International. The global air quality monitoring systems market is valued at US$4.4 billion in 2021 and is expected to reach US$5.9 billion in 2026, at a compound annual growth rate of 6.5% during the forecast period.
The growth of this market is mainly driven by factors such as increasing air pollution levels, supporting government regulations for effective air pollution monitoring and control, and ongoing initiatives for the development of environmentally friendly industries. Added to this, increasing public-private funding for effective air pollution monitoring and growing public awareness related to the environmental and health implications of air pollution also support the growth of this market.
Impact of COVID-19 on the Global Air Quality Monitoring Systems Market
Globally, the COVID-19 outbreak has affected all aspects of the industry, including the air quality monitoring systems market. From region to region, there is considerable variation in the demand for air quality monitoring systems mainly due to the considerable effect of the pandemic on the economy and purchasing power of buyers, and disruption in the supply chain.
The pandemic has disrupted lives in all countries and communities and negatively impacted global economic growth in 2020. Estimates indicate that the virus reduced global economic growth in 2020 at an annualized rate of -3.4% to -7.6%, with a recovery of 4.2% to 5.6% projected for 2021. It is also estimated that world trade has fallen by 5.3% in 2020. In addition to this, COVID-19 had an adverse impact on several stages of the value chain, mainly due to the strict lockdown imposed by the government in most countries. Many companies also had to temporarily halt their manufacturing facilities for some time. Similarly, the supply and distribution network was also disrupted, mainly due to the restriction on travel due to the blockade and decrease in sales activity.
Due to the negative impact of the pandemic, major air quality monitoring systems market players such as Thermo Fisher (US), Emerson (US), and Siemens AG (Germany) recorded a significant decline in sales for fiscal 2020. However, with markets opening and the government slowly lifting lockdown restrictions, the economy is expected to grow again. To take advantage of future opportunities, most companies are spending more and more on research and product development and innovation.
The indoor monitors segment accounted for the largest share of the global air quality monitoring systems market, by product, in 2020
On the basis of product, the market for air quality control systems is segmented into indoor monitors, outdoor monitors, and portable monitors. The indoor monitor market is further segmented into fixed indoor monitors and portable indoor monitors.
The outdoor monitor market is also segmented into portable outdoor monitors, outdoor fixed monitors, dust and particle monitors, and AQM stations. Indoor monitors gained the largest share of the global AQM product market in 2020. The dominant position of this market segment can be attributed to the increasing installation of AQM stations, initiatives to increase public awareness about the health implications of indoor air pollution, increasing the adoption of smart technologies for home and green building, and the growing preference for pollution-free indoor environments. The growth of the market is reinforced by the continuous development and commercialization of innovative AQM technologies and government regulations that require regular monitoring of indoor air quality in work facilities.
Source: MarketsandMarkets.
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