Understanding and caring for the environment is really important to make sure our planet stays healthy for a long time. Everyone needs to make an effort to be more aware of how our actions affect the Earth. When we harm the environment, it's not just bad for animals and plants, but also for us. It can make us sick and put our safety at risk. So, it's crucial that we realize the impact of what we do and take steps to protect the Earth.
Humans are a big part of why the environment is in trouble. Since the industrial revolution, we've been releasing more and more greenhouse gases into the air. These gases make a kind of blanket around the Earth, trapping heat and making the planet warmer. This leads to global warming, causing changes in weather patterns and making our world less healthy. The gases also make the air, land, and water dirty. Dirty air can be bad for our health, especially when factories and cars release harmful chemicals. Breathing in this polluted air can lead to serious diseases like respiratory problems, lung cancer, and heart disease.
Factories play a big role in making the air dirty. They release a lot of harmful stuff into the air, and this can harm not only the environment but also the people living nearby. To fix this, some businesses are starting to use cleaner and greener ways of making energy. It might be a bit hard at first, but in the long run, it's worth it. These businesses are also thinking about the future, which is a crucial part of caring for the environment.
Because of all these problems, people are becoming more aware of the environment. They want to know what kind of stuff is released into the air by factories and industries. This awareness is creating a need for something called a Predictive Emission Monitoring System (PEMS). This system helps predict how much harmful stuff is going into the air so that we can do something about it. So, as more people care about the environment, the demand for PEMS is expected to grow in the coming years.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Stringent environmental regulations |
Market Dynamics | Increased environmental awarenessIncreasing use of oil & gas and petrochemicals |
Predictive Emission Monitoring System (PEMS) Market Size was valued at USD 8.36 Billion in 2023. The predictive emission monitoring system (PEMS) market industry is projected to grow from USD 8.96 Billion in 2023 to USD 14.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.27% during the forecast period (2024 - 2032). The increasing need for PEMSs to precisely estimate emission levels produced by the fertilizer, chemicals, petrochemicals, oil & gas, and power plants & combustion sectors is one of the primary market drivers for the increase.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increasing Use of Petrochemicals and Oil & Gas to Accelerate Market Growth
There are numerous uses for petroleum, and the environmental effects of the petroleum sector are also numerous. The primary sources of energy and raw materials for a variety of modern activities and the global economy are crude oil and natural gas. Countless amounts of harmful and non-toxic waste are created during oil and gas extraction, processing, and transportation. Some industrial byproducts, including volatile organic chemicals, nitrogen and sulfur compounds, and spilled oil, can dangerously damage the air, water, and land if improperly managed. The constant accumulation of carbon in the earth's biosphere is mostly caused by human activities that involve the mining of fossil fuels. Throughout the whole oil-producing process, from extraction to consumption, emissions are produced by the petroleum industry.
Furthermore, thermal power plants that produce electricity from coal are known as coal-burning power plants. When coal is burned, a wide range of heavy metals is discharged into the air, including mercury, lead, sulfur dioxide, nitrogen oxides, particulates, etc. The health effects of exposure to these pollutants can range from asthma and breathing issues to brain damage, heart issues, cancer, neurological disorders, and even death. In order to ensure that the emissions the industry is permitted to release do not exceed the permissible limits, the emission monitoring system measures the concentration of dangerous gases or particles generated by industrial processes.
However, the fastest-growing source of electricity is shifting from fossil fuels to renewable energy. Several renewable energy sources are being explored by many nations, including hydropower, onshore and offshore wind, solar photovoltaic energy, and biofuels. These renewable energy sources are gaining popularity since they produce no carbon emissions. Therefore, to lower CO2 emissions and local air pollution, the globe needs to switch to low-carbon energy sources as soon as possible, like nuclear and renewable technology. So there is no requirement for an emission monitoring system because hydro, solar, and wind power plants provide electricity with little to no emissions. Thus, driving the predictive emission monitoring system (PEMS) market revenue.
The Predictive Emission Monitoring System (PEMS) Market segmentation, based on industry includes power plants & combustion, oil & gas, chemicals, petrochemicals, refineries, fertilizers, building materials, pharmaceutical and metal & mining. The oil & gas segment dominated the market. The emission monitoring system keeps it up due to the government's constrained rates for pollution management. The growth of the infrastructure for producing crude oil, natural gas, and various power generation facilities is the main factor driving demand for the predictive emission monitoring system (PEMS) market's Oil & Gas segment.
