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The North American air quality monitoring (AQM) market is projected to attain a value of $2,628.5 million by 2024, growing from $1,590.7 million in 2018, exhibiting an 8.8% CAGR during the forecast period (2019–2024), according to a report by P&S Intelligence. The increasing awareness about harmful effects of air pollution, strict regulatory framework for decreasing air pollution levels, and rapidly rising air pollution levels in the region are leading to the growth of the market.
When product is taken into consideration, the market is divided into indoor and outdoor, between which, the indoor category accounted for the larger share of the market in the past. A large number of pollutants are generated in various indoor facilities, including bacteria, asbestos, viruses, dust mites & dust, carbon monoxide, mold and dampness, lead, secondhand smoke, and formaldehyde, which created the need for indoor AQM systems. The outdoor division is expected to advance at a faster pace during the forecast period due to industrialization.
Within the region, the U.S. dominated the North American air quality monitoring market in 2017, owing to high pollution levels and rising smoking in the country. Due to the surging pollution levels, people in the U.S. have developed severe respiratory problems over decades. As per the American Thoracic Society, the U.S. economy spends more than $80 billion each year on asthma, in the form of missed school and work days and medical expenses. This is leading to the high demand for air monitoring products in the country.
The increasing levels of air pollution is a major driving factor of the North American air quality monitoring market. While the industrial revolution opened up several opportunities and paved the way for enhanced technology, it also resulted in problems related to air pollutions. For example, people living in areas with high pollution are more likely to suffer from cancerous diseases as compared to those living in cleaner environment. Therefore, AQM is becoming necessary for curbing the effects of air pollution on human health.
Hence, the market is growing due to the increasing air pollution levels and rising government initiatives for creating awareness among people regarding the same.
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