global predictive emission monitoring system (PEMS) market is set to expand at 10.9% CAGR during the projection period.
Predictive emission monitoring systems (PMS) refer to software-based solutions that provide reliable and accurate estimations associated with emissions. The technology is anticipated to gain quick mileage in the years to come. It has been analyzed in the latest report published by Market Research Future (MRFR) that the Also, it has been assessed in this study that the market is likely to earn revenues worth USD 2.98 Bn by 2024 up from USD 1.63 Bn in 2018.
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These systems have successfully been replacing Continuous Emission Monitoring Systems (CEMS). The trend is likely to continue benefitting the growth pattern of the predictive emission monitoring system (PEMS) market over the next couple of years. Rising applications across different domains are poised to prompt market growth over the next few years.
Environmental concerns have led to the implementation of stricter emission regulations. This, in turn, is projected to boost the deployment of PEMS across industries in the nearby future. Also, rising awareness about environmental degradation is projected to influence the growth pace of the predictive emission monitoring system (PEMS) market greatly in the upcoming years. However, the problems regarding the integration of PEMS with existing systems is likely to restrict market expansion over the forecast period.
ABB Ltd (Switzerland), Siemens AG (Germany), and General Electric Company (US) are the key players expected to have impressive contributions to the development of the global predictive emission monitoring system (PEMS) market over the next couple of years. Other important players poised to boost revenue growth of the market in the years to come are Rockwell Automation (US), Parker Hannifin Corporation (US), CMC Solutions (US), Fuji Electric Co., Ltd (Japan), Thermo Fisher Scientific (US), Teledyne Technologies, Inc. (US), and AMETEK, Inc. (US).
Investment in the regional expansion is anticipated to encourage competition in the predictive emission monitoring system (PEMS) market in the forthcoming years. The market is characterized by robust competition among the regional and international players strategizing growth trajectories to gain edge over competitors. Some of the approaches poised to be opted by market participants for catalyzing growth pace are mergers, collaborations, acquisitions, partnerships, etc.
Software and services are the two segments of the predictive emission monitoring system (PEMS) market based on component. The sub-segments of the software segment are real-time emission monitoring, recalibration software, periodic analyzers, and sensor validation software/system. The services segment is sub-segmented into training, installation, and maintenance.
The predictive emission monitoring system (PEMS) market has been bifurcated on the basis of deployment. These segments are on-premise and on-line.
The segments of the predictive emission monitoring systems (PEMS) market, on the basis of industry, are power plants & combustion, chemicals, oil & gas, petrochemicals refineries & fertilizers, pulp & paper, pharmaceuticals, building materials, metal, marine & shipping, mining, and waste incineration.
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The geographical analysis of the global predictive emission monitoring system (PEMS) market is covered in this MRFR report on regional and country-level basis. Key regions profiled in this MRFR report are North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The report asserts that Asia Pacific is likely to dominate the growth of the global market over the next couple of years. Factors such as declining air quality, rising awareness about environmental degradation, etc. are expected to boost the expansion of the predictive emission monitoring system (PEMS) market in the foreseeable future. North America, on the other hand, is projected to register the highest CAGR through the forecast period.
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