Environmental Monitoring Market To Reach USD 24.1 Billion By 2032 | DataHorizzon Research
Growing emphasis on climate change and the need for efficient monitoring devices to drive market demand.
Fort Collins, Colorado, March 12, 2024 (GLOBE NEWSWIRE) -- The Environmental Monitoring Market size was valued at USD 15.8 Billion in 2023 and is anticipated to reach USD 24.1 Billion by 2032 at a CAGR of 4.8%.
Environmental monitoring systems are being installed worldwide due to several factors, including rapidly rising pollution levels, a supportive regulatory and political environment, growing awareness of pollution monitoring, and adopting environmentally friendly practices in the manufacturing industries.
The environmental monitoring market is expected to develop during the projected period due to the deployment and expansion of pollution monitoring infrastructure to assist the manufacturing sector in Asia Pacific and Latin America. Another important factor driving market expansion is increased government financing for pollution management and environmental monitoring programs. The strict environmental monitoring standards that control the gathering and reporting of environmental data to the relevant government departments have also made accurate evaluation and analysis of pollution levels easier.
Due to the rapidly increasing urbanization and industrialization, there has been a major rise in air, water, soil, and noise pollution worldwide. This has led to the introduction of favorable government policies, initiatives, and stringent regulations regarding greater adoption of pollution and environment monitoring systems, a major factor anticipated to drive the adoption over the forecast period. Furthermore, the increase in government funding for establishing environmental monitoring stations due to rapid growth in urban population and smart city projects is also a key growth driver.
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Segmentation Overview:
The global environmental monitoring market has been segmented into product, component, application, end-use, and region. Based on application, it is divided into air, water, soil, and noise pollution. Air pollution holds a major share of the application segment of the environmental monitoring market. According to the World Health Organization (WHO), air pollution levels, both indoors and outdoors, are growing tremendously, and factors like combustion, burning of waste, rising untreated industrial emissions, and pollution from vehicles are major contributors.
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Environmental Monitoring Market Report Highlights:
The global environmental monitoring market growth is anticipated at a CAGR of 4.8% by 2032.
Climate crisis, pollution, and temperature changes have triggered the need for efficient environmental monitoring devices in the coming years.
North America has a dominating market share in environmental monitoring, with the United States holding a significant share in this region. The emission rules and regulations have been stringent for vehicles to maintain their combustion levels. There are even stringent policies to regulate emissions and reduce air, water, and soil pollution for industrial waste.
Some prominent players in the environmental monitoring market report include 3M Company, Agilent Technologies, Siemens AG, Honeywell International Inc., General Electric, Shimadzu Corporation, Horiba Ltd., Emerson Electric Co., Teledyne Technologies, Thermo Fisher Scientific, and others.
Industry Trends and Insights:
- The CSIRO partnership in Pacific regions is designed to tackle environment issues and challenges. The MOU was signed at COP 28 in Dubai between CSIRO (Commonwealth Scientific and Industrial Research Organisation) and SPREP (Secretariat of the Pacific Regional Environment Program)
- Artificial intelligence has emerged as solution to gather environmental issues and challenges. For instance, UNEP’s World Environment Situation Room (WESR) was launched in 2022, which is a digital platform that leverages AI’s capabilities to analyze complex data.
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Environmental Monitoring Market Segmentation:
By Product: Monitors, software, services.
By Component: Biological, chemical, particulate matter, noise, etc.
By Application: Air pollution, water pollution, soil pollution, noise pollution.
By End-use: Government, corporate, energy & utilities, healthcare, agriculture, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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