Growth in emission monitoring systems market
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
Hydrocarbon Engineering,
The emission monitoring systems market is estimated to reach US$2.81 billion by 2020, at a CAGR of 10.4% between 2015 and 2020, according to MarketsandMarkets’ ‘Emission Monitoring Systems Market - Global Trend and Forecast to 2020’ report.
Factors driving the emission monitoring systems market include stringent legal and environmental regulations, increased awareness about environmental protection needs, increasing health and safety issues, and growth of the oil and gas and petrochemical industries.
CEMS is expected to account for highest market size in the emission monitoring systems market during forecast period. The rise in stringent rules and regulations regarding pollution monitoring across various industries has increased the market of CEMS. Further, the increasing demand for process control improvements is another factor contributing to the growth of the CEMS market.
The market for PEMS is expected to grow at a high CAGR due to the fact that PEMS requires low capital expenditure as well as much lower operational and maintenance cost. Thus, a majority of manufacturers prefer PEMS over CEMS.
APAC accounted for the largest share of the emission monitoring systems market in 2014; the market in the region is expected to grow at a high CAGR between 2015 and 2020. The growth is attributed to increasing industrialisation and urbanisation in the APAC region. Further, stringent air pollution regulations and growth in power generation companies in emerging countries are key factors responsible for the increasing adoption of emission monitoring systems.
Major players involved in the development of emission monitoring systems include ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation Inc. (US), Siemens AG (Germany), Parker Hannifin Corp. (US), Teledyne Technologies Inc. (US), and Thermo Fisher Scientific Inc. (US) among others.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/27112015/growth-in-emission-monitoring-systems-market-1827/
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