According to a new report by Transparency Market Research (TMR), the global market for air quality monitoring equipment exhibits a consolidated competitive landscape due to the dominance of a few established companies, namely Thermo Fisher, Teledyne Technologies Inc., Siemens AG, and Horiba Ltd. These players collectively accounted for a share of nearly 48% in the overall market in 2015. As the leading manufacturers of air quality monitoring equipment are offering similar products at comparable prices, the competition within the market is high and is expected to remain high over the next few years.
As per the research study, the global market for air quality monitoring equipment presented an opportunity worth US$4.2 bn in 2015. Researchers at TMR expect it to rise at a CAGR of 9.10% during the period from 2016 to 2024 and increase to US$8.9 bn by the end of the forecast period. Gas analyzers and detectors emerged as the most demanded product in 2015 with revenue crossing US$1.4 bn. Fueled by the growing concerns over the alarming rise of harmful gasses in the environment, the demand for gas analyzers is projected to remain high during the forecast period, maintaining the dominance of this segment.
Expansion in Power Generation Sector to Defend North America’s Leadership
The report also presents an analysis of the global market for air quality monitoring equipment on the basis of its geographical reach. According to it, the market has its prominent presence in Asia Pacific, Europe, North America, and the Rest of the World. North America, among these, has been dominating the overall market since the last few years. Propelled by the implementation of several government regulations to control air pollution and the continual expansion in the power generation sector, this regional market is likely to retain its dominance over the forthcoming years, contributing US$3.3 bn by 2024 in terms of revenue.
Asia Pacific, on the other hand, is expected to provide the most promising growth opportunities to manufacturers in the near future. The steady rise in the chemicals and the oil and gas sectors is projected to boost the demand for air quality monitoring equipment in Asia Pacific at a faster pace than other regions during the forecast period, states the market report.
Escalating Levels of Pollution to Boost Demand for Air Quality Monitoring Equipment
“The escalating level of air pollution across the world has been the most prominent driver behind the rise in the demand for air quality monitoring equipment,” says an analyst at TMR. The rising amount of hazardous gasses, such as sulfur dioxide, carbon monoxide, carbon dioxide, nitrogen monoxide, oxygen, and other gasses in the environment has increased the concerns of people, which is resulting in the growing adoption of these systems. This trend is expected to remain so in the near future and researchers expect manufacturers to gain significantly from this in the long run.