APAC Air Quality Monitoring Market To Generate $1.7 Billion Revenue by 2023
The Asia-Pacific (APAC) air quality monitoring (AQM) market is expected to witness a CAGR of 10.0% during the forecast period (2018–2023), due to the rising prevalence of respiratory ailments, accelerating industrialization rate, and surging pollution levels across the world. According to P&S Intelligence, the market revenue stood at $0.936 billion in 2017, and it is projected to rise to $1.7 billion by 2023. At present, the market players are focusing on product launches to gain a competitive edge.
Nowadays, the companies operating in the APAC air quality monitoring market are largely focusing on product launches and mergers and acquisitions to stay ahead in the competition. For instance, in June 2017, HORIBA Ltd. launched a portable emissions measurement system (PEMS). It is used to test procedures for certifying light commercial vehicles and passenger cars and measure real driving emissions as a direct response to new requirements. This PMS is an accurate and safe solution that enables stable operation over long driving periods.
Furthermore, the sampling method segment of the APAC air quality monitoring market is classified into continuous, manual, passive, and intermittent. Under this segment, the continuous category is expected to showcase the fastest growth during the forecast period. This is due to the high degree of measurement precision and ease of operation offered by continuous sampling methods. Unlike the other sampling methods, this method requires minimal human intervention. Additionally, the intermittent category is also projected to register substantial growth in the forthcoming years.
Geographically, Japan accounted for the largest share in the APAC air quality monitoring market in 2017, due to the rapid introduction of technologically advanced products by prominent players such as Thermo Fisher Scientific Inc. and HORIBA Ltd. in the country. Whereas, China is expected to witness the fastest growth in the APAC market, due to the mounting cases of respiratory diseases and surging air pollution levels in the nation. According to the 2020 World Air Quality Report, Hotan in northwestern China is the world's most polluted city, due to sandstorms aggravated by climate change.
Thus, the surging pollution levels and increasing prevalence of respiratory cases will supplement the market growth in the foreseeable future.
Source: P&S Intelligence