Air Quality Monitoring Market Size, Share, Growth Analysis, By Product Type(Indoor and Outdoor), By Pollutant(Chemical and physical), By Component(Hardware, software and service), By End-User(Residential, commercial and industrial) - Industry Forecast 2024-2031

Air Quality Monitoring Market Drivers

Public Awareness and Support for Public & Private Environment Conservation Initiatives

• Several positive activities are being implemented by the regional government, non-governmental organizations, and the commercial sector to reduce and reduce air pollution through public awareness programs and campaigns. Since more people are becoming aware of the negative effects that inhaling contaminated air may have on their health, the market for air quality monitoring has expanded. For example, in November 2021, the Pune Municipal Corporation (PMC) in India began activities under the Union government's National Clean Air Program (NCAP). This project intends to develop and expand the air quality monitoring network across the nation by raising public awareness and ensuring the strict implementation of measures for the abatement, prevention, and control of air pollution levels. Additionally, the supportive government rules related to the monitoring and control of air pollution as well as the rise in public-private partnerships for AQM solutions have boosted the demand for air quality monitors.

Upcoming Smart Cities Projects to Increase Market Demand

• The rise of significant smart city projects in various countries is expected to create a variety of new prospects for the global market for air quality monitoring systems during the forecast period. For instance, in June 2021, the World Bank's Board of Executive Directors approved funding of USD 0.22 billion for a new smart city project in Ukraine. A USD 0.18 billion loan from the International Bank for Reconstruction and Development is also included in the funding package (IBRD). Manufacturers of AQM systems will have a bright future due to similar trends in other countries.

Air Quality Monitoring Market Restraints

High Product Costs 

• High installation and maintenance costs of this device are expected to hamper market expansion. Also, the market for AQM systems is hampered by the high maintenance costs of various pollution monitoring stations. High costs associated with the maintenance, establishment, and acquisition of AQM sensors, as well as high establishment costs for air quality monitoring stations, combined with severe pollution control policies, further restrict market growth.