APAC expected to be the fastest-growing market for emission monitoring systems during the forecast period

(IT-NEWSWIRE.COM, April 01, 2020 ) MarketsandMarkets forecasts the emission monitoring systems market size to grow from USD 2.4 billion in 2018 to USD 4.4 billion by 2025 at a CAGR of 9.3%. The key factors driving the growth of the market include stringent legal and environmental regulations, increasing awareness about environmental protection needs, increasing health and safety issues, and growing use of oil & gas and petrochemicals. However, high cost of CEMS for regular maintenance and fragmented market with specialist suppliers are the key restraining factors for market growth.

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Emission monitoring systems market for services expected to grow at the highest CAGR during the forecast period

The emission monitoring system market for services is estimated to grow at a highest CAGR between 2018 and 2025. Services such as installation, maintenance, and are required after the purchase of CEMS and PEMS. Furthermore, the continuous development of hardware and software leads to the requirement of training and upgrade of the system.

PEMS market to exhibit high growth potential during the forecast period

The PEMS market is expected to grow at the highest CAGR between 2018 and 2025. Key driving factors for the growth of the PEMS market are that it is a cost-effective reliable system and incurs lower operational and maintenance costs compared with CEMS. PEMS does not require on-site emergency services.

“APAC expected to be the fastest-growing market for emission monitoring systems during the forecast period”

APAC is expected to be the fastest-growing market for emission monitoring systems between 2018 and 2025. The growth is attributed to the rapid industrialization, growth in power generation, chemicals, and oil & gas industry is expected to fuel the demand for emission monitoring systems market in APAC. China is the leading country in the emission monitoring systems market in APAC, owing to its huge industrial sector and strict emission regulations imposed by the Chinese government. India is the fastest-growing country in APAC and focuses on addressing environmental issues and improving its environmental policies. Majority of the power in India is generated through thermal power plants, followed by renewable energy sources. Power plants emit different types of GHG or other hazardous gases. Continuous operations of these plants require approvals from government authorities for the regulation of emissions. These regulations expected to increase demand for the implementation of emission monitoring systems.

Major players involved in the emission monitoring systems market include ABB (Switzerland), AMETEK (US), Emerson (US), General Electric (US), Siemens (Germany), Parker Hannifin (US), Rockwell Automation (US), SICK (Germany), Teledyne Technologies (US), and Thermo Fisher (US).

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APAC expected to be the fastest-growing market for emission monitoring systems during the forecast period