With an ever-growing focus on reducing carbon in a race to reach net zero targets, the emission monitoring system market, which especially targets industrial and utility sites, is expected to grow at a significant clip over the next several years.
The worldwide emission monitoring market will be valued at nearly $4.5 billion and grow at 9.6% per year through 2026, according to Research and Markets. The systems measure emissions from industrial processes, including at manufacturing sites and power plants, and can also measure the airflow and flue gas from the facilities.
The market is estimated to be valued at $3.09 billion in 2022, according to the report. The emissions platforms include continuous monitoring systems and predictive monitoring systems.
Demand from the power generation and oil and gas industries is especially expected to spur growth in the market, the report finds. The components used in emission monitoring system platforms can be used across a variety of industries as well, including maritime shipping, mining, metals, pharmaceuticals, paper, building materials, and chemicals.
The oil and gas industry especially has been increasing sustainability initiatives, with all United States operations adopting ESG policies, according to a recent report by Haynes and Boone and EnerCom. Yet of those companies, less than a quarter of them have made net-zero commitments.
Still, high-emissions industries are seeking ways to make improvements, such as with technology like carbon capture and carbon monitoring and reporting platforms.
In terms of emissions monitoring systems, some regions may even require their use. The EPA in the US, for example, requires continuous emissions monitoring systems to be used in certain circumstances, to make sure operations meet appropriate emissions standards. Continuous monitoring systems use analyzer measurements and conversion equations and computer programs to show applicable emission limitations or standards.
The Research and Markets report analyzed international and regional markets, and detailed emissions monitoring segments, including the use by different businesses and organizations. North America was the largest regional market for the systems in 2021, according to the report, but Asia Pacific is expected to see the largest growth over the forecast period.
The US, Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, and the United Kingdom were among the countries covered in the emission monitoring system market report. Key industry players include Thermo Fisher Scientific, Teledyne Technologies, Sick, Rockwell Automation, Parker-Hannifin, Siemens, General Electric, Emerson Electric, Ametek, CMC Solutions, Environmental S.A., Opsis, Ecotech, and Intertek.