Air Quality Monitoring Market to Reach USD 7.6 Billion by 2028 owing to Reach Emergence of Cutting-Edge Technologies
The air quality monitoring market size was estimated at USD 4.8 Billion in 2021 and is projected to reach USD 7.6 Billion by 2028, growing at a CAGR of 6.3% over the forecast period (2022 to 2028).
Westford, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — Some key factors driving the growth of the air quality monitoring market are increased government funding for environmental sustainability and developing policies to reduce environmental pollution. In addition, the increasing installation of environmental monitoring stations and the increased adoption of environmental monitoring strategies by public and private companies are adding to the growth. Air quality monitoring is a component of an air quality management system used to keep the ambient air breathable. It is used as an information medium to take positive steps toward improving air quality for long-term development. The global market is expected to grow due to improved technology, IoT applications, and the presence of industry giants.
By monitoring pollutants, an air quality monitoring system enables humans to live in smart homes in better environmental conditions. According to SkyQuest’s estimates, the global number of smart homes will reach 4,200 million by 2050, up from a baseline of 2,100 million in 2021.
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Outdoor Segment to Witness High Traction due Integration of Such Systems as a Part of Smart City Infrastructure
The mixed effects of ambient and household air pollution result in 7 million premature deaths each year. In the last decade, the US government has successfully reduced average PM 2.5 concentration levels in the country by 41% to 8.02 micrograms per cubic meter. Such targets were achievable through regulatory policies for air quality standards in various sectors, which resulted in the widespread deployment of air quality monitoring systems, even at the most basic levels. In addition, due to increased integration activities of these systems with other smart city infrastructures, such as smart poles, traffic systems, and street lights, the outdoor segment dominated the air quality monitoring market.
With increasing advancements in air quality monitoring technologies, low-cost sensors designed to monitor air quality for individuals, homes, businesses, and various industries have been introduced globally. The sensors provide highly accurate information on the pollutants in the air and thus have a future in air quality monitoring systems. However, these systems take up a lot of space, consume a lot of power, and are heavy, raising the overall installation cost. As a result, emerging economies and rural areas are anticipated to see lower adoption rates during the forecast period, stifling market growth.
The research report includes a forecast of the air quality monitoring market, demonstrates a pattern of interpreting previous data sources gathered from the most reliable sources, and establishes a precedent growth trajectory for the air quality monitoring industry. Furthermore, the market report includes data on product sales, revenue forecasts for each product type, and consumption graphs for all product segments. A thorough understanding of segment-based analysis gives readers a better understanding of the market’s opportunities and threats.
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Rising Initiatives by Governments across Developing Economies to Make Environment-Friendly Industrial Operations
The government segment held a 23.2% share in 2021 and is expected to grow to 29.4% by 2028. Government environmental monitoring agencies worldwide are working to reduce air pollution. Several policies and laws are in place to reduce air pollution and protect the environment. The government has launched several initiatives to reduce air pollution. The presence of stringent environmental regulations, rising government investments in effective QAM, and increased installation of QAM stations worldwide all contribute to the large share of this segment.
North America maintains a strong market position and is expected to account for 32% of the air quality monitoring market in the near future. Such growth is attributed to rising acid rain levels in the region, which have caused 90% of lakes in North America to be acidic. In response, governments have mandated stringent implications for monitoring air quality, propelling the market growth. Another factor driving the segment’s growth is regulatory mandates for air quality monitoring devices in industries such as oil and gas and pharmaceuticals.
The research report focuses on the cost structure analysis of the air quality monitoring market, growth opportunities, key end-user industries, and market players to invest in, and a detailed analysis of the competitive landscape. The research report’s objectives are to present the key market developments from around the world.
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Key Developments in Air Quality Monitoring Market
- A merger of all the shares of premium air purifier industry leader Molekule, Inc. with air hygiene technology business AeroClean Technologies was finalized in a recent collaboration. To compete in the estimated $15 billion, fast-expanding worldwide air purification industry, the merged firm possesses the most extensive range of proprietary and patented FDA-cleared air filtration products.
- Honeywell has introduced a first-of-its-kind solution that combines early-warning smoke detection with advanced indoor air quality (IAQ) monitoring, contributing to the company’s efforts to create safer and healthier buildings. The VESDA Air solution, based on the flagship VESDA-ETM line of aspirating smoke detectors, has a unique five-in-one IAQ sensor within a single box. As a result, it can help improve building safety by identifying life safety, asset protection, or IAQ issues before they become problems.
- Sensibo, a Climate Tech company that combines smart air conditioners with a more sustainable world, has introduced the Sensibo Elements Indoor Air Quality Monitor. The new product intelligently monitors indoor air quality in closed spaces such as offices, homes, and public buildings, providing an Air Quality Score, pollution alerts, and tips. In addition, to assist users in understanding their overall indoor air quality, the Sensibo Elements will calculate an aggregated air quality score that considers all current pollution levels.
- Google has reportedly acquired BreezoMeter, an Israeli air quality monitoring, and forecasting company, for an undisclosed sum estimated to be in the low hundreds of millions of dollars. BreezoMeter, based in Haifa, developed a system that collects environmental data from 11 million sources worldwide and applies algorithms to predict air quality hazards such as pollution, pollen, and wildfires. The data will be usable in Google applications such as Environmental Insights Explorer, Google Earth Engine, and Air View.
The research and analysis are centered on emerging market trends and provide actionable insights to assist businesses in identifying market opportunities and developing effective strategies to optimize their market positions.
Prominent Players in Air Quality Monitoring Market
- Emerson Electric Co.
- Siemens AG
- General Electric Company
- 3M Company
- Testo AG
- Merck KGaA
- Horiba, Ltd.
- Servomex Group Ltd.
- Teledyne Technologies Inc.
- Thermo Fisher Scientific, Inc.
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