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Air Quality Monitoring System Market worth $6.9 Billion | MarketsandMarkets

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CHICAGO, Aug. 1, 2023 /PRNewswire/ — In the near future, the air quality monitoring system industry is poised for remarkable growth and innovation as society continues to prioritize environmental sustainability and public health. Rapid advancements in technology, such as the integration of Internet of Things (IoT) and artificial intelligence, will revolutionize air quality monitoring, enabling real-time data collection, analysis, and dissemination on an unprecedented scale. These smart monitoring solutions will be deployed in urban areas, industrial sites, and residential spaces, offering comprehensive insights into pollutant levels and their sources. Government regulations mandating stringent air quality standards will fuel demand for cutting-edge monitoring systems, fostering a competitive landscape among industry players. Additionally, public awareness of air pollution’s adverse effects on human health will drive consumer adoption of personalized indoor air quality monitors. Overall, the air quality monitoring system industry is on the cusp of transformative growth, ushering in a cleaner and healthier future for all.


Air Quality Monitoring System Market
 in terms of revenue was estimated to be worth $4.9 Billion in 2023 and is poised to reach $6.9 Billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by factors such as rise in the air pollution levels, development initiatives of environment-friendly industries, and supportive government regulations for effective air pollution monitoring and control. Adding to this, rising public-private funding for air pollution monitoring, and the increasing public awareness related to the environmental and healthcare implications of air pollution also helps the growth of this market during the forecast period.

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Browse in-depth TOC on “Air Quality Monitoring System Market”
120 – Tables
31 – Figures
180 – Pages

Air Quality Monitoring System Market Scope:

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Report Coverage

Details

Market Revenue in 2023

$4.9 Billion

Estimated Value by 2028

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$6.9 Billion

Growth Rate

Poised to grow at a CAGR of 7.0%

Market Size Available for

2021–2028

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Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Sampling Method, Pollutant, Product, End Users and Region

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Continuous R&D and technological advancements

Key Market Drivers

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Favorable public & private initiatives for environmental conservation and public awareness


The stack monitoring segment is expected to register the highest growth in the forecast period of 2023-2028

Based on the sampling method, the air quality monitoring system is segmented into active/continuous, intermittent, passive, manual, and stack monitoring. In 2022, the active/continuous monitoring segment accounted the largest share of the global air quality monitoring systems market, whereas during the forecast period, the stack monitoring segment is projected to grow at the highest CAGR. Stack monitoring helps assess the emissions of harmful pollutants from industrial sources. By measuring and tracking these emissions, regulatory authorities can ensure that industries are complying with environmental regulations and emission standards, thus reducing the negative impact of industrial activities on the environment. The rising government emphasis on regulatory compliance for industrial pollution monitoring, low operational cost of stack monitoring, and the increasing emphasis on pollution monitoring & control are factors expected to support the growth of this market.

The fixed indoor monitors subsegment of indoor monitors holds the largest market share in 2022

On the product, the air quality monitoring systems market is classified into Indoor monitors,outdoor monitors and wearables. The indoor monitors is further classified into Fixed indoor and Portables Indoor,..In 2022, the fixed indoor monitors accounted for the largest share of the indoor monitors, primarily due to the growing need of controlled indoor environment maintainence and atmospheric gases and air pollutants levels monitoring inside facilities like manufacturing units, laboratories, and storage area, among others, particularly in pharma industries, biotech and microbiology industries, F&B industries, cosmetic industries, etc. Furthermore, another major factor driving the growth of the fixed indoor monitors market is the rising trend of development of commercial sites as smart buildings which can connect and communicate with technologically advanced devices for better air quality monitoring.

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By Pollutant, Chemical Pollutant is witnessed to account for the largest segment of air quality monitoring systems in 2022.

Based on pollutant type, the global air quality monitoring systems market is segmented into chemical pollutants, physical pollutants, and biological pollutants.The chemical pollutants account for the highest growth in the Air quality monitoring systems market in 2022. In 2028, this segment is projected to reach USD 5.09 billion. Market growth is mainly attributed to the global rise in the levels of chemical air pollutants. In addition, the development and commercialization of innovative sensors, growing public awareness, and the implementation of stringent pollution monitoring and control regulations are supporting the growth of this market segment.

