Around the world, the increasing levels of air pollution are making people conscious of their effect on the health of humans and the environment. This will be the key driver to propel the air quality monitoring (AQM) market from $3.9 billion in 2017 to $6.5 billion by 2023, at a CAGR of 8.9% during 2018–2023 (forecast period). Additionally, the increasing support of the government and implementation of regulations regarding indoor air quality are expected to help the market advance.
The product segment of the air quality monitoring market is bifurcated into outdoor and indoor, of which the indoor bifurcation generated the higher revenue during the historical period (2013–2017). Compared to large outdoor settings, small indoor settings are easier to screen for air quality. Moreover, laboratories dealing with critical products, such as high-end semiconductors and pharmaceuticals, require a controlled environment. During the forecast period, the outdoor bifurcation will grow faster due to the deteriorating air quality around the world, characterized by high levels of particulate matter (PM) and greenhouse gases.
The strongest driver for the air quality monitoring market is the increasing consumption of fossil fuels to power vehicles and generate electricity. This is because this process leads to the emission of GHGs, which, in turn, results in air pollution. A grave consequence of air pollution is asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and other respiratory diseases, which affect millions around the world. As a result, the need for regularly monitoring the indoor and outdoor air quality is rising, especially in the major cities.
North America has been the largest air quality monitoring market till now because of the high incidence of respiratory illnesses here as a result of the increasing levels of air pollution. As per the American Cancer Society, 234,030 cancer cases and 154,050 deaths were predicted for the U.S. in 2018. Further, the 2021 forecast of the agency has increased to 235,760 cases and 131,880 deaths. As a result of the steadily rising cases of respiratory disorders, government here are mandating regular AQM in outdoor, residential, commercial, and industrial settings.
In the coming years, the fastest market growth is predicted in the Asia-Pacific (APAC) region, which is home to some of the most-polluted cities in the world. Due to the rapid industrialization and urbanization in China and India, the number of automobiles on the roads and demand for electricity are rising. Though these countries are quickly shifting to renewable resources, oil and gas continue to be used the most widely for these purposes. As a result, the rising air pollution levels are impelling governments and individuals to procure AQM equipment.
Hence, with a further degradation in the quality of indoor and outdoor air, the market will keep growing.
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