Research Methodologies Followed for This Study:
Primary Research:
Primary research was conducted after acquiring extensive knowledge about the global air quality monitoring systems market scenario through secondary research.
Primary interviews were conducted with market experts from both the demand-side (such as CROs, hospitals, transplant centers, healthcare service providers, commercial service providers, academia, and research organizations) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa. Approximately 20% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 80%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
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Secondary Research:
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the air quality monitoring systems market. A database of the key industry leaders was also prepared using secondary research.
COVID-19 Impact on the global air quality monitoring systems market
Globally, the outbreak of COVID-19 has impacted every aspect of the industry, including air quality monitoring system market. From region to region there is considerable variation in the demand for air quality monitoring systems primarily due to considerable effect of pandemic on economy and purchasing power of buyers, and interruption in supply chain. The pandemic has disrupted lives across all countries and communities and negatively affected global economic growth in 2020.
Estimates indicate the virus reduced global economic growth in 2020 to an annualized rate of -3.4% to -7.6%, with a recovery of 4.2% to 5.6% projected for 2021. Global trade is also estimated to have fallen by 5.3% in 2020. In addition to this, COVID-19 had adverse impact on various stages of value chain, primarily due to strict lockdown imposed by government in most of the countries. Many companies had to temporarily halt down their manufacturing facilities for some time as well. Similarly, supply and distribution network also got interrupted, majorly due to restriction in travelling due to lockdown, and decline in sales activity.
Due to the negative impact of the pandemic, leading players in the air quality monitoring systems market, such as Thermo Fisher (US), Emerson (US), and Siemens AG (Germany), registered a significant decline in sales for FY2020. However, with markets opening up, and government slowly uplifting lockdown restrictions, the economy is expected to boom up again. To grab the future opportunities, most of the companies are spending more and more on research and development, and product innovation.
Growth Boosting Factors:
The growth of this market is majorly driven by factors such as rising levels of air pollution, supportive government regulations for effective air pollution monitoring and control, and ongoing initiatives toward the development of environment-friendly industries. Adding to this, increasing public-private funding for effective air pollution monitoring, and the increasing public awareness related to the environmental and healthcare implications of air pollution also supports the growth of this market.
Expected Growth in Revenue Generation:
The global air quality monitoring system market is valued at USD 4.4 billion in 2021 and is expected to reach USD 5.9 billion by 2026, at a CAGR of 6.5% during the forecast period.
Market Estimation Methodology
A detailed market estimation approach was followed to estimate and validate the size of the global air quality monitoring systems market and other dependent submarkets.
# The key players in the global air quality monitoring systems market were identified through secondary research, and their global market shares were determined through primary and secondary research.
# The research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights on the global air quality monitoring systems market.
# All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources.
# All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The above-mentioned data was consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Data Triangulation:
After deriving the overall Air quality monitoring systems market value data from the market size estimation process, the total market value data was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various qualitative and quantitative variables as well as by analyzing regional trends for both the demand- and supply-side macro indicators.
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Geographical Growth Scenario:
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
On the basis of region, the air quality monitoring systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The asia-pacific market is expected to register the highest growth in the forecast period. Countries in this market are witnessing growth in their GDPs and a significant rise in disposable income among the middle-class population. This has led to increased expenditure by various regional government on air quality monitoring activities, modernization of industrial and public infrastructures, and rising penetration of cutting-edge environmental monitoring technologies. All of these factors contribute to the high CAGR of the region.