Government agencies and academic institutes accounted for the largest share of the global air quality monitoring systems market in 2022.

Based on end users, government agencies and academic institutes accounted for the largest segment in the air quality monitoring systems market due to the following attributes-. Accurate and up-to-date air quality data is crucial for evidence-based policymaking. Government agencies use monitoring data to develop and implement effective air quality management strategies and policies. These policies may include emission reduction programs, industrial regulations, transportation planning, and other initiatives to improve air quality. Monitoring air quality is crucial for protecting public health. Poor air quality can lead to a range of health problems, including respiratory and cardiovascular diseases. Government agencies track air pollution levels to assess potential health risks for the population and implement measures to reduce exposure to harmful pollutants.

By Region, Asia Pacific is expected to see the highest growth in the air quality monitoring systems market in 2022.

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The global air quality monitoring systems market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America accounts for the major share while asia pacific is witnessed to have the highest growth.

North America has well-established environmental regulations that govern air quality standards and emissions from industrial facilities. Compliance with these regulations requires the use of air quality monitoring systems, which has driven demand in the region. North America is home to several leading air quality monitoring system manufacturers and technology developers. The region’s focus on research and development has resulted in innovative monitoring solutions that attract buyers from both domestic and international markets.

On a global scale, APAC is among the major contributors to air pollution and also due to growing pollution levels has a large patient population. The APAC region is experiencing increasing demand for air quality sensors and monitors that are mainly driven by large-scale industrialization, continuous government support for the development and commercialization of advanced products and implementation of stringent air pollution regulations across major Asian countries.

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Air Quality Monitoring System Market Dynamics:

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Drivers:

  1. Active government initiatives for air pollution monitoring and control
  2. Growing concerns over rising air pollution
  3. Favorable public and private initiatives for environmental conservation and public awareness

Restraints:

  1. High product costs
  2. Technical limitations associated with a majority of AQM products

Opportunities:

  1. Continuous R&D and technological advancements
  2. Expected post-COVID-19 expansion of the petrochemical and power generation industries

Challenges:

  1. Slow implementation of air pollution control reforms
  2. Availability of alternate monitoring solutions

Key Market Players:

As of 2022, the air quality monitoring systems market was dominated by Thermo Fisher Scientific (US), 3M (US), Siemens (Germany), Teledyne Technologies (US), GE Healthcare (US), Emerson Electric Company (US), Honeywell International Inc (US), HORIBA, Ltd. (Japan), Merck KGaA (Germany), and TSI Incorporated (US), among others.

Recent Developments:

  • In March 2023, Siemens AG launched Connect Box, an open and easy-to-use IoT solution designed to manage small to medium-sized buildings.
  • In January 2023, Thermo Fisher Scientific acquired the Binding Site Group, this would help in expanding the company’s existing specialty diagnostics portfolio.
  • In January 2023, Teledyne Technologies Incorporated acquired ChartWorld, thus expanding the portfolios of Teledyne Marine segment. Teledyne now provides the electronic navigation charts and other value-added software information services directly to vessel pilots, owners and operators.

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Air Quality Monitoring System Market Advantages:

