The global air quality market was valued at $3,378.9 million in 2015, and it is expected to grow at a CAGR of 8.8% during 2016 - 2022. The increasing level of air pollution across the globe, the favorable government regulations for air quality monitoring, increasing prevalence of respiratory diseases and increasing awareness regarding environmental and healthcare implications of air pollution are the key factors driving the growth of the global market.
The key opportunities witnessed in the global market are huge growth potential in emerging economies and technological advancements for air quality monitoring. The high operating margins in emerging economies make them attractive to investors when compared to developed economies. Manufacturing air quality monitoring products in the developing regions tend to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering the quality. However, high cost of air quality monitoring equipment and the limitations associated with the air quality monitoring devices are expected to hamper the growth of the global market to some extent.
Air quality monitoring devices are mostly used for monitoring chemical pollutants. Among the different product types of air quality monitoring, the outdoor air quality monitor market would witness faster growth during the forecast period. Increasing adoption of outdoor air quality monitors in different industries and increasing installation of AQM stations are the major factors driving the growth of the outdoor air quality monitors market. The government agencies and academic institutes were the largest end user of the air quality monitoring. The global air quality monitoring market for government agencies and academic institutes was at $1,219.1 million in 2015 and it is expected to grow at a CAGR of 9.0% during 2016 – 2022.
North America accounted for the largest share in the global market in 2015 and it is expected to grow at the considerable rate during the forecast period. The factors driving the air quality monitoring market in the region are technological advancements and high public private funding for air pollution control. Europe was the second largest market for air quality monitoring devices in 2015. The European market is primarily driven by stringent regulatory norms for industrial air pollution and high public funding for air pollution control.
The air quality monitoring devices market in Asia-Pacific would witness highest growth during the forecast period. The highest growth in the region is attributed to the increasing compliance for environment safety norms and increasing air pollution in the region. The emerging economies of Asia, especially China and India, offers huge revenue generation opportunities for the key players in the global market.
Some of the major players operating in the global market include Thermo Fisher Scientific Inc., Merck KGaA, Teledyne Technologies Incorporated, HORIBA, Ltd., Emerson Electric Co., General Electric Company, TSI Incorporated, 3M Company, and Siemens AG.
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