The demand within the global emission monitoring systems market is escalating at the back of growing concerns related to environmental pollution. The presence of a seamless domain for management and monitoring of air pollution has sent jolts across the industrial sector. Industrial units are under tremendous pressure to control and monitor harmful emissions coming from their core units. Hence, the installation of emission monitoring systems is a mandatory requirement across several industrial units. It is expected that the global market would expand alongside improvements in the energy sector.
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The recommendations of global environmental conventions focus on industrial sustainability across regions. This factor, coupled with the need for improving the air quality index, has led governments to necessitate the use of emission monitoring systems. Furthermore, emission monitoring systems are an important component of sustainable industrial architecture. Several manufacturing units are following international standards and code of ethics to improve their sustainability ranking. Henceforth, the global emission monitoring systems market is slated to grow at a sound pace in the years to follow.
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National authorities and government bodies have played a vital role in the growth of the global emission monitoring systems market. The use of these systems to comply with the emission standards stipulated by environmental bodies is a key consideration from the perspective of market growth. The United States Environmental Protection Agency has rolled out several federal programs to monitor emissions in the region. Moreover, continual collection of emissions by state authorities has also given a thrust to market growth.
Transparency Market Research (TMR), in its report on the global emission monitoring systems market, predicts a CAGR of 7.5% over the forecast period between 2017 and 2025. Furthermore, the total value of the emission monitoring systems market is expected to touch US$7, 1187 mn by 2025, rising up from a value of US$ 3997.8 Mn in 2017. Growing concerns related to environmental pollution is behind the increased volume of revenues.
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Compliance to Corporate Social Responsibility by Industrial Units
Industrial units, especially in the chemicals industry, are at a high risk of mishaps and hazards. Furthermore, the amount of chemical waste and emissions generated by these units is a matter of concern for environmentalists and national bodies. Hence, these units are encouraged to fulfil their corporate social responsibility by reducing wastes, following green standards, and monitoring emissions. This factor has created lucrative opportunities for the vendors operating in the global emission monitoring systems market.
Some of the leading vendors operating in the global emission monitoring systems market are Babcock & Wilcox Enterprises Inc., Siemens AG, Sick AG, Emerson Electric Co., Durag Group, Teledyne Technologies Inc., and AMETEK, Inc.
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