Environmental Monitoring Market in terms of revenue was estimated to be worth $14.5 billion in 2021 and is poised to reach $17.9 billion by 2026, growing at a CAGR of 4.5% from 2021 to 2026. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market growth is mainly driven by the companies rearranging their operations, increasing public awareness about the health implications of environmental pollution, increasing government emphasis on compliance to pollution monitoring standards are expected to offer growth opportunities for players in the global market. However, issues related to high product costs and the limited usage of particulate analyzers in emerging and underdeveloped markets are expected to hinder the growth of this market during the forecast period.
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Key Market
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2018–2021 to expand their global presence and increase their market shares in the defibrillator market. The key growth strategies adopted by the top players in the market include product launches & approvals, mergers & acquisitions, collaborations, partnerships, and agreements. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. The environmental monitoring market is dominated by Emerson Electric Co. (US), 3M (US), Honeywell International Inc. (US), Thermo Fisher Scientific (US), Danaher (US), Agilent Technologies (US), Shimadzu Corporation (Japan) and PerkinElmer (US)
Driver: Increasing need for efficient natural resource management
Natural resource management (NRM) refers to the sustainable utilization of major natural resources, such as land, water, air, minerals, forests, fisheries, and wild flora and fauna.
Most nations economies rely on natural resources for revenue generation, including material resources such as fossil fuels, metals, non-metallic minerals and biomass, water, and land. Using natural resources sustainably to increase their productivity and reduce the rate of depletion would be a win-win for the environment and economic growth.
Economies can become more resilient by reducing material dependence and adopting circular business models. Lower levels of material inputs cut waste flows and emissions, reduce risk factors affecting human health and well-being, and lower short-term production and consumption costs, as well as long-term societal costs. Sustainable management of resources in agriculture, forestry, fishing, mining, and quarrying can limit the environmental impacts of these industries and help mitigate climate change and biodiversity loss
Countries identified to have mega-biodiversity include Australia, the Democratic Republic of the Congo, Madagascar, South Africa, China, India, Indonesia, Malaysia, Papua New Guinea, Philippines, Brazil, Colombia, Ecuador, Mexico, Peru, United States, and Venezuela.
Restraints: High costs associated with environmental monitoring products
Environmental protection has been a concern for the global economy for many years. The monitoring devices used traditionally were time-consuming and offered lower levels of accuracy. Hence, the need for more specific products that can detect toxicity in various environmental components with high accuracy became important. Over the years, technological developments in sensors and different components have led to the development of advanced monitoring systems and digital sensors. The emergence of digital sensors eliminated the unwanted noise and data security concerns associated with analog sensors. These sensors are also easy to deploy, enable easy data transmission, and are relatively low priced compared to analog sensors. Over the years, companies have focused on improving the quality of measurements from digital sensors, and it remains at the center of innovation in the environmental monitoring market.
An essential part of any environmental monitoring or measurement project is the equipment used. Some equipment, like meters and field kits, are intended for spot sampling. Others, like sondes, data loggers, and data buoys, are designed for long-term monitoring applications. While buoys, sondes, and automated samplers tend to be specific to water quality projects, sensors and data loggers can be used to monitor nearly any environmental parameter. When used in conjunction with telemetry and a data logger, online data centers offer real-time data and project access from anywhere, at any time. Project equipment should be chosen based on accuracy requirements, budget, and whether or not remote monitoring is required.
With an increase in pollution levels, the use of environmental monitoring devices is expected to rise in the coming years.
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Opportunity: Supportive government rules and regulations to reduce environmental pollution
The Ministry of Environment and Forests is primarily concerned with the implementation of policies and programs relating to the conservation of the country’s natural resources, including lakes and rivers, biodiversity, forests, and wildlife, ensuring the welfare of animals and prevention and reduction of pollution.
The “Policy Statement for abatement of pollution, 1992” and “National Conservation Strategy and the Policy Statement on Environment & Development, 1992” emphasize on pollution prevention/reduction and the promotion of cleaner technologies to reduce industrial pollutants. The National Water Policy, 2002 contains provisions for developing, conserving, and managing important water resources and the need to be governed by national perspectives.
Since the 1970s, the federal government has limited pollution from a range of sources, including power plants, industrial facilities, cars, trucks, and off-road engines. Health and quality of life benefits from these protections have been substantial. For example, a 2011 analysis estimates that the Clean Air Act provides USD 30 worth of health benefits for every dollar spent.
Challenges: Slow adoption of pollution control policies
Healthcare and chemical industries are vital components of a country & economy. According to Eurostat, in 2018, these industries accounted for 17.6% of the gross domestic product (GDP) and directly employed 36 million people. These industries account for more than half of the total emissions of some key air pollutants and greenhouse gases and other critical environmental impacts, including the release of pollutants to water and soil, the generation of waste, and energy consumption.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The environmental monitoring market has been segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 50.6% of the environmental monitoring market, followed by Europe with a share of 25.5%. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. This can primarily be attributed to the increase in government funding for the establishment of environmental monitoring stations, stringent regulations that support the greater adoption of pollution monitoring technologies, and technological advancements in the field of environmental sensors.
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