Environmental Monitoring Market Size
Environmental Monitoring Market Size
High product costs and slow implementation of pollution control reforms in emerging countries are expected to impede market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, August 29, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Environmental Monitoring Market by Component, Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global environmental monitoring market size was valued at $19.89 billion in 2020, and is projected to reach $43.48 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Environmental monitoring involves the evaluation of the quality of the environment to control the risk of pollution. The primary goal of environment monitoring system is to monitors different environmental factors such as temperature, humidity, airflow, smoke, and to keep a detail record of these factors with a live video streaming using a high-quality camera. Furthermore, environmental monitoring market helps in gaining live information about present harmful pollutant discharge in the environment and to minimize this harmful pollutant by taking various precautions.
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The rise in the need for efficient natural resource management increased health concerns due to the rise in pollution levels, and the development of environment-friendly industries drive the growth of the global environmental monitoring market. However, the slow speed of implementation of pollution control reforms in emerging countries restrains market growth. On the other hand, an increase in investments by businesses for the deployment of pollution monitoring solutions creates new opportunities in the coming years.
Covid-19 Scenario:
The adoption of environmental monitoring platforms in the healthcare industry increased as it provides several benefits such as saving money and excellent quality of care to patients by reducing the risk of healthcare-associated infections.
The private sector used environmental monitoring technologies to understand the risks in their facilities and take vital actions such as human testing and contact tracing to lower down the possibility of the Covid-19 infection. This, in turn, drives the market's growth during the pandemic.
The report offers detailed segmentation of the global environmental monitoring market based on component, product type, sampling method, application, and region.
Numerous benefits associated with environment monitoring, such as preventing occupational diseases, improving the company's public image and reducing environmental pollution, are the lucrative factors that boost the growth of the environmental monitoring market size. In addition, rise in health concern and increase in deaths due to rise in pollution levels and surge in the need for better resource management drive the growth of the market. In addition, ongoing installation of environmental monitoring sensors and development of environmentally friendly industries propels the growth of the market. However, high product costs and slow implementation of pollution control reforms in emerging countries are expected to impede the environmental monitoring market growth. Furthermore, rise in participation and investments by businesses for deployment of pollution monitoring is expected to present major opportunities for the expansion of the market in future.
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Based on components, the particulate detection segment held the highest share in 2020, contributing to nearly one-third of the total share, and is estimated to maintain its leadership status during the forecast period. However, the biological detection segment is expected to manifest the highest CAGR of 11.4% from 2021 to 2030.
Depending on product type, the environmental monitoring sensors segment dominated the environmental monitoring market in 2020, and is expected to continue this trend in the upcoming years. This is attributed to increasing public awareness about the health implications and need for monitoring indoor environmental pollution. However, the wearable environmental monitors segment is expected to witness the highest growth rate during the forecast period due to increase in adoption of wearable environmental monitoring technology among the people as it offer several benefits such as monitoring environmental pollutants and detecting biomarkers for medical conditions.
Based on application, the air pollution monitoring segment accounting for the highest share in 2020, holding more than two-fifths of the global environmental monitoring market and is projected to continue its lead position throughout the forecast period. However, the water pollution monitoring segment is expected to register the largest CAGR of 9.8% from 2021 to 2030.
Region-wise, the environmental monitoring market was dominated by North America in 2020, and is expected to retain its position during the forecast period. The key factors that drive the North America market include availability of major technological company such as 3M and Danaher. However, Asia-Pacific is expected to witness significant growth rate during the environmental monitoring market forecast period, to the growing environmental pollution across China, Japan and India.
The report focuses on the growth prospects, restraints, and environmental monitoring market trends. The study provides Porter’s five forces analysis to understand the impact of various factors such as suppliers' bargaining power, competitors' competitive intensity, threat of new entrants, threat of substitutes, and bargaining power of buyers on global environmental monitoring market.
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Key Findings of The Study:
1. By component, the particulate detection segment accounted for the environmental monitoring market share in 2020.
2. By region, North America generated the highest revenue in 2020.
3. By product type, the environmental monitoring sensors segment generated the highest revenue in 2020.
The key players operating in the global environmental monitoring industry include 3M, Danaher, Emerson Electric Co., General Electric , Honeywell International Inc., Merck KGaA , Siemens AG, Teledyne Technologies Incorporated, TE Connectivity Ltd. and Thermo Fisher Scientific Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the environmental monitoring industry.
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