Integration of AI and ML Leading to Development of Advanced Emission Monitoring Systems: Fact.MR Analysis
ROCKVILLE, MD, UNITED STATES, July 26, 2024 /
EINPresswire.com/ -- Strict legal and environmental regulations are driving higher need for advanced emission monitoring systems According to this updated study by Fact.MR, the global
emission monitoring system market has been analyzed and is projected to increase from a size of US$ 6.7 billion in 2024 to US$ 12.1 billion by the end of 2034.
Companies across the world are leveraging sustainable practices into their day to day operational cycle. Industries need to meet strict emission limits, which is driving demand for emission monitoring systems. The Paris agreement and other environmental agreements are focused on the mitigation of greenhouse gas emissions. Various industries across the globe releases toxic and VOC gases which are harmful for environment and as well for humans, to mitigate this issue the need for advanced emission monitoring systems is increasing.
Technological advancements such as integration of artificial intelligence (AI), machine learning (ML), predictive analysis, and Internet of Things (IoT) are increasing the features of emission monitoring systems. End users across the globe are driving the demand for advanced emission monitoring technologies to mitigate and to have an effective control on gas emissions.
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Key Takeaways from Market Study
Global demand for emission monitoring systems is anticipated to rise at a CAGR of 6% from 2024 to 2034. The United States market is projected to reach US$ 1.7 billion by 2034.
Japan is estimated to hold 28.9% of the East Asia market share in 2024. Sales of continuous emission monitoring systems are forecasted to reach US$ 7 billion by 2034.
“Several countries worldwide are utilizing coal for energy production, which is directly increasing the adoption of emission monitoring systems,” says a Fact.MR analyst.
Regional Analysis
North America and Europe are big markets for emission monitoring system providers. This can be due to strict environmental regulations and presence of strong end users. Furthermore, South Asia & Pacific and East Asia are emerging as fastest growing markets due to ongoing industrial activities and high use of coal for electricity production. India and China are major consumers of coal. These countries make high use of coal to generate electricity, which is further driving the need for effective emission monitoring systems. Leading companies manufacturing emission monitoring systems are also continuously investing in R&D to enhance the capabilities of their solutions.
Top Companies are Servomex, Fuji Electric, DURAG Group, ALS Limited, Yokogawa Electric Corporation, M&C Tech Group, Thermo Fisher Scientific Inc., Teledyne Technologies, Opsis, ABB Ltd., Horiba, General Electric, Emerson Electric Co, Siemens AG, Rockwell Automation Inc., Sick AG, AMETEK, Inc.
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Competitive Landscape
The market for emission monitoring systems is extremely competitive due to the large number of well-established businesses in it, making it more challenging for them to sell their products both domestically and internationally. To counter such conditions, industry titans are expanding their global reach through strategic alliances, product innovation, and mergers and acquisitions.
Recent News
October 2021 saw the debut of Mercury CEMS by ENVEA. The very low mercury concentrations in flue gas emissions may now be continuously, accurately, and dependably monitored thanks to the new (SM-5) CEM.
In September 2021, Emerson introduced the Rosemount XE10 CEMS. Its goal is to help industrial units meet the ever-tougher environmental regulations and the growing demands of sustainability.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global emission monitoring system market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on technology (continuous emission monitoring systems (CEMS), predictive emission monitoring systems (PEMS)), offering (hardware, software, service), and industry vertical (oil & gas, chemicals & fertilizers, healthcare, pulp & paper, energy, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Studies Published by Fact.MR Research:
PIR Sensor Market: The global PIR sensor market is estimated at a value of US$ 706.2 million in 2024 and is forecasted to increase at a CAGR of 11.6% to reach US$ 2.12 billion by 2034-end.
IoT Sensor Market: The global IoT sensor market, as revealed in the recently updated Fact.MR research report, is expected to reach a size of US$ 33 billion in 2024. The market has been forecast to accelerate at a CAGR of 18.6% and reach a value of US$ 181.7 billion by the end of 2034.
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