Various gases emitted during the extraction of oil & gas are hazardous and dangerous to the environment. Emission monitoring systems are used in the oil & gas industry to minimize emissions and measure them continuously. In the oil & gas industry, emission monitoring systems are used to gather data required for reporting emissions to government authorities. The authorities have issued guidelines and regulations to estimate and control emissions.
According to the new market research report „Emission Monitoring Systems Market by System Type (CEMS, PEMS), Offering (Hardware, Software, Services), Industry (Power Plants & Combustion, Oil & Gas, Chemicals, Petrochemicals, Refineries, & Fertilizers), and Region – Global Forecast to 2025″, the emission monitoring systems market is estimated to reach USD 4.44 Billion by 2025 from USD 2.39 Billion in 2018, at a CAGR of 9.3% between 2018 and 2025. Factors that are driving the emission monitoring systems market include stringent legal and environmental regulations, increased awareness about environmental protection, increasing health and safety issues, and growing use of oil & gas and petrochemicals.
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Continuous emission monitoring system (CEMS) is estimated to hold a large share of the emission monitoring systems market during the forecast period. CEMS is used for collecting data regarding emissions of gases from various industries such as power plants, oil & gas, chemicals, building materials, and waste incineration. Increase in the number of stringent rules and regulations regarding pollution monitoring across various industries has increased the demand for CEMSs.
Emission monitoring systems market for hardware is estimated to lead during the forecast period. The use of hardware is required for both CEMS and PEMS to collect the emissions data. Furthermore, CEMS is hardware-based emission monitoring system, which is driving the growth of hardware market as a majority of manufacturing plants have installed CEMSs.
Power plants and the combustion industry are estimated to lead the overall emission monitoring systems market between 2018 and 2025. Rapid industrialization and increasing demand for energy have contributed to growing greenhouse gas emissions, which lead to global warming, acid rain, and health hazards. Thus, the implementation of emission monitoring systems in power plants is being mandated by governments across the globe to reduce greenhouse gases and pollutants.
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