  • Public Health Protection: Air quality monitoring systems play a critical role in safeguarding public health by providing real-time data on pollutant levels. This information allows authorities and individuals to take preventive measures, reducing exposure to harmful substances and minimizing the risk of respiratory and cardiovascular diseases.
  • Environmental Conservation: Monitoring air quality is essential for understanding the impact of human activities on the environment. By identifying pollution sources and trends, policymakers can implement targeted strategies to mitigate emissions, conserve ecosystems, and protect biodiversity.
  • Compliance with Regulations: Governments worldwide are introducing stringent air quality standards to control emissions and curb pollution. Industries and businesses rely on air quality monitoring systems to ensure compliance with these regulations, avoiding costly fines and reputational damage.
  • Early Warning Systems: Advanced air quality monitoring technologies offer early warning capabilities, alerting communities to potential pollution events or industrial accidents. This early warning system enables prompt evacuation or precautionary measures, enhancing overall safety.
  • Data-Driven Decision Making: Accurate and comprehensive air quality data empowers decision-makers in various sectors, including urban planning, transportation, and industrial operations. It enables evidence-based policy formulation and targeted interventions to improve air quality effectively.
  • Technological Advancements: The industry’s ongoing technological advancements, such as IoT integration, miniaturization, and data analytics, enhance the capabilities of air quality monitoring systems. These innovations lead to more cost-effective solutions, greater efficiency, and wider accessibility.
  • Global Awareness and Collaboration: The rising global awareness of environmental issues has fostered international collaboration in addressing air quality concerns. Standardized monitoring systems and data sharing across borders facilitate collective efforts to combat air pollution on a global scale.
  • Personalized Health Insights: Indoor air quality monitors offer individuals valuable insights into the air they breathe within their homes and workplaces. This empowers them to make informed lifestyle choices and take preventive measures to create healthier living environments.
  • Research and Data Analysis: The wealth of data collected by air quality monitoring systems supports ongoing research and analysis, facilitating a deeper understanding of air pollution’s complex dynamics. Such research contributes to the development of effective long-term strategies and solutions.
  • Corporate Social Responsibility: Companies and organizations investing in air quality monitoring systems showcase their commitment to environmental stewardship and social responsibility. Implementing these systems demonstrates a proactive approach to reducing their environmental impact and promoting sustainable practices.
  • In conclusion, the air quality monitoring system market brings numerous advantages that encompass public health, environmental protection, regulatory compliance, data-driven decision-making, and societal responsibility, contributing to a cleaner and healthier future for communities around the world.

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About MarketsandMarkets™:

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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Brazil Tax Department to Scrutinize Foreign Crypto Exchange Operations

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Brazil to Enhance Scrutiny on Foreign Crypto Exchanges

Brazil’s Receita Federal is set to intensify oversight of foreign digital asset exchanges operating within the country, aiming to strengthen regulation and transparency in this rapidly growing sector. The national tax authority plans to collect operational data from platforms such as Binance, Coinbase, and Kraken, despite the absence of a comprehensive regulatory framework for cryptocurrencies in Brazil.

Tightened Oversight on Foreign Crypto Exchanges
As digital asset popularity surges in Brazil, the government is taking steps to understand and regulate the activities of international cryptocurrency exchanges. A mandate, expected to be issued this week, will require these platforms to disclose their operational methodologies and customer service practices within the region. The focus of Brazilian tax authorities is to ensure compliance with local tax laws and anti-money laundering regulations.

Surge in Digital Asset Usage
The decision comes amidst a significant increase in digital asset usage in Brazil, with reported crypto holdings by Brazilians reaching 133.6 billion reais ($24.6 billion) from January to July 2023—a 36.6% increase from the previous year. This heightened scrutiny is vital as the government pushes for greater transparency while still developing a concrete regulatory framework, expected to be proposed by the end of 2024.

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Receita Federal to Audit International Crypto Platforms
Andrea Chaves, Deputy Secretary of Inspection at the Receita Federal, emphasized the importance of this initiative. The government aims to ensure that these exchanges comply with tax obligations and do not engage in illegal activities. Additionally, they seek to confirm that services offered to Brazilian customers are fully legal, addressing concerns that some platforms might bypass local regulations, leading to unreported revenue and facilitating illicit financial flows.

Wagner Lima, a risk management coordinator at the Revenue Service, highlighted the need to examine partnerships between foreign exchanges and local service providers. This scrutiny ensures adherence to a 2019 regulation mandating information sharing, crucial for maintaining the integrity of Brazil’s financial systems.

Upcoming Ordinance Requirements
The forthcoming ordinance will require exchanges to provide detailed information about their operations, excluding customer-specific data and transactional details to comply with current Brazilian laws. The 51.2% increase in declared holdings through foreign exchanges from the previous year underscores the growing importance of these platforms in the local market.

Source: coingape.com

The post Brazil Tax Department to Scrutinize Foreign Crypto Exchange Operations appeared first on HIPTHER Alerts.

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