SAN FRANCISCO, June 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Air Quality Monitoring Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: January 2021
Executive Engagements: 20224
Companies: 63 - Players covered include 3M Company; Aeroqual Ltd.; Emerson Electric Co.; Hangzhou Zetian Technology Co., Ltd.; Honeywell International Inc.; Horiba, Ltd.; Merck KGaA; NotAnotherOne Inc.; PerkinElmer, Inc.; Plume Labs SAS; Siemens AG; Teledyne Technologies Inc.; Testo SE & Co. KGaA; Thermo Fisher Scientific Inc.; Tisch Environmental Inc.; TSI Incorporated and Others.
Coverage: All major geographies and key segments
Segments: Product (Indoor, Outdoor, Wearables); End-Use (Government Agencies & Academic Institutes, Petrochemical, Commercial & Residential, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Air Quality Monitoring Systems Market to Reach $6.1 Billion by 2026
Air quality monitoring devices are used to identify and track the pollutant levels in both indoor and outdoor environments that include carbon monoxide, nitrous oxide, volatile organic compounds (VOCs) and particulate matters. Growth in the market is expected to receive a major impetus from alarming level of air pollution, implementation of stringent regulations and rising awareness about deleterious health effects of pollutants. Increasing air pollution, mainly in urban areas, is attributed to rising construction activity, rapid industrialization and growing vehicle count. Unabated pollution levels and rising public awareness regarding the impact of pollutants on human health and lifestyles along with the environment are creating a pressing need for advanced air quality monitoring systems. The market is poised to also gain from the critical significance of indoor air quality for comfort, health and productivity of people in a building. Other prominent factors augmenting the market growth include increasing number of smart homes and stringent government regulations to control and monitor air pollution. Favorable regulations, ongoing efforts to develop eco-friendly industries and rising public/private funding towards monitoring of air pollution are anticipated to drive the demand. Recent studies have indicated the role of better indoor air quality in reducing the aerosol-based transmission of the COVID-19 virus. The adoption of indoor air quality systems is anticipated to considerably reduce the risk of viral transmission in indoor spaces.
Amid the COVID-19 crisis, the global market for Air Quality Monitoring Systems estimated at US$3.8 Billion in the year 2020, is projected to reach a revised size of US$6.1 Billion by 2026, growing at a CAGR of 7.8% over the analysis period. Indoor, one of the segments analyzed in the report, is projected to grow at a 7.7% CAGR to reach US$4.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Outdoor segment is readjusted to a revised 8.4% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Air Quality Monitoring Systems market. The Indoor segment is gaining from rising consumer focus on pollution-free and clean indoor environments, increasing shift towards green building, and smart home technologies.
The U.S. Market is Estimated at $1.6 Billion in 2021, While China is Forecast to Reach $529.6 Million by 2026
The Air Quality Monitoring Systems market in the U.S. is estimated at US$1.6 Billion in the year 2021. The country currently accounts for a 38.32% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$529.6 Million in the year 2026 trailing a CAGR of 9.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR while Rest of European market (as defined in the study) will reach US$572.9 Million by the end of the analysis period. North America continues to be the primary market propelled by easy access and adoption of sophisticated technologies along with implementation of stringent regulations for air pollution monitoring. Technological advancements in the region are leading to integration of next-generation sensors to sense environmental effects of pollutants. Growth in the Asia-Pacific region is due to increasing focus of industries on compliance with environmental guidelines. In addition, factors like rapid industrialization, government support to advanced air quality monitoring systems, and enactment of stringent air pollution regulations are likely to bolster the market.
Wearables Segment to Reach $251.9 Million by 2021
In the global Wearables segment, USA, Canada, Japan, China and Europe will drive the 7.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$138.3 Million in the year 2020 will reach a projected size of US$225.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$29.2 Million by the year 2026. More
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