Recent growth in the levels of harmful contaminants in the environment has intensified the need for air pollution monitoring and control. This is further alleviated by growing health implications and environmental damages resulting from rising air pollution worldwide.
In 2016, the global air quality monitoring market is estimated to be valued at USD$3.75B, growing at a CAGR of 8.5% to 2021. North America is expected to account for the largest share of 39.0%. The market is also fairly competitive, with a growing number of market players. Additionally, there is a growing appetite for power-efficient, easy-to-move, and accurate air quality monitoring products in the market. PiCO Home is proudly one of them!
So, what are the key market drivers?
1. Supportive government regulations
Realizing the dangers of air pollution, various regional governments are increasingly focusing on the implementation of various regulations and legislation to monitor and control air pollution and its sources. The Department of State (US) partnered with the EPA to monitor AQI around the country and at its diplomatic missions globally. China has pledged to reduce carbon emissions by 40%-45% by 2020. Seoul Metropolitan Government recently installed AQI monitors around the city to make people aware of the dangers of breathing polluted air.
2. Ongoing agency initiatives to develop green industries
Green industries promote resource recycling and energy-saving, which can reduce air pollution levels and maintain sustainability. For example, the United Nations received USD$4.5B from the Global Environment and Swiss State for a 3-year project to cut emissions in developing nations. Also, the Energy Union Package (by the EU) in 2015 mandated the EU-28 countries to reduce greenhouse gas by 40% in 2030 and 66% in 2050.
3. Increasing private companies to tackle this issue
Many private companies are receiving financial support (e.g. investments, research grants, etc…) from governmental and non-governmental agencies, as well as from private associations for their air quality monitoring activities. For example, in 2016, the EPA awarded 642 companies USD$570M to support fuel consumption projects. China, on the other hand, awarded USD1.65B to 20 SMEs across the country for projects to reduce air pollution.
4. Rising global levels of air pollution
Forest fires in California and Australia, the clearing of land in Indonesia, and widespread air pollution in India — air pollution is a growing world issue, not affecting big cities anymore. Therefore, many people are beginning to prefer monitoring indoor and ambient air quality wherever they are for effective assessment and control of air pollution in their surrounding environment.
Rapid population growth and industrialization have resulted in increased consumption, emissions of chemicals, gas, fine particulate matter, and more. This resulted in higher healthcare risks. Additionally, human activities such as wood burning and using fossil fuels rapidly deteriorated our atmosphere’s ozone levels.
5. Increasing public awareness
Due to its severe healthcare effects and how it can damage a nation economically, e.g. reduced crop yields, changes in the weather pattern, the greenhouse effect, with rising incidences of respiratory diseases and growing public awareness, the market demand for air quality monitoring products is on the rise. In 2012, indoor air pollution resulted in nearly 7M deaths/
Various governments and private companies are increasingly focusing on raining public awareness regarding the benefits of effective air quality monitoring. With this and growing market appetite, the market demand for air quality monitoring is expected to increase year after year throughout 2025.
We are proud to be part of this movement to create a great air quality monitoring product that is affordable and easily accessible to the market. We want to create a healthier life and empower users about the dangers of polluted air. Curious on how to keep the air clean so to avoid all the respiratory complication? Use PiCO Home now, to keep yourself and your family safe!