Global Volatile Organic Compound (VOC) Sensors and Monitors Market to Garner a Revenue of About USD 16 Billion in 2021 and Touch a CAGR of ~5% During 2022 - 2030; Market to Grow on Account of Rising Concern for Poor Air-Quality Standards
New York, June 17, 2022 (GLOBE NEWSWIRE) -- Air pollution, which is known to pose a threat to economies and people's quality of life, is increasing at an alarming rate. People's health is at risk in many places of the world due to air pollution. As per the statistics by the World Health Organization (WHO), almost 99% of the entire world's population breathes air that surpasses WHO air quality standards. Besides this, around 7 million people die each year as a result of both ambient and household air pollution worldwide, while around 2.2 million people die each year in the Western Pacific Region alone. It is mandatory to monitor the quality of air and keep it under control for a better future and healthy living for all.
Kenneth Research just published a report titled "Global Volatile Organic Compound (VOC) Sensors and Monitors Market," which provides a brief review of market characteristics, such as growth drivers, restraint factors, recent market trends, and future growth potential. The market research report, which covers the forecast period, i.e., 2022-2030, contains a complete analysis of the impact of COVID-19 and its influence on end-users. Aside from that, the research study examines the product portfolios of the leading market competitors as well as their market growth strategies.
The United States emitted approximately 12 million tons of volatile organic compounds (VOC) in 2021. VOC emissions in the U.S. have reduced by 50 percent, relative to previous levels. Backed by the rising concern for the growing emissions of VOC, there is a surge in the need for monitoring the VOC levels, which is expected to drive the demand for VOC sensors and monitors. Furthermore, owing to the unique qualities of these products, such as high sensing performance, portability, and compact size, VOC sensors are employed in air monitoring equipment to observe emission levels, which is also expected to contribute to the growth of the global volatile organic compound (VOC) sensors and monitors market.
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The global volatile organic compound (VOC) sensors and monitors market generated a value of approximately USD 16 Billion in 2021 and is further expected to grow at a CAGR of ~5% over the forecast period. The increasing enforcement of occupational health and safety regulations by governments is expected to expand the market growth. For instance, implementing an air quality monitoring system for children’s safety is the AIR (Air Information & Response) plan. On the other hand, the UK government announced an investment of around USD 11 Million in the year 2019 to provide a more exact picture of current and future air quality, as well as to measure the impact of efforts to enhance the modeling, data, and analytical tools for determining air quality. Besides this, VOC sensors and monitors are used to identify harmful emissions and monitor toxic gases. In the near future, this is a crucial aspect that is predicted to influence demand for worldwide VOC sensors and monitors.
As people become more conscious of the importance of indoor and outdoor air quality, backed by the rising mortality rates caused due to air pollution, the demand for VOC sensors and monitors is expected to increase. According to a United Nations Children's Fund (UNICEF) research, 600,000 children under the age of five die every year from diseases caused by the consequences of indoor and outdoor air pollution around the world. Respiratory disorders afflict millions of children, reducing their resilience and affecting their physical and cognitive development. Moreover, advancements in sensor technology, system downsizing, and flexible electronics are some of the additional factors anticipated to propel the growth of the market forward.
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In addition, the global volatile organic compound (VOC) sensors and monitors market is expected to grow in the approaching years owing to the rising demand for these products for environmental monitoring application processes. Schools in New Delhi, India's capital, were closed for two days in November 2019, as the pollution level in Delhi's air had skyrocketed. The Central Pollution Control Board (CPCB) reported an AQI (Air Quality Index) of 472, which was nine times higher than the WHO's recommended standard.
The global volatile organic compound (VOC) sensors and monitors market is segmented on the basis of region into North America, Europe, Asia Pcific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America is expected to generate the largest revenue with a significant CAGR over the forecast period owing to the rising demand for VOC sensors and monitors amongst the end-users, backed by the extensive infrastructure developments in countries such as the United States and Canada. In addition to this, the presence of a large number of manufacturing business establishments in the region, which are major contributors to volatile organic compounds, is also expected to create numerous opportunities for market growth. According to the statistics by the United States Census Bureau, the total number of manufacturing business establishments in the year 2019 in the United States was recorded as 287626, while the total number of business establishments in the nation was 7959103.
On the other hand, the market in the Asia-Pacific region is projected to witness the highest growth during the forecast period owing to the rapid-growing population, surge in GDP per capita, and rapid infrastructure expansions. For instance, according to the statistics by the World Bank, the GDP per capita in current US$, in East Asia & Pacific grew from USD 3769.4 in the year 2001 to USD 11477.5 in the year 2020.
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Whereas in Europe, the European Commission launched a review of the ambient air quality rules, with the goal of aligning air quality requirements more closely with WHO recommendations, among other things. This is expected to enhance the demand for VOC monitors and sensors in the region. For instance, despite reductions in emissions, the majority of the EU's urban population was exposed to unhealthy levels of important air pollutants in 2020. About 95 percent of the urban population was exposed to fine particulate matter (PM2.5) values over the WHO recommendation of 5 µg/m3, which is dangerous to one's health.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global volatile organic compound (VOC) sensors and monitors market is segmented by product into sensors and monitors, with the monitors segment expected to hold the largest share of the market and grow at a significant rate over the forecast period. The surge in demand for these monitors amongst business organizations to maintain occupational health and safety standards at industrial workplaces, such as rising installations of air quality monitors (AQM), particularly in industries such as oil and gas, is one of the major factors anticipated to drive the growth of the segment during the forecast period. Gas sensors that detect VOCs in their gaseous form are known as VOC sensors. Benzene (C6H6), acetone (C3H6O), carbon disulfide (CS2), and dichlorobenzene (C6H4Cl2), are among the VOCs that the sensors can detect. In 2020, the oil and gas industry in Canada produced around 500,000 metric tonnes of volatile organic compounds (VOC). As a result, the oil and gas industry turned out to be Canada's greatest VOC emitter that year. Additionally, paints and solvents were the second-largest sources of VOC emissions.
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The global volatile organic (VOC) sensors and monitors market is further segmented by application into industrial process monitoring, environmental monitoring, air purification monitoring, and leak detection, with the air purification monitoring segment expected to hold the largest share of the market and grow at the fastest rate during the forecast period. The segment's growth can be attributable to declining air quality in both indoor and outdoor locations, necessitating constant monitoring of the air quality. Additionally, the rising demand for smart air purifier which includes monitoring and purification of air is further expected to help drive the market growth. The increasing level of air pollution, growing instances of respiratory diseases caused by air-borne particles, rising awareness about the spiking germ content in the home atmosphere, and a growing expenditure capacity of people are the major factors for driving the growth of the segment. In the other statistics by the WHO, about 290 000 to 650 000 respiratory deaths caused due to influenza, a type of air-borne disease, and about 3 to 5 million cases of severe illness of influenza have been registered worldwide. On the other hand, according to the statistics by the Iowa Department of Public Health (IDPH), every year, 3-4 million cases of chickenpox are registered in the United States, out of which, 90% are witnessed in children below the age of 4 years.
The global volatile organic compound market is further segmented on the basis of end-user.
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Some of the prominent industry leaders in the global volatile organic compound market that are included in our report are Figaro Engineering Inc., Honeywell International Inc., Aeroqual, Siemens, Extech (FLIR Systems), Global Detection Systems Corp, Ushio Inc., AMS AG, Alphasense, and others.
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