New York, US, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Predictive Emission Monitoring Systems Market Analysis by Component (Software: Real Time Emission Monitoring, Periodic Analyzers, Recalibration Software, Sensor Validation Software/System), Service: Installation, Training, Maintenance) Region —Forecast till 2030" valuation is poised to reach USD 14.2 billion by 2030, registering an 7.2% CAGR throughout the forecast period (2021–2030).
Predictive Emission Monitoring Systems Market Overview
The growing use of PEMSs in gas turbines to predict emission levels based on fuel composition and ambient & machine operating conditions while considering real-time degradations boosts the market size.
Predictive Emission Monitoring Systems Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 14.2 Billion |
| Growth Rate | 7.2% CAGR |
| Base Year | 2020 |
| Forecast Period | 2021 To 2030 |
| Key Vendors | General Electric Company (US), ABB Ltd (Switzerland), Rockwell Automation Inc. (US), Teledyne Technologies Inc. (US), and Fuji Electric Co. Ltd (Japan) |
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The predictive emission monitoring systems market is witnessing steady revenue growth. The market rise is driven by the rising demand for PEMSs to accurately predict emission levels generated by power plants & combustion, oil & gas, chemicals, petrochemicals & refineries, and fertilizer industries.
Predictive emission monitoring systems are designed to provide a cost-effective solution for high data accuracy, lower cost of ownership compared to other offerings, and regulatory-compliant emission levels. PEMS can accurately predict environmental emissions like CO, NOx, CO2, SO2, etc. It is increasingly replacing continuous emissions monitoring systems (CEMS), helping ensure safety for personnel and the environment.
In the US, PEMS are installed at various locations, such as boilers, reformers & gas turbines, to meet EPA requirements, like PS-16, 40, CFR 60 & 40, and CFR 75. It has also been installed and certified for Europe (CEN/TS 17198) and used extensively in the UK, Saudi Arabia, Netherlands, Denmark, Sweden, Malaysia, and UAE. Predictive emission monitoring systems garner significant prominence in refining processes.
The emission data generated from process industries are regulated by legal authorities to ensure that the release of pollutants into the atmosphere is monitored and controlled. The availability of efficient and reliable emission data acquisition is crucial for plant owners to comply with emission limits dictated by regulating agencies. With PEMS, the energy sector can redefine processes, enable deeper collaboration, sustain productivity, and drive innovation.
Energy companies can deliver proactive maintenance through PEMS with AI and machine learning. On the other hand, digital twin technology can create a fully integrated, real-time data visualization center combining asset design and predictive analytics, revealing functional insights, unlocking efficiencies, and identifying new pathways to optimize performance.
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Predictive Emission Monitoring Systems Market Segments
The predictive emission monitoring systems market is segmented into components, deployments, industries, and regions. The component segment is sub-segmented into hardware, software (real-time monitoring, periodic analyzers, recalibration software, and sensor validation software/system), and services (installation, training, and maintenance).
The deployment segment is sub-segmented into on-premise and online. Of these, the on-premise is the largest market segment, which accounted for 65.8% market share in 2018. The segment is further expected to register an 8.0% CAGR during the forecast period.
The industry segment is sub-segmented into power plants & combustion, oil & gas, chemicals, petrochemicals, refineries, & fertilizers, building materials, pharmaceuticals, metal & mining, and others. By region, the analysis is segmented into the Asia Pacific, Americas, Europe, and the rest of the world.
Predictive Emission Monitoring Systems Market Regional Analysis
North America dominates the global predictive emission monitoring systems market. The increase in oil exploration & production and drilling activities influence the region's market size. Besides, the demand for non-conventional drilling in the region drives the PEMS market growth. Also, the increase in E&P spending and the strong presence of major technology PEMS providers boost the region's market shares.
The changing electricity consumption patterns in the region and government initiatives to boost energy efficiency create substantial market demand. With its largest crude oil production, the US drives the market demand for PEMS in the region. The US predictive emission monitoring systems market accounted for a 91.0% share in 2018. It is expected to grow further at an 8.3% CAGR during the forecast period.
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The predictive emission monitoring systems market in the Asia Pacific region stands second globally. Market growth is fostered by the increasing demand for fossil fuels in the region. Additionally, the burgeoning O&G sector and increasing R&D investments due to rapid economic growth substantiate the market value in the region. Increasing drilling activities in the oilfields increase the uptake of
Moreover, increased government regulations for emission control assessment and increased focus on remote management of O&G operations for process optimization and automation drive the regional market growth. Rapidly developing APAC countries, such as India and China, account for sizable shares in the regional market heading with the improving drilling technologies and robotics in oilfields. With their increasing population, China and India contribute extensively to predictive emission monitoring systems market size.
Predictive Emission Monitoring Systems Market Competitive Analysis
The predictive emission monitoring systems market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers & acquisitions. Industry players strive to offer the most comprehensive service portfolio, combining innovative digital services with traditional offerings and augmented reality to enhance diagnostic & troubleshooting support.
Major industry players make large strategic investments in research and development activities and foster their expansion plans. Besides, greater commercializations of their product portfolio and promotion initiatives through trade exhibitions are other strategies adopted by these market players.
For instance, recently, on February 14, 2022, AVEVA, a global provider of industrial software to drive digital transformation & sustainability, demonstrated its broad portfolio of cutting-edge solutions at the Egypt Petroleum Show (EGYPS) 2022.
Alongside its strategic partner Schneider Electric, AVEVA's broad portfolio of cutting-edge solutions includes predictive emissions monitoring systems, asset performance management, and digital twin technologies that can enable oil & gas and energy customers to drive digital and sustainability goals innovatively.
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Dominant Key Players on Predictive Emission Monitoring Systems Market Covered are:
- General Electric Company (US)
- ABB Ltd (Switzerland)
- Rockwell Automation Inc. (US)
- Teledyne Technologies Inc. (US)
- Fuji Electric Co. Ltd (Japan)
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