The global air quality monitoring market was valued at $3,378.9 million in 2015, and it is expected to grow at a CAGR of 8.8% during 2016 – 2022.The growth of the global market is largely driven by increasing level of air pollution across the globe and the favorable government regulations for air quality monitoring. Different governments in distinct countries have framed stringent norms to control air pollution especially for industrial sectors. This creates the demand for the air quality monitoring equipment to check air pollution. Some of the other factors driving the growth of the global market include increasing prevalence of respiratory diseases and increasing awareness regarding environmental and healthcare implications of air pollution. The rapid industrialization in emerging economies and technological advancements for air quality monitoring are expected to create ample revenue generation opportunities for the manufacturers of air quality monitoring devices.
Among the two product types of air quality monitoring, the outdoor air quality monitors would witness faster growth during the forecast period. Increasing adoption of outdoor air quality monitors in different industries and increasing installation of AQM stations are the major factors driving the growth of the outdoor air quality monitors market. According to the Organisation for Economic Co-operation and Development (OECD), outdoor air pollution caused more than 3 million premature deaths in 2010, with elderly people and children most vulnerable.
North America accounted for the largest share in the global market in 2015, owing to the technological advancements and high public private funding for air pollution control and rapid adoption of these devices by key end users in the region. The U.S. contributed largest revenue to the North American as well as global air quality monitoring market. The country is expected to remain the largest market for air quality monitoring devices globally. The supporting government regulation is the key driving factor of the U.S. air quality monitoring devices.
Among the different end users, the largest revenue was generated from the sales of air quality monitoring devices for government agencies and academic institutes in 2015. The global air quality monitoring market for government agencies and academic institutes was valued at $1,219.1 million in 2015 and it is expected to grow at a CAGR of 9.0% during 2016 – 2022. During the period 2012 – 2015, the air quality monitoring was used mostly for monitoring the chemical pollutants.
Some of the players operating in the global market include Thermo Fisher Scientific Inc., Merck KGaA, Teledyne Technologies Incorporated, HORIBA, Ltd., Emerson Electric Co., General Electric Company, TSI Incorporated, 3M Company, and Siemens AG.
News Courtesy: P&S Market Research