Albany, NY — (SBWIRE) — 01/23/2017 — The rising levels of air pollution have emerged as a matter of serious concern across the world. Coupled with the increasing enforcement of stringent government regulations, this factor is reflecting positively on the demand for air quality monitoring equipment, globally.
According to Transparency Market Research (TMR), the global market for air quality monitoring equipment stood at US$4.2 bn in 2015. Expanding at a CAGR of 9.10% between 2016 and 2024, the market is likely to cross US$8.9 bn mark by the end of 2024.
Gas Analyzers and Detectors to Remain Leading Product Segments due to Continued Demand
Air pollution sampler, particle counter, gas analyzers and detectors, anemometers, and electrostatic precipitators (ESP) and nitrogen oxides (NOX) control systems are the main products available in the global market for air quality monitoring equipment.
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Gas analyzers have been the most valued products in this market are likely to remain so over the period of forecast. However, the NOX and ESP control systems are projected to offer the most lucrative growth opportunities to manufacturers due to their widespread application in a number of industries.
Ongoing Expansion in Power Generation Sector to Ensure Dominance of North America
Asia Pacific, North America, Europe, and the Rest of the World, including South America, the Middle East, and Africa, are the predominant geographical segments in the global market for air quality monitoring equipment. With the implementation of a number of government regulations to control air pollution, North America has acquired the leading position in the overall market. The ongoing expansion in the power generation sector is also adding significantly to the growth of the market for air quality monitoring equipment in North America.
Analysts expect this regional market to continue to lead during the forecast period, thanks to the technological advancements in North America. The growing prevalence of respiratory disorders is also projected to influence the demand for air quality monitoring equipment in this region over the next few years.
In terms of revenue, the North America air quality monitoring equipment market is closely followed by the European market. The rising count of strict regulations to maintain air quality standard in the U.K. and Germany has been driving this market substantially. Moreover, the rise in the chemicals and the power generation sectors is likely to fuel the demand for air quality monitoring equipment to a great extent in the coming years.
Rise in Oil and Gas Sector to Boost Air Quality Monitoring Equipment Market in APAC and RoW
Similarly, Asia Pacific and the Rest of the World is also expected to witness a rising adoption of these systems in the near future. China, Japan, and India are likely to be the leading domestic markets in Asia Pacific. The expansion of the chemicals and the oil and gas sectors in these countries is projected to emerge as the key driving force behind the growth of the Asia Pacific market for air quality monitoring equipment in the years to come. The markets in the Rest of the World is likely to be impacted by the swift rise in the oil and gas and the power generation sectors over the next few years.