by The global Ambient Air Quality Sensor Market, valued at USD 4629.5 million in 2021, is projected to witness a robust compound annual growth rate (CAGR) of 7.2% during the forecast period. This growth is primarily attributed to the increasing awareness of health issues related to air pollution, such as chronic obstructive pulmonary disease, asthma, cardiovascular problems, and lung cancer. Rising pollution levels worldwide have driven the demand for air quality monitoring devices, with governments implementing favorable policies and fostering public-private partnerships for air pollution monitoring.
Impact of COVID-19 Pandemic
The COVID-19 pandemic temporarily affected the growth of the air quality monitoring system market, as industrial activity slowed down and supply chain disruptions hindered raw material procurement. Key market players, including 3M Company, Thermo Fisher, and Emerson, experienced a decline in sales during 2020. However, post-pandemic recovery, along with increased smart city investments, is expected to create favorable opportunities for market growth.
Key Market Drivers
- Public Awareness & Private Initiatives: Regional and non-governmental organizations are taking initiatives to combat air pollution through public awareness campaigns and private sector interventions. The growing awareness of the health impact of polluted air has driven the demand for air quality monitors.
- Strategies by Key Players: Major market players are adopting growth strategies like mergers, acquisitions, partnerships, collaborations, and product expansions, especially in emerging economies. These strategies aim to enhance competitiveness and capture significant market share.
Market Restraints
- High Product Costs: The installation and maintenance costs of conventional air monitoring systems are relatively high, which can hinder market growth, especially in emerging economies. Stringent pollution control policies in mature markets also contribute to these costs.
Segment Overview
- Fixed Air Quality Sensor Dominates: Fixed air quality sensors are widely used for indoor air quality monitoring in workplaces, manufacturing facilities, schools, hospitals, and transportation hubs. These sensors provide valuable data on various gaseous pollutants.
- Industrial Sector Dominance: The industrial sector is a significant driver of the global ambient air quality sensor market, with increasing adoption for monitoring ambient air pollution. Stringent regulations and the integration of air quality sensors with Internet of Things (IoT) devices are propelling market growth.
Regional Landscape
- North America Leads: North America dominates the market due to the presence of key manufacturers such as Thermo Fisher Scientific, 3M Company, Emerson Electric, Teledyne Technologies, Honeywell, and others. The United States influences the regional market, driven by consumer preferences for clean air.
- Europes Growth: Europe is expected to grow due to initiatives aimed at improving air quality and reducing greenhouse gas emissions. Germany, a major manufacturing hub for air quality monitoring solutions, plays a pivotal role in the regions market.
Competitive Landscape
The global Ambient Air Quality Sensor Market is highly competitive, with key players including Thermo Fisher Scientific, Emerson Electric, General Electric, Siemens AG, Teledyne Technologies, and others. These companies continue to innovate and expand their product portfolios to meet the growing demand for air quality monitoring solutions.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
https://www.fairfieldmarketresearch.com/report/ambient-air-quality-sensor-market
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This press release first seen on Brilad
COMTEX_442544935/2840/2023-10-27T15:48:54
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.