The growth of the Emission Monitoring Systems market is driven by the high dependency of countries worldwide on coal-fired power plants to generate electricity, the stringent emission norms and standards enforced by the North American and European governments, and the increased need for environmental protection. Moreover, the growing number of coal fired power generation plants in APAC is likely to fuel the growth of this market.
How the Covid-19 outbreak has affected the Emission Monitoring Systems Market:
The outbreak of the Covid-19 and the subsequent global shutdowns it caused, have caught industries and companies off-guard, without giving them time to plan or protect themselves from losses. Presently, the market scenario is vague, and the market size may either steeply go up or down, based on the actions taken and results achieved by different companies. To some extent, this pandemic has affected various industries across the world. A number of countries across the world have suspended their operations to contain the spread of Covid-19. According to the International Energy Agency (IEA), the lock down measure has significantly reduced the demand for electricity from the industrial sector, thereby affecting the power mix.
The reduction in the demand for power has resulted in renewable energy sources making up for a larger share of the electricity supply, as their output is mostly unaffected by demand, while the demand for electricity generated from all other sources, such as coal, gas, and nuclear power, has fallen. Additionally, coal-fired power generation is projected to decrease the most. This, in turn, is expected to impact the global demand, for emission monitoring systems used in power plants to determine or track the emission levels. Oil & gas is one of the key industries that is presently incurring significant losses owing to the outbreak of the pandemic. The rapid spread of this virus has forced many oil and gas companies to either stop or slow down their physical operations, which has impacted production in both upstream and downstream operations. The medical, healthcare, and pharmaceuticals industries are the critical consumers of chemicals such as raw ingredients, refined reagents, solvents, and finished products, and the demand for these chemicals has increased dramatically due to the pandemic.
How the Emission Monitoring System is helping people today:
A coal-burning power plant is a thermal power station that uses coal to generate electricity. The burnt coal releases a number of airborne toxins and pollutants, such as mercury, lead, sulfur dioxide, nitrogen oxides, particulates, and various other heavy metals. The exposure to these pollutants can cause a wide range of health effects, including asthma and breathing difficulties, brain damage, heart problems, cancer, neurological disorders, and premature death. The emission monitoring system determines the concentration of toxic gases or particulate matter emitted from industrial operations and ensures that the emissions that industry is permitted to release are not exceeding the permissible limit.
How the global adoption of renewable energy sources is affecting the Emission Monitoring System Market:
Renewables are quickly becoming the fastest-growing source of electricity production. Countries are making efforts to develop renewable energy sources, such as hydropower, offshore and onshore wind, solar photovoltaic, and bio energy. These renewable sources of energy are increasingly being used due to their zero-carbon emission. Thus, to reduce CO2 emissions and local air pollution, the world needs to rapidly shift toward low-carbon sources of energy, such as nuclear and renewable technologies. Thus, hydro, solar, and wind power plants produce electricity with little or no emissions, thereby eliminating the requirement for the emission monitoring system.
Major players active in the global emission monitoring system market include ABB,Opsis,AMETEK,Babcock & Wilcox Enterprises,Emerson Electric,General Electric,Horiba,Rockwell Automation Inc,Sick,Siemens,Teledyne Technologies Inc.,Thermo Fisher Scientific Inc.,Beijing SDL Technology Co., Ltd.,ALS Limited,Parker Hannifin Ltd,DURAG GROUP,Buhler Technologies GmbH,M&C TechGroup,Yokogawa Electric Corporation,Fuji Electric,Enironnement S.A,Servomex and others.
The Emission Monitoring System Market is segmented as follows:
- Waste Incineration
- Marine & Shipping
- Pulp & Paper
- Building Materials
- Refineries & Fertilizers
- Oil & Gas
- Power Generation
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA