Air Quality Monitoring Equipment Market to Observe Strong Development by 2024
According
to a new report by Transparency Market Research (TMR), the global
market for air quality monitoring equipment exhibits a consolidated
competitive landscape due to the dominance of a few established
companies, namely Thermo Fisher, Teledyne Technologies Inc., Siemens
AG, and Horiba Ltd. These players collectively accounted for a share
of nearly 48% in the overall market in 2015. As the leading
manufacturers of air quality monitoring equipment are offering
similar products at comparable prices, the competition within the
market is high and is expected to remain high over the next few
years.
Report
Overview :
As
per the research study, the global market for air quality monitoring
equipment presented an opportunity worth US$4.2 bn in 2015.
Researchers at TMR expect it to rise at a CAGR of 9.10% during the
period from 2016 to 2024 and increase to US$8.9 bn by the end of the
forecast period. Gas analyzers and detectors emerged as the most
demanded product in 2015 with revenue crossing US$1.4 bn. Fueled by
the growing concerns over the alarming rise of harmful gasses in the
environment, the demand for gas analyzers is projected to remain high
during the forecast period, maintaining the dominance of this
segment.
Expansion
in Power Generation Sector to Defend North America’s Leadership
The
report also presents an analysis of the global market for air quality
monitoring equipment on the basis of its geographical reach.
According to it, the market has its prominent presence in Asia
Pacific, Europe, North America, and the Rest of the World. North
America, among these, has been dominating the overall market since
the last few years. Propelled by the implementation of several
government regulations to control air pollution and the continual
expansion in the power generation sector, this regional market is
likely to retain its dominance over the forthcoming years,
contributing US$3.3 bn by 2024 in terms of revenue.
Asia
Pacific, on the other hand, is expected to provide the most promising
growth opportunities to manufacturers in the near future. The steady
rise in the chemicals and the oil and gas sectors is projected to
boost the demand for air quality monitoring equipment in Asia Pacific
at a faster pace than other regions during the forecast period,
states the market report.
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