According to P&S Intelligence, the APAC air quality monitoring market size is forecasted to reach $1.7 billion by 2023. The region’s growth is attributed to the rapid industrialization and the subsequent increase in pollution level. Moreover, the increasing prevalence of respiratory diseases, stringent regulations of air pollution, and increasing awareness regarding environmental and healthcare implication of air pollution are also fueling the growth of the APAC air quality monitoring market.
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During the forecast period, the APAC air quality monitoring market is projected to witness the fastest growth in China, with a CAGR of 11.7%. The major factors for the market’s fastest growth in the country include increasing prevalence of respiratory diseases and increasing level of air pollution in China. As per the World Air Quality Index project, an institutional forum that continuously monitors the air quality index (AQI) for more than 80 countries, Beijing reported an AQI of 275, which is alarmingly unhealthy.
Additionally, the increasing awareness regarding environmental and healthcare implications of high pollution levels and favorable government regulations are also driving the growth of the market in the country. Moreover, the high smoking prevalence in China is also attributing to the fast growth of the market in the country. By 2050, the smoking deaths in China are expected to be triple of the estimated deaths in 2030, which is more than the population of Chicago.
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In December 2017, Thermo Fisher Scientific Inc. completed the acquisition of certain assets of EPTEK Technology Co. LTD and several related entities based in Taiwan and mainland China. The assets acquired included volatile organic compound (VOC) continuous emission monitoring systems (CEMS), used to measure and analyze air quality across a range of industrial applications; terms of the transaction, were however, not disclosed.
Some of the other key players (than those mentioned above) operating in the APAC air quality monitoring industry are HORIBA Ltd. 3M Company, Siemens AG, ECOTECH GROUP, Envirotech Instruments Pvt. Ltd., Autotronic Enterprise Co. Ltd. and Aeroqual Limited.
Source: P&S Intelligence