Increased Environmental Awareness to Drive the Global Predictive Emission Monitoring System (PEMS) Market: MRFR :

Market Research Future (MRFR) will be publishing a cooked research report on the “Global Predictive Emission Monitoring System (PEMS) Market that contains the information from 2022 to 2030. 

MRFR has identified the following companies as the key players in the global predictive emission monitoring system (PEMS) market— ABB Ltd (Switzerland), General Electric Company (US), Rockwell Automation Inc. (US), Fuji Electric Co. Ltd (Japan), Ametek Inc. (US), CMC Solutions (US), Teledyne Technologies Inc. (US), Trace Environmental Systems Inc. (US), Durag Group (US), Future CEMS (US)

Market Highlights

The global predictive emission monitoring system (PEMS) market is projected to be valued at USD 14.2 billion by the end of 2030, registering a CAGR of 7.20 % during the forecast period.

The predictive emission monitoring system (PEMS) is a software-based solution that provides real-time and accurate emission transmission data. The PEMS software utilizes advanced mathematical and statistical models to process the parameters such as the temperature, flow, pressure, and others as input variables. Also known as software analyzers, PEMS software are mainly applicable in complex process plants

The primary factor driving the global predictive emission monitoring system (PEMS) market is high cost of deployment and integration with the existing systems provides challenges that may slow the growth of the predictive emission monitoring system (PEMS) market during the forecast period. The environmental costs of irreparable environmental harm to the planet's living systems are much lower than the economic costs of effective environmental regulation. PEMS solutions help the industry stakeholders comply with the increasingly strict environmental laws, thereby driving its demand in the global market. All these factors create an urge for all the oil & gas industries to adapt the emission monitoring systems, which will help them monitor and help take countermeasures if emissions are beyond the permissible limits and, in turn, cause less damage to the environment.

Thus, the increasing use of oil & gas and petrochemicals presents growth opportunities for the players operating in the global predictive emission monitoring system (PEMS) market.

COVID-19 Impact Analysis

Furthermore, because of the global lockdown, e-commerce companies have been unable to operate, which has negatively impacted the electronics industry. COVID-19 has also disrupted the import and exports of major electrical brands all around the world. The halt in electronic components and device production in China as a result of the lockdown has had an impact on finished goods produced in the US and countries across Europe, resulting in a demand-supply gap for electronic parts. Electronic manufacturing plants in the medical, defense, and aerospace sectors, on the other hand, are anticipated to be the least affected.

Manufacturers have been concentrating on developing microchips as components of larger domain-specific systems for many years. Organizations now demand them to offer not just the chips but the entire system that houses the chips, including electronic hardware, integrated applications, and business intelligence capabilities. The sharp drop in vehicle sales and the closure of manufacturing plants frightened automakers, prompting them to cut output and reduce/cancel orders for parts, including large quantities of computer chips, at the start of the lockdowns.

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Segment Analysis

The global predictive emission monitoring system (PEMS) market has been segmented on the basis of component, deployment, industry, and region.

By component, the predictive emission monitoring system (PEMS) market has been bifurcated into software and service. The software segment is further divided into real-time monitoring, periodic analyzers, recalibration software, and sensor validation software/system. The service segment is sub-divided into installation, training, and maintenance. The maintenance of the predictive emission monitoring system is done by periodic cleaning of the PEMS computer.

By deployment, the predictive emission monitoring system (PEMS) market has been segmented into on-premise, online. The online or the cloud computing deployment methodology uses the Internet to store and manage data on remote servers and access the data through the Internet for installation.

Based on industry, the predictive emission monitoring system (PEMS) market has been divided into power plants & combustion, oil & gas, chemicals, petrochemicals, refineries, & fertilizers, building materials, pharmaceutical, metal & mining, and others. The oil & gas industry functions through three divisions, which are upstream, midstream, and downstream. The upstream deals with the exploration and production process, the midstream division is responsible for transporting from the wells to refineries, and the downstream works on refining and selling the product

Key Findings of the Study:

  • The global predictive emission monitoring system (PEMS) market is projected to reach a value of USD 14.2 billion by 2030, with a CAGR of around 7.20% during the forecast period from 2022 to 2030.

  • North America accounted for the largest market share in 2020; this is due the industries in Mexico, Canada, and the US are driving the demand for PEMS owing to the initiatives and stringent emission regulations.

  • Europe is expected to register the second highest CAGR of 22.3%. the region is the second-largest adopter of PEMS and implements cost-efficient systems for monitoring emissions in the area

  • The Asia-Pacific market is anticipated to register significant growth, the region is the best fit for manufacturing industrial players to open their operations due to cheap labor, which is giving a boost to manufacturing industries to grow.