Environmental Monitoring Market Size
A rise in the need for efficient natural resource management drives the growth of the global environmental monitoring market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 22, 2024 /
EINPresswire.com/ -- According to the report published by Allied Market Research, the global
environmental monitoring market generated $19.89 billion in 2020 and is expected to reach $43.48 billion by 2030, witnessing a CAGR of 8.2% from 2021 to 2030. The report provides a detailed analysis of changing market trends, key segments, top investment pockets, value chain, regional landscape, and competitive scenario.
Environmental monitoring involves the evaluation of the quality of the environment to control the risk of pollution. The primary goal of the environment monitoring system is to monitor different environmental factors such as temperature, humidity, airflow, and smoke, and to keep a detailed record of these factors with live video streaming using a high-quality camera. Furthermore, the environmental monitoring market helps in gaining live information about present harmful pollutant discharge in the environment and to minimize these harmful pollutant by taking various precautions.
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Numerous benefits associated with environment monitoring, such as preventing occupational diseases, improving the company's public image and reducing environmental pollution, are the lucrative factors that boost the growth of the environmental monitoring market size. In addition, rise in health concerns and the increase in deaths due to the rise in pollution levels and the surge in the need for better resource management drive the growth of the market. In addition, the ongoing installation of environmental monitoring sensors and the development of environmentally friendly industries propels the growth of the market. However, high product costs and slow implementation of pollution control reforms in emerging countries are expected to impede the environmental monitoring market growth. Furthermore, rise in participation and investments by businesses for the deployment of pollution monitoring is expected to present major opportunities for the expansion of the market in the future.
Depending on product type, the environmental monitoring sensors segment dominated the environmental monitoring market in 2020, and is expected to continue this trend in the upcoming years. This is attributed to increasing public awareness about the health implications and need for monitoring indoor environmental pollution. However, the wearable environmental monitors segment is expected to witness the highest growth rate during the forecast period due to increase in the adoption of wearable environmental monitoring technology among the people as it offer several benefits such as monitoring environmental pollutants and detecting biomarkers for medical conditions.
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Based on component, the particulate detection segment held the highest share in 2020, contributing to nearly one-third of the total share, and is estimated to maintain its leadership status during the forecast period. However, the biological detection segment is expected to manifest the highest CAGR of 11.4% from 2021 to 2030.
Based on application, the air pollution monitoring segment accounted for the highest share in 2020, holding more than two-fifths of the global environmental monitoring market and is projected to continue its lead position throughout the forecast period. However, the water pollution monitoring segment is expected to register the largest CAGR of 9.8% from 2021 to 2030.
Region-wise, the environmental monitoring market was dominated by North America in 2020, and is expected to retain its position during the forecast period. The key factors that drive the North American market include the availability of major technological companies such as 3M and Danaher. However, Asia-Pacific is expected to witness a significant growth rate during the environmental monitoring market forecast period, due to the growing environmental pollution across China, Japan and India.
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Covid-19 Scenario:
• The adoption of environmental monitoring platforms in the healthcare industry increased as it provides several benefits such as saving money and excellent quality of care to patients by reducing the risk of healthcare-associated infections.
• The private sector used environmental monitoring technologies to understand the risks in their facilities and take vital actions such as human testing and contact tracing to lower the possibility of COVID-19 infection. This, in turn, drives the growth of the market during the pandemic.
The key players operating in the global environmental monitoring industry include 3M, Danaher, Emerson Electric Co., General Electric , Honeywell International Inc., Merck KGaA , Siemens AG, Teledyne Technologies Incorporated, TE Connectivity Ltd. and Thermo Fisher Scientific Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the environmental monitoring industry.
The report focuses on the growth prospects, restraints, and environmental monitoring market trends. The study provides Porter’s five forces analysis to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global environmental monitoring market.
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