A new market study published by Global Industry Analysts Inc. (GIA), the premier market research company, 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.
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ABSTRACT-Global Air Quality Monitoring Systems Market to Reach $6.1 Billion by 2026
Air quality, or the deterioration of air quality, is a focal point across the world. Apart from the detrimental effects on the environment, the effects of bad air quality on health and the direct and indirect losses of bad air quality are gaining increasing awareness across the world. Air quality monitoring devices are used to identify and track pollutant levels in both indoor and outdoor environments, including carbon monoxide, nitrous oxide, volatile organic compounds (VOCs), and particulate matter. Growth in the market is expected to receive a major impetus from the alarming level of air pollution, implementation of stringent regulations and rising awareness about the 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 the comfort, health, and productivity of people in a building. Other prominent factors augmenting the market growth include an 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 for 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$4.5 Billion in the year 2022, 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 $1.7 Billion in 2022, 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$1.7 Billion in the year 2022. 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 the 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 the implementation of stringent regulations for air pollution monitoring. Technological advancements in the region are leading to the integration of next-generation sensors to sense the environmental effects of pollutants. Growth in the Asia-Pacific region is due to the increasing focus of industries on compliance with environmental guidelines. In addition, factors like rapid industrialization, government support to advanced air quality monitoring systems, and the enactment of stringent air pollution regulations are likely to bolster the market.
Wearables Segment to Reach $251.9 Million by 2026
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 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.
This article was shared with Prittle Prattle News as a Press Release.
