The global environmental monitoring market is estimated to reach USD 19.56 Billion by 2021, growing at a CAGR of 7.7% during the forecast period.
Increasing government initiatives to control environmental pollution levels, increasing government funding for pollution control and monitoring, ongoing installations of environment monitoring stations, and growing initiatives for the development of environment-friendly industries are some key factors driving the growth of the global environmental monitoring market. Furthermore, emerging markets such as Japan, China, and India offer new growth opportunities for market players.
However, factors such as high product costs associated with environment monitoring solutions, slow implementation of pollution control reforms, and high export barriers on environmental technologies across emerging countries are restraining the market growth
New product launches and product enhancements are the key growth strategies adopted by major players to develop their positions in the global market. Moreover, strategies such as strategic acquisitions, geographic expansions, and collaborations were also adopted by a significant number of market players to strengthen their product portfolios and expand their geographic presence in the market.
As of 2015, Agilent Technologies, Inc. (U.S.), Danaher Corporation (U.S.), Honeywell International Inc. (U.S.), Siemens AG (Germany), Thermo Fisher Scientific Inc. (U.S.), TE Connectivity Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Teledyne Technologies Inc. (U.S.), and Merck KGaA (Germany)are some key players operating in the global market.
The environmental monitoring industry is an attractive market for new entrants owing to the significant growth potential offered and high return-on-investment for innovative pollution monitoring products. A majority of the key players in the market are following the product development and enhancement strategy. This strategy helps the players to develop innovative, affordable, and portable air and water pollution monitoring products, strengthen their R&D base and distribution networks, and expand into fast-growing emerging nations in Asia-Pacific. This strategy also enables market players to meet the growing demand of the consumers.
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