Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Air Quality Monitoring System Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The air quality monitoring system market has grown strongly in recent years. It will grow from $6.06 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. During the historical period, the notable growth in this sector can be attributed to a heightened awareness of environmental health and air pollution concerns. Stringent government regulations and adherence to environmental standards played a pivotal role. The increased understanding of indoor air quality (IAQ) issues, coupled with a rising incidence of respiratory disorders and allergies, further fueled this growth. Additionally, the expansion of industrial activities and urbanization contributed to the overall development in this domain.
The market is expected to see strong growth in the next few years. It will grow to $9.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The projected growth in the upcoming period is attributable to heightened public awareness and a rising demand for real-time air quality data. This is further fueled by the integration of air quality monitoring systems with IoT and smart building technologies. The increasing focus on health and well-being in commercial spaces, coupled with governmental initiatives to enhance air quality monitoring, also contributes to this growth. Market expansion in developing economies is another driving factor. Key trends anticipated in this forecast period encompass advancements in sensor and monitoring technology, seamless integration with smartphones and mobile apps, monitoring of volatile organic compounds (VOC), real-time data reporting and alerts, as well as integration with HVAC and building automation systems.
The escalating levels of air pollution are expected to be a driving force behind the growth of the air quality monitoring system market in the years to come. Reports from the World Health Organization reveal that approximately 7 million individuals die annually worldwide due to the consequences of air pollution. Additionally, data from the American Lung Association's 2021 State of the Air report indicates that 135 million Americans, constituting four out of ten, inhabit areas with detrimental levels of air pollution. These alarming figures underscore the critical need for air quality monitoring systems, thus propelling market growth.
The burgeoning prevalence of smart homes is poised to drive the expansion of the air quality monitoring system market. Notably, an article published in Oberlo in 2023 estimates that over 60.4 million households in the US are actively utilizing smart home devices, marking a 3% increase from the previous year. This accounts for 46.5% of the total number of households and underlines the escalating adoption of smart home devices, thereby driving the market for air quality monitoring systems.
Technological advancements are a pivotal trend shaping the air quality monitoring system market. Leading companies within this sector are committed to developing cutting-edge technological solutions to meet consumer demands. For instance, in March 2021, Thermo Fisher Scientific Inc., a US-based company specializing in scientific instrumentation and services, introduced the AerosolSense Sampler. This innovative device, based on polymerase chain reaction (PCR) technology, serves as a surveillance tool to swiftly and accurately detect in-air viruses like SARS-CoV-2. The AerosolSense Sampler represents a significant advancement, offering institutions highly precise data to ensure the safety of their personnel and the general public. This emphasis on technology presents a substantial driver in the expansion of the air quality monitoring system market.
Prominent companies within the air quality monitoring system market are actively pursuing strategic collaborations to expedite the development and implementation of new pollutant models. These strategic partnerships involve collaborative relationships established between multiple organizations to attain specific business objectives or goals. Notably, in March 2023, Piera Systems, a Canada-based digital health-focused company, and MACSO Technologies, a New Zealand-based firm, announced a strategic partnership aimed at transforming air quality monitoring. By leveraging MACSO's established AI/ML software platform and integrating it with the highly precise air quality data generated by Piera's Intelligent Particle Sensors and Canree Air Quality Monitors, customers gain the ability to rapidly produce pollutant models and continually enhance accuracy at an accelerated pace.
In a significant move in September 2022, Google, a leading US-based technology company, acquired BreezoMeter, a prominent Israeli air quality monitoring and forecasting company, for an undisclosed amount. This strategic acquisition is anticipated to integrate BreezoMeter's data into Google applications. BreezoMeter has developed a system that aggregates environmental data from approximately 11 million sources worldwide, employing algorithms to forecast air quality-related hazards, including pollution and wildfires. Google's acquisition of BreezoMeter reflects a strategic move to leverage BreezoMeter's expertise and innovative solutions, integrating them into its own applications to enhance and expand its capabilities in the realm of air quality monitoring and forecasting.
North America was the largest region in the air quality monitoring system market in 2023. The regions covered in the air quality monitoring system market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Report Scope
Markets Covered:
1) By Product Type: Indoor; Outdoor
2) By Component: Hardware; Software
3) By Pollutant: Chemical; Physical
4) By End User: Industrial; Commercial; Residential
Key Companies Mentioned: Thermo Fisher Scientific Inc.; Emerson Electric Co.; General Electric Company; Siemens Aktiengesellschaft; Teledyne Technologies Incorporated
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Thermo Fisher Scientific Inc.
- Emerson Electric Co.
- General Electric Company
- Siemens Aktiengesellschaft
- Teledyne Technologies Incorporated
- PerkinElmer Inc.
- Agilent Technologies Inc.
- TE Connectivity Ltd.
- 3M Company
- Honeywell International Inc.
- Horiba Ltd.
- Merck KGaA
- TSI Incorporated
- Tisch Environmental Inc.
- Testo SE & Co. KGaA
- Plume Labs SAS
- Aeroqual Limited
- Forbes Marshall Private Limited
- Hawa Dawa GmbH
- Kaiterra Inc.
- AirVisual Limited
- IQAir North America Inc.
- BreezoMeter Ltd.
- AirNow Technologies Inc.
- PurpleAir LLC.
- Sensirion AG
- Alphasense Limited
- GDS Technologies Ltd.
- Ecotech Pty. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/2xdh80
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