Environmental Monitoring Market To Reach USD 24.1 Billion By 2032 | DataHorizzon Research
Environmental Monitoring Market To Reach USD 24.1 Billion By 2032 | DataHorizzon Research Yahoo Finance
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Growing Emphasis on Climate Change and the Environmental Monitoring Market
Fort Collins, Colorado, March 12, 2024 (GLOBE NEWSWIRE) — The Environmental Monitoring Market size was valued at USD 15.8 Billion in 2023 and is anticipated to reach USD 24.1 Billion by 2032 at a CAGR of 4.8%.
Introduction
Environmental monitoring systems are being installed worldwide due to several factors, including rapidly rising pollution levels, a supportive regulatory and political environment, growing awareness of pollution monitoring, and adopting environmentally friendly practices in the manufacturing industries.
Market Growth Factors
The environmental monitoring market is expected to develop during the projected period due to the deployment and expansion of pollution monitoring infrastructure to assist the manufacturing sector in Asia Pacific and Latin America. Another important factor driving market expansion is increased government financing for pollution management and environmental monitoring programs. The strict environmental monitoring standards that control the gathering and reporting of environmental data to the relevant government departments have also made accurate evaluation and analysis of pollution levels easier.
Due to the rapidly increasing urbanization and industrialization, there has been a major rise in air, water, soil, and noise pollution worldwide. This has led to the introduction of favorable government policies, initiatives, and stringent regulations regarding greater adoption of pollution and environment monitoring systems, a major factor anticipated to drive the adoption over the forecast period. Furthermore, the increase in government funding for establishing environmental monitoring stations due to rapid growth in urban population and smart city projects is also a key growth driver.
Segmentation Overview
The global environmental monitoring market has been segmented into product, component, application, end-use, and region. Based on application, it is divided into air, water, soil, and noise pollution. Air pollution holds a major share of the application segment of the environmental monitoring market. According to the World Health Organization (WHO), air pollution levels, both indoors and outdoors, are growing tremendously, and factors like combustion, burning of waste, rising untreated industrial emissions, and pollution from vehicles are major contributors.
Key Highlights
- Climate crisis, pollution, and temperature changes have triggered the need for efficient environmental monitoring devices in the coming years.
- North America has a dominating market share in environmental monitoring, with the United States holding a significant share in this region. The emission rules and regulations have been stringent for vehicles to maintain their combustion levels. There are even stringent policies to regulate emissions and reduce air, water, and soil pollution for industrial waste.
- Some prominent players in the environmental monitoring market report include 3M Company, Agilent Technologies, Siemens AG, Honeywell International Inc., General Electric, Shimadzu Corporation, Horiba Ltd., Emerson Electric Co., Teledyne Technologies, Thermo Fisher Scientific, and others.
Industry Trends and Insights
- The CSIRO partnership in Pacific regions is designed to tackle environment issues and challenges. The MOU was signed at COP 28 in Dubai between CSIRO (Commonwealth Scientific and Industrial Research Organisation) and SPREP (Secretariat of the Pacific Regional Environment Program)
- Artificial intelligence has emerged as a solution to gather environmental issues and challenges. For instance, UNEP’s World Environment Situation Room (WESR) was launched in 2022, which is a digital platform that leverages AI’s capabilities to analyze complex data.
Environmental Monitoring Market Segmentation
By Product: Monitors, software, services.
By Component: Biological, chemical, particulate matter, noise, etc.
By Application: Air pollution, water pollution, soil pollution, noise pollution.
By End-use: Government, corporate, energy & utilities, healthcare, agriculture, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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SDGs, Targets, and Indicators in the Article
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 6: Clean Water and Sanitation
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
- SDG 15: Life on Land
The article discusses the need for environmental monitoring systems to address pollution levels and promote environmentally friendly practices. This connects to SDG 6, which focuses on ensuring access to clean water and sanitation. It also relates to SDG 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. Additionally, the article mentions the impact of pollution on climate change, aligning with SDG 13. Lastly, the mention of rising pollution levels and the need for accurate evaluation and analysis of pollution levels connects to SDG 15, which focuses on protecting and restoring ecosystems.
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 6.3: Improve water quality by reducing pollution, eliminating dumping, and minimizing release of hazardous chemicals.
- Target 11.6: Reduce the adverse per capita environmental impact of cities, including air quality.
- Target 13.2: Integrate climate change measures into national policies, strategies, and planning.
- Target 15.1: Ensure conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems.
The article highlights the need for monitoring pollution levels and adopting environmentally friendly practices, which aligns with Target 6.3 of SDG 6. It also mentions the impact of pollution on air quality, connecting to Target 11.6 of SDG 11. The mention of climate change and the need for monitoring devices relates to Target 13.2 of SDG 13. Lastly, the focus on protecting ecosystems and evaluating pollution levels connects to Target 15.1 of SDG 15.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 6.3.2: Proportion of bodies of water with good ambient water quality.
- Indicator 11.6.2: Annual mean levels of fine particulate matter (e.g., PM2.5) in cities.
- Indicator 13.2.1: Number of countries that have integrated climate change measures into national policies, strategies, and planning.
- Indicator 15.1.1: Forest area as a proportion of total land area.
The article does not explicitly mention specific indicators, but based on the targets identified, the following indicators can be used to measure progress towards those targets. These indicators are commonly used to track progress towards the respective targets in the SDG framework.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 6: Clean Water and Sanitation | Target 6.3: Improve water quality by reducing pollution, eliminating dumping, and minimizing release of hazardous chemicals. | Indicator 6.3.2: Proportion of bodies of water with good ambient water quality. |
| SDG 11: Sustainable Cities and Communities | Target 11.6: Reduce the adverse per capita environmental impact of cities, including air quality. | Indicator 11.6.2: Annual mean levels of fine particulate matter (e.g., PM2.5) in cities. |
| SDG 13: Climate Action | Target 13.2: Integrate climate change measures into national policies, strategies, and planning. | Indicator 13.2.1: Number of countries that have integrated climate change measures into national policies, strategies, and planning. |
| SDG 15: Life on Land | Target 15.1: Ensure conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems. | Indicator 15.1.1: Forest area as a proportion of total land area. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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