Environmental Monitoring Market boasts a total value of $14.5 billion in 2021 and is projected to register a growth rate of 4.5% to reach a value of $17.9 billion by 2026. Report provides crucial industry insights that will help your business grow.
An environmental monitoring system is used to analyze air, water, and soil samples and monitor the quality of the environment. This system controls and monitors the environmental state during and after an industrial operation. Market growth is mainly driven by the companies rearranging their operations and recovering from the COVID-19 impact, increasing public awareness about the health implications of environmental pollution, and rising levels of PM2.5 in the air. In addition, increasing government emphasis on compliance to pollution monitoring standards are expected to offer growth opportunities for players in the environmental monitoring market. However, issues related to high product costs and the limited usage of particulate analyzers in emerging and underdeveloped markets are expected to hinder the growth of the environmental monitoring market during the forecast period.
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Key Market
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2018–2021 to expand their global presence and increase their market shares in the defibrillator market. The key growth strategies adopted by the top players in the market include product launches & approvals, mergers & acquisitions, collaborations, partnerships, and agreements. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. The environmental monitoring market is dominated by Emerson Electric Co. (US), 3M (US), Honeywell International Inc. (US), Thermo Fisher Scientific (US), Danaher (US), Agilent Technologies (US), Shimadzu Corporation (Japan) and PerkinElmer (US)
Restraints: High costs associated with environmental monitoring products
Environmental protection has been a concern for the global economy for many years. The monitoring devices used traditionally were time-consuming and offered lower levels of accuracy. Hence, the need for more specific products that can detect toxicity in various environmental components with high accuracy became important. Over the years, technological developments in sensors and different components have led to the development of advanced monitoring systems and digital sensors. The emergence of digital sensors eliminated the unwanted noise and data security concerns associated with analog sensors. These sensors are also easy to deploy, enable easy data transmission, and are relatively low priced compared to analog sensors. Over the years, companies have focused on improving the quality of measurements from digital sensors, and it remains at the center of innovation in the environmental monitoring market.
An essential part of any environmental monitoring or measurement project is the equipment used. Some equipment, like meters and field kits, are intended for spot sampling. Others, like sondes, data loggers, and data buoys, are designed for long-term monitoring applications. While buoys, sondes, and automated samplers tend to be specific to water quality projects, sensors and data loggers can be used to monitor nearly any environmental parameter. When used in conjunction with telemetry and a data logger, online data centers offer real-time data and project access from anywhere, at any time. Project equipment should be chosen based on accuracy requirements, budget, and whether or not remote monitoring is required.
Challenges: Slow adoption of pollution control policies
Healthcare and chemical industries are vital components of a country & economy. According to Eurostat, in 2018, these industries accounted for 17.6% of the gross domestic product (GDP) and directly employed 36 million people. These industries account for more than half of the total emissions of some key air pollutants and greenhouse gases and other critical environmental impacts, including the release of pollutants to water and soil, the generation of waste, and energy consumption.
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The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The environmental monitoring market has been segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 50.6% of the environmental monitoring market, followed by Europe with a share of 25.5%. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. This can primarily be attributed to the increase in government funding for the establishment of environmental monitoring stations, stringent regulations that support the greater adoption of pollution monitoring technologies, and technological advancements in the field of environmental sensors.
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