Growing levels of air pollution, increasing awareness on environment and health, and positive government regulations are some of the key factors behind the growth of the air quality monitoring market, finds P&S Intelligence. The market attained a size of $3.9 billion in 2017, and it is expected to advance at a CAGR of 8.9% during the forecast period (2018–2023). AQM refers to the analyzing and monitoring of various air pollutants in the outdoor and indoor environment.
Based on product, the air quality monitoring market is bifurcated into outdoor and indoor air quality monitors. Of these, the market for outdoor air quality monitors is predicted to witness faster growth with a CAGR of 10.5% during the forecast period. This is ascribed to the rising amount of toxic substances released by various industries, which is leading to the increasing adoption of AQM products to help decrease air pollution levels.
On the global ground, in 2017, North America held 37.9% revenue share in the air quality monitoring market, owing to the surging number of patients with respiratory diseases, increasing awareness about the environment and health-related issues, and growing pollutions levels. for instance, rising air pollution levels in the U.S. have increased the number of lung cancer cases. As per the American Cancer Society, 234,030 new cases and about 154,050 deaths were predicted for the U.S. in 2018.
Fossil fuels, such as oil, gas, and coal, are some of the products that release high amounts of toxic gases, such as methane, carbon dioxide, and nitrous oxide. Published by the United Nations, the Intergovernmental Panel on Climate Change (IPCC) 2014 report claims the heat production and electricity sector contributed 25.0% of the total greenhouse gas emissions and the industrial domain 21.0%. Hence, due to the rising contribution to air pollution by all sectors, there has been a significant surge in the demand for AQM products across the world, which is driving the AQM market.
Thus, the increasing level of pollution and surging urban population are expected to escalate the growth of the market.