The global industrial air quality monitoring system market is expected to reach a value of $2.59 billion by 2029 from $1.79 billion in 2022, growing at a CAGR of 6.32%
Growing Construction Industries Ignite the Usage of Air Quality Monitor Systems
The air quality monitoring system facilitates the analysis of long-term trends of poor air quality and dust concentration in the construction site. It helps managers or site officials to plan mitigative strategies based on the air quality condition.
The construction industry refers to the industrial branch of manufacturing and trade related to repairing, building, renovating, managing, and maintaining infrastructures. According to Oxford Economics, the global construction industry market is expected to reach USD 8 trillion by 2030.
The construction volume is expected to be 85% worldwide, with three countries, China, the US, and India, leading the global market, accounting for approximately 57% of the global growth. China, the world's largest construction market, is expected to grow only marginally by 2030. The construction market in India is expected to grow twice as fast as China by 2030, as the urban population in India is expected to grow by 165 million.
Rise of Petrochemical Industries Aggravate the Demand for Air Quality Monitor Systems
Petrochemicals are quickly becoming the largest driver of global oil demand. The need for petrochemicals is attributed to a rise in the demand for downstream products from various end-use industries such as automotive, pharmaceuticals, and construction, which is a significant factor driving the market.
Petrochemical is an essential component for many industrial processes; therefore, it forms the backbone of the commercial and industrial economy. Certain products derived from petrochemicals include industrial oil, tires, detergents, and plastics. Basic plastic derivatives from the product act as a construction or building block in consumer goods manufacturing.
However, carbon dioxide, sulfur and nitrogen oxides, ammonia, acid mist, and fluorine compounds gas emissions are produced from petrochemical production or during the refining processes in the industry. This could be the major drawback for the degradation of air quality by releasing several pollutants like Volatile Organic Compounds (VOCs) into the surrounding atmosphere, which causes cancer and other harmful diseases.
Therefore with air quality monitoring systems, industries can detect the presence of toxic levels in the air and monitor air quality to take intelligent actions to improve the quality of air for industrial workers. Hence the growing number of petrochemical industry sites is projected to boost the industrial air quality monitoring system market.
INDUSTRY RESTRAINTS
Slow Application of Air Pollution Control Reforms Worldwide
The sluggish implementation of air pollution standard rules is one of the major issues related to the market for air quality monitoring systems. Several growing countries (including China and India) have been accused of being reluctant to enact severe environmental pollution monitoring standards over the last decade.
The 2021 World Air Quality Report was released by the Swiss air quality technology company IQAir. It measured the concentration of fine particulate matter (PM2.5) in the air in 6,475 cities in 117 countries with the help of using a network of thousands of monitoring stations. It found that in 2021, out of 15 highly polluted cities in Central and South Asia, 11 were in India. Industrial facilities must stand by the Environmental Protection Agency (EPA) regulations regarding abatement mechanisms and emission pollution.
COMPETITIVE LANDSCAPE
The industrial air quality monitoring system market is highly competitive, with the presence of a large number of public and private companies. These vendors typically compete on a key range of product design, reliability, quality, support services, and price.
The rapid technological advancements adversely impact the market vendors as consumers anticipate the continuous innovations and upgrades of products. The present scenario drives vendors to refine and alter their unique value proposition to achieve a strong market presence.
GEOGRAPHICAL ANALYSIS
APAC dominated the global industrial air quality monitoring system market in 2022 and is expected to witness a CAGR of 7.12% during the forecast period. The growth is buoyed by spiking demand from rising industrial plants such as the petrochemical power generator industry and others in the region.
The major economies in APAC, including China, India, and Japan, are witnessing increasing industrial construction activities due to an increasing number of companies in various sectors setting up their plants in distinct countries to capture the target and potential growth.
Key Attributes:
Report Attribute
Details
No. of Pages
264
Forecast Period
2022 - 2028
Estimated Market Value (USD) in 2022
$1795 Million
Forecasted Market Value (USD) by 2028
$2592.66 Million
Compound Annual Growth Rate
6.3%
Regions Covered
Global
Key Company Profiles
Thermo Fisher Scientific Inc
Emerson Electric Co.
HORIBA, Ltd.
Siemens AG
Teledyne Technologies
Other Prominent Vendors
Aeroqual
Aldes
Bosch Sensortec
CIAT
Daikin
Honeywell
3M Company
Systemair
Johnson Controls
VTS Group
Samsung
Panasonic
PerkinElmer, Inc
Swegon
Hitachi
Vent-Axia
Lennox
TSI Incorporated
Trox
Oizom
Camfil
Market Opportunities & Trends
Rising Preference for Smart Air Quality Monitoring Systems
Advantages of Smart Air Quality Monitoring Systems
Government and Non-Government Initiatives for Environmental Protection
Growing Construction Industry Ignites Use of Air Quality Monitoring Systems
Market Growth Enablers
R&D Activities and Technological Advances
Rising Petrochemical Industry Aggravates Demand for Air Quality Monitoring Systems
Increasing Mining Activities Propel Growth Rate
Market Restraints
Slow Application of Air Pollution Control Reforms Worldwide
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