Oil & gas industry expected to grow at the highest CAGR between 2018 and 2025 in the emission monitoring systems market
In the oil & gas industry, emission monitoring systems are used to gather data required for reporting emissions to government authorities. The exploration of oil and gas is a very lengthy, risky, and costly process, which requires a lot of finance, skilled engineers, and permissions from various government authorities. Various gases emitted during the extraction of oil & gas are hazardous and dangerous to the environment. Emission monitoring systems are used in the oil & gas industry to minimize emissions and measure them continuously. Furthermore, it is mandated by governments to track data regarding harmful emissions from oil & gas industries; this mandate will drive demand for emission monitoring systems.
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APAC is expected to be the fastest-growing market for emission monitoring systems between 2018 and 2025. The growth is attributed to the rapid industrialization, growth in power generation, chemicals, and oil & gas industry is expected to fuel the demand for emission monitoring systems market in APAC. China is the leading country in the emission monitoring systems market in APAC, owing to its huge industrial sector and strict emission regulations imposed by the Chinese government. India is the fastest-growing country in APAC and focuses on addressing environmental issues and improving its environmental policies. Majority of the power in India is generated through thermal power plants, followed by renewable energy sources. Power plants emit different types of GHG or other hazardous gases. Continuous operations of these plants require approvals from government authorities for the regulation of emissions. These regulations expected to increase demand for the implementation of emission monitoring systems.
Emission monitoring systems market for services expected to grow at the highest CAGR during the forecast period
The emission monitoring system market for services is estimated to grow at a highest CAGR between 2018 and 2025. Services such as installation, maintenance, and are required after the purchase of CEMS and PEMS. Furthermore, the continuous development of hardware and software leads to the requirement of training and upgrade of the system.
PEMS market to exhibit high growth potential during the forecast period
The PEMS market is expected to grow at the highest CAGR between 2018 and 2025. Key driving factors for the growth of the PEMS market are that it is a cost-effective reliable system and incurs lower operational and maintenance costs compared with CEMS. PEMS does not require on-site emergency services.
The market in the APAC is expected to grow at the highest CAGR between 2018 and 2025. The growth is attributed to huge industrial sector and strict emission regulations imposed by the government of China. Furthermore, India is the fastest-growing country in APAC, focuses on addressing environmental issues and improving its environmental policies. Various exhibitions such as Fugitive Emissions Summit China 2018, Argus Ethanol China 2018, Argus China and Global Oil 2018, and CIEPEC 2017 (15th China International Environmental Protection Exhibition & Conference) aim at integrating the community of end users, distributors, manufacturers, and suppliers.
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