emission monitoring system Market

The Emission Monitoring System market size was valued at US$ 3.61 billion in 2023 and is expected to reach US$ 7.47 billion by 2031; it is estimated to record a CAGR of 9.5% from 2023 to 2031.

The Emission Monitoring System market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and Asia pacific respectively. the Ministry of French Environment announced in 2023 that the greenhouse gas emissions in the country had declined by 4.8% in 2023 compared to 2.7% in 2022. These countries are implementing comprehensive frameworks such as the European Green Deal, the EU Methane Strategy and other targeted strategies, and Carbon Pricing Mechanisms to work toward a sustainable and climate-neutral future and other sector-specific regulations. Since January 2024, the EU's Emissions Trading System (EU ETS) has been expanded to include CO2 emissions from all large ships entering EU ports, regardless of their flag. Companies, including Siemens and BASF, have implemented advanced monitoring systems to comply with EU ETS regulations, ensuring accurate reporting and trading of carbon allowances. Such government initiatives to reduce the emissions of harmful gases, including methane, CO2, and other greenhouse gases, are likely to boost the demand for Emission Monitoring System among the companies operating in the oil & gas, automotive, and energy sectors in Europe.

Rapid industrial growth in countries such as Japan, China, and India is leading to increased emissions. As industries expand, the need for effective monitoring systems becomes critical to manage and mitigate environmental impacts. As numerous companies in the oil & gas, energy, and automotive industries are increasing their production capabilities, the adoption of schemes to reduce carbon footprint and methane gas emission is also growing. In February 2023, JGC Group joined the Aiming for Zero methane emissions initiative, which is a project of the Oil and Gas Climate Initiative (OGCI) that focuses on reducing methane emissions from the industry. Japan has aimed to reduce its greenhouse gas (GHG) emissions by 43% compared to 2013 levels by 2030. The country became the world's first country to use durable carbon dioxide removals in its national ETS, called the Green Transformation ETS (GX-ETS). Therefore, a rise in technological advancements, coupled with supportive government policies, is expected to bring growth opportunities for the market players operating in Asia Pacific

Based on end user, the emission monitoring system market is segmented into marine vessels, oil & gas, chemicals, automotive, power generation, and others. The oil and gas segment held the largest Emission Monitoring System market share in 2023. The oil & gas sector is a major sector pushing the adoption of different types of Emission Monitoring System. In total, the oil & gas industry accounts for ~15% of the total energy sector emissions each year, which is a huge margin equivalent to ~5.1 billion tonnes of greenhouse gas emissions. Moreover, the governments have decided their targets to reduce the emissions from the oil & gas sector to 60% by the end of 2030. Such initiatives have been pushing the demand for Emission Monitoring System from the oil & gas sector.

ABB Ltd, Siemens AG, Horiba Ltd, Danfoss AS, Emerson Electric Co, Ametek Inc, Protea Ltd, SLB, Sensirion Holding AG, Green Instruments A/S, Emsys Maritime Ltd, Green Sea Guard, OPSIS AB, NevadaNano, Project Canary, Qube Technology are among the key Emission Monitoring System market players that are profiled in this market study.

The overall Emission Monitoring System market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Emission Monitoring System size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Emission Monitoring System market.