[156 Pages Report] Emission Monitoring Systems Market research report categorizes market by System Type (CEMS, PEMS), Offering (Hardware, Software, Services), Industry (Power Plants & Combustion, Oil & Gas, Chemicals, Petrochemicals, Refineries, & Fertilizers), and Region.
According to the new market research report "Emission Monitoring Systems Market by System Type (CEMS, PEMS), Offering (Hardware, Software, Services), Industry (Power Plants & Combustion, Oil & Gas, Chemicals, Petrochemicals, Refineries, & Fertilizers), and Region - Global Forecast to 2025", the emission monitoring systems market is estimated to reach USD 4.44 billion by 2025 from USD 2.39 billion in 2018, at a CAGR of 9.3% between 2018 and 2025.
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Emission monitoring system is a combination of hardware and software, which is used to perform real-time monitoring of gases and particulate matter emitted from industries by collecting, recording, and reporting data related to emissions. Emission monitoring systems, such as continuous emission monitoring system (CEMS) and predictive emission monitoring system (PEMS), are used in power plants and in oil & gas, building materials, chemicals, and waste incineration industries.
The growth of the market is propelled by stringent legal and environmental regulations, increased awareness about environmental protection, increasing health and safety issues, and growing use of oil & gas and petrochemicals.
“Based on system type, PEMS expected to grow at a higher CAGR in the emission monitoring systems market between 2018 and 2025”
CEMS is used in industries such as power plants, oil & gas, and chemicals. The maintenance cost of CEMS is very high, and CEMS requires frequent maintenance.
In comparison with CEMS, PEMS incurs less installation and operation costs. CEMS requires high capital expenditure.
Thus, industries have started deploying PEMS for monitoring hazardous gases. PEMS is a cost-effective reliable system and incurs lower operational and maintenance costs compared with CEMS.
PEMS is cheaper than CEMS as it is a software-based system and replaces the need for costly sensors and analyzers. PEMS has been widely accepted by legislatives bodies such as US EPA and European Environmental Agency.
Thus, the demand for PEMS is expected to grow at higher CAGR than CEMS during the forecast period.
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“Based on offering, Hardware expected to hold a largest size of the emission monitoring systems market between 2018 and 2025”
Hardware plays a vital role in an emission monitoring system for collecting data. Hardware includes gas analyzer, gas sampling system, flow and opacity monitor, sample probe, sample line, data controller, and filter.
The importance of hardware is determined by the type of emission monitoring system. For instance, CEMS has more dependency on hardware for operations, whereas PEMS is a software-based system and uses hardware components for analyzing pressure, temperature, and other parameters.
The use of hardware is must for both CEMS and PEMS to collect the emissions data. Further, CEMS is hardware-based emission monitoring system, which is driving the growth of hardware market as majority of manufacturing plants have installed CEMS systems.
However, the demand for services such as installation, maintenance, and training is expected to grow at the highest CAGR during the forecast period.
“Oil & gas industry expected to grow at the highest CAGR between 2018 and 2025 in the emission monitoring systems market”
In the oil & gas industry, emission monitoring systems are used to gather data required for reporting emissions to government authorities. The exploration of oil and gas is a very lengthy, risky, and costly process, which requires a lot of finance, skilled engineers, and permissions from various government authorities.
Various gases emitted during the extraction of oil & gas are hazardous and dangerous to the environment. Emission monitoring systems are used in the oil & gas industry to minimize emissions and measure them continuously.
Furthermore, it is mandated by governments to track data regarding harmful emissions from oil & gas industries; this mandate will drive demand for emission monitoring systems.
“APAC expected to be the fastest-growing market for emission monitoring systems during the forecast period”
APAC is expected to be the fastest-growing market for emission monitoring systems between 2018 and 2025. The growth is attributed to the rapid industrialization, growth in power generation, chemicals, and oil & gas industry is expected to fuel the demand for emission monitoring systems market in APAC.
China is the leading country in the emission monitoring systems market in APAC, owing to its huge industrial sector and strict emission regulations imposed by the Chinese government. India is the fastest-growing country in APAC and focuses on addressing environmental issues and improving its environmental policies.
Majority of the power in India is generated through thermal power plants, followed by renewable energy sources. Power plants emit different types of GHG or other hazardous gases.
Continuous operations of these plants require approvals from government authorities for the regulation of emissions. These regulations expected to increase demand for the implementation of emission monitoring systems.
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Major players involved in the emission monitoring systems market include ABB (Switzerland), AMETEK (US), Emerson (US), General Electric (US), Siemens (Germany), Parker Hannifin (US), Rockwell Automation (US), SICK (Germany), Teledyne Technologies (US), and Thermo Fisher (US).
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