons of methane emissions from 2024 to 2038, or 1.5 billion metric tons of carbon dioxide. By 2030, the reductions are anticipated to reach 130 million metric tons of carbon dioxide. The rule is projected to achieve a ~80% reduction in methane emissions by 2038.
China and Japan are major contributors to the Asia Pacific Emission Monitoring System market. These countries record significant amounts of emissions. With the growing awareness initiatives to combat climate change and promote sustainability, the governments of various countries in Asia Pacific are implementing strict laws aimed at lowering greenhouse gas emissions, including methane and carbon dioxide.
The regional trends and factors influencing the Emission Monitoring System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Emission Monitoring System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.61 Billion |
| Market Size by 2031 | US$ 7.47 Billion |
| Global CAGR (2023 - 2031) | 9.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Functionality
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Emission Monitoring System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Emission Monitoring System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Emission Monitoring System market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Emission Monitoring System market are listed below:
(Source: Qube Technologies, Press Release, May 2024)
(Source: HORIBA, Ltd., Press Release, January 2024)
The "Emission Monitoring System Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Emission Monitoring System Market
The oil and gas segment led the Emission monitoring system market with a significant share in 2023.
Emphasis on air quality maintenance and significance of emission monitoring systems in industrial sectors, and extensive applications of emission monitoring systems in automotive industry are the major drivers of emission monitoring market.
The Emission monitoring system market is expected to reach US$ 7.47 billion by 2031.
Growing importance of emission monitoring systems in marine sector is expected to drive the growth of the emission monitoring system market in the coming years.
The emission monitoring system market valued at US$ 3.61 billion in 2023 and is anticipated to grow at a CAGR of 9.5% over the forecast period.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The key players operating in the Emission monitoring system market include ABB Ltd, Siemens AG, Horiba Ltd, Danfoss AS, Emerson Electric Co, Ametek Inc, Protea Ltd, SLB, Sensirion Holding AG, Green Instruments A/S, Emsys Maritime Ltd, Green Sea Guard, OPSIS AB, NevadaNano, Project Canary, Qube Technology.