The Predictive Emission Monitoring System (PEMS) Market segmentation, based on component includes software and service. The software segment dominated the market. The software section includes real-time emission monitoring, routine analyzers, recalibration software, and sensor validation systems. The three subcategories of the services segment are installation, training, and maintenance. The real-time emission monitoring market is anticipated to rule the software market during the timeframe.
The Predictive Emission Monitoring System (PEMS) Market segmentation, based on deployment, includes On-premise and Online. The on-premise category generated the most income. This deployment methodology uses the infrastructure in the industrial facility to install and run the PEMS software and hardware. Personnel from the institution operate and maintain the system, giving them full access to the data and direct control over it. Companies that prioritize data security and have the resources necessary to operate and maintain the system internally prefer on-premises deployment.
Figure 1: Predictive Emission Monitoring System (PEMS) Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American predictive emission monitoring system (PEMS) market area will dominate this market. The rise in oil exploration, production, and drilling operations impacts the region's market size. In addition, the demand for unconventional drilling in the area fuels the expansion of the PEMS industry. The region's market shares are further increased by the rise in E&P expenditures and the substantial presence of major technology PEMS providers.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Predictive Emission Monitoring System (PEMS) Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe predictive emission monitoring system (PEMS) market accounts for the second-largest market share due to the strict laws established by European countries to address the issue of climate change. Additionally, some nations, including the Netherlands, Denmark, and France, have created standards for PEMS and other emission control systems. Further, the German predictive emission monitoring system (PEMS) market held the largest market share, and the UK predictive emission monitoring system (PEMS) market was the fastest growing market in the European region
The Asia-Pacific Predictive emission monitoring system (PEMS) Market is expected to grow at the fastest CAGR from 2023 to 2032. The main consumers of pollution monitoring systems are the area's expanding chemical and electrical businesses. The market demand for predictive emission systems is also increasing as a result of the increase of coal-fired power plants. Moreover, China’s predictive emission monitoring system (PEMS) market held the largest market share, and the Indian predictive emission monitoring system (PEMS) market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the predictive emission monitoring system (PEMS) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, predictive emission monitoring system (PEMS) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global predictive emission monitoring system (PEMS) industry to benefit clients and increase the market sector. In recent years, the predictive emission monitoring system (PEMS) industry has offered some of the most significant advantages to market. Major players in the predictive emission monitoring system (PEMS) market attempting to increase market demand by investing in research and development operations include ABB Ltd (Switzerland), General Electric Company (US), Rockwell Automation Inc. (US), Fuji Electric Co. Ltd (Japan) and Teledyne Technologies Inc. (US).
Electrical items are produced by Fuji Electric Co Ltd. Thermal, geothermal, and hydraulic power generating, nuclear power-related machinery, solar power generation systems, energy management systems, watt-hour meters, and information systems are among its commercial operations. The company also provides industrial drive systems, heating and induction furnace equipment, transmission and distribution equipment, factory energy management systems, industrial power supply equipment, data centers, clean room facilities, plant control systems, measurement systems, and radiation monitoring systems.
Teledyne Technology Inc. (Teledyne) offers enabling technology for industrial growth markets. Infrared, ultraviolet, and X-ray spectra, condition monitoring, and control instruments are included in the company's product line for use in marine, industrial, environmental, and other applications. Additionally, it provides satellite communication subsystems, defense electronics, and electronic test and measurement equipment. Aerospace and defense, automation of manufacturing processes, medical imaging, environmental monitoring of air and water quality, deepwater energy exploration and production, oceanographic research and production, and pharmaceutical research are just a few markets that Teledyne serves.
ABB Ltd (Switzerland)
General Electric Company (US)
Rockwell Automation Inc. (US)
Fuji Electric Co. Ltd (Japan)
Teledyne Technologies Inc. (US)
January 2021: The maritime industry was able to meet decarbonization goals thanks to a new product launch by ABB. ABB's CEMcaptain is a potent emissions monitoring system that was created to assist the maritime sector in adhering to these new rules and improving sustainability.
October 2019: To enable precise and trustworthy measurement of particulate matter from industrial combustion processes in stacks and ducts, AMETEK Land introduced two new continuous emission monitoring systems (PM-CEMS). The 4650-PM's sophisticated optical system, which has a lower angle of incidence than competing systems and a lower detection limit while the optics are set for measurement reliability, allows for the most stable measurements possible.
Power plants & Combustion
Oil & Gas
Chemicals
Petrochemicals
Refineries
Fertilizers
Building Materials
Pharmaceutical
Metal & Mining
Software
Service
On-premise
Online
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)