Environmental monitoring market worth $33.9 billion by 2031
Meticulous Research published a new market research report "Environmental Monitoring Market by Offering. It forecasts the environmental monitoring market to reach $33.9 billion by 2031 at a CAGR of 8.4% from 2024 to 2031.
The growth of the market is driven by factors such as increasing government funding for improving environmental sustainability, development of policies and initiatives to reduce environmental pollution, increasing installation of environmental monitoring stations, and growing importance of environmental monitoring solutions in public and private sector organizations. However, barriers to the trade of environmental technologies in emerging economies and slow adoption and implementation of pollution control policies may restrain the market growth. The high cost associated with environmental monitoring solutions poses challenges to the market growth.
The environmental monitoring market is divided into hardware, software and services on the basis of supply. In 2024, the hardware segment is expected to account for the largest share, around 78.0%, of the environmental monitoring market. However, the solution segment is expected to register the highest CAGR during the forecast period. Increasing use of environmental monitoring solutions in the industry to manage and minimize the environmental impact of an organization's operations and growing focus of market players on launching innovative environmental monitoring solutions are expected to drive the growth of the segment.
On the basis of end-user, the environmental management market is broadly segmented into residential, government and public institutions, commercial institutions and industry. In 2024, the industrial segment is expected to account for the largest share of the environmental monitoring market. The large share of this segment is attributed to the growing emphasis on the use of predictive maintenance and remote monitoring, increasing demand for industrial automation and IIoT, stringent regulatory requirements for pollution monitoring technologies, and rapid industrialization. Moreover, the industrial segment is expected to register the highest CAGR during the forecast period.
On the basis of applications, the environmental monitoring market is segmented into air pollution monitoring, water pollution monitoring, soil pollution monitoring, noise pollution monitoring, and other applications. In 2024, the air pollution monitoring segment is expected to account for the largest share of the environmental monitoring market, around 42.5%. The large share of this segment is attributed to the increasing amount of air pollution and the growing pressure on government bodies to introduce stringent guidelines and regulations to control air pollution. Moreover, the air pollution control segment is expected to register the highest CAGR during the forecast period. Increasing funding and technological advancements in air quality monitoring are expected to drive the growth of the segment.
Geographically, the environmental monitoring market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of the environmental monitoring market, at around 34.3%. The high share of the region is attributed to the increasing adoption of advanced monitoring technologies, stringent regulatory regulations for environmental protection, and increasing efforts and initiatives to protect the environment.
However, the Asia Pacific region is expected to achieve the highest CAGR of over 9.0% during the forecast period. The region's growth will be supported by the increasing implementation of government environmental monitoring and protection policies and the growing compliance of industrial facilities with environmental monitoring regulations.
According to the report, the key players are:
(US), Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), TE Connectivity Ltd. (Germany), TE Connectivity Ltd. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (United States), Merck KGaA (Germany), Merck KGaA (Germany), Agilent Technologies, Inc. (Switzerland), Siemens AG (Germany), Emerson Electric Co. (United States), Honeywell International Inc. (United States), Teledyne Technologies Incorporated (United States), Horiba, Ltd (Japan), Shimadzu Corporation (Japan), Testo SE & Co. KGaA (Germany), ACOEM Group (France) and Halma plc (United Kingdom).
Source: Meticulous Research
