New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Carbon Dioxide Monitors Market” published by Consegic Business Intelligence, the market was worth USD 407.96 Million in 2022 and is anticipated to reach over USD 749.53 Million by the year 2030, growing at a CAGR of 8.20%.
Carbon dioxide monitors are devices that are designed for measuring carbon dioxide levels in commercial or industrial settings. Carbon dioxide monitors are used to monitor carbon dioxide levels to ensure that it is within safe limits to facilitate proper and safe ventilation within a specific space. The benefits of carbon dioxide monitors including identification of air pollutants, discovery of HVAC system inefficiencies, reduced risks of viruses, prevention of high levels of CO2 exposure, and others make it ideal for utilization in healthcare, mining, food & beverage, commercial, agriculture, and other industries.
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The increasing utilization of carbon dioxide monitors in the mining industry is one of the key factors driving the market growth. Moreover, rising investments in new mining exploration activities, revival of copper, gold, and other mines, along with increasing need for efficient gas monitoring solutions in mines are key factors fostering the adoption of carbon dioxide monitors. For instance, in August 2023, ST George Mining Limited completed the acquisition of seven lithium prospective mine projects situated in Western Australia. ST George Mining Limited aims to unlock the lithium potential of the newly acquired projects with systematic exploration, along with ongoing drilling and exploration activities. Thus, rising mining activities is increasing the adoption of carbon dioxide monitors for measurement of carbon dioxide emissions in mines to ensure safe operational environment for workers, thereby, driving the growth of the market.
Additionally, the rising application of carbon dioxide monitors in food & beverage sector is expected to promote potential opportunities for the growth of the carbon dioxide monitors market. Carbon dioxide monitors are used in food & beverage processing facilities for ensuring operational safety in various applications including fermentation facilities, bottling of carbonated beverages, along with detecting and eradicating refrigerator leakage in cold rooms. However, limitations and operational challenges associated with carbon dioxide monitors is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 749.53 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.20% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Criticare Technologies Inc., Masimo, Koninklijke Philips N.V, Medtronic, Shenzhen Mindray Bio-Medical Electronics Co. Ltd, Nihon Kohden Corporation, Nonin, GE Healthcare, OSI Systems Inc., Radiometer Medical ApS, Thames Medical Ltd. |
| By Type | Fixed CO2 Monitors and Portable CO2 Monitors |
| By End-User | Healthcare, Mining, Food & Beverage, Agriculture, Commercial, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Carbon Dioxide Monitors Market Growth Drivers:
- Rising utilization of carbon dioxide monitors in healthcare sector is driving the market growth.
- Growing mining industry is spurring the market growth.
Restraints
- Limitations and operational challenges associated with carbon dioxide monitors is restraining the market growth.
Opportunities
- Rising application of carbon dioxide monitors in food & beverage sector is expected to promote potential opportunities for market growth.
Global Carbon Dioxide Monitors Market Segmentation Details:
Based on type, the fixed CO2 monitors segment contributed the largest shares to the market growth in 2022. The benefits of fixed CO2 monitors including continuous testing and monitoring of carbon dioxide levels, remote viewing of CO2 measurement data, and enhanced operational safety and efficiency are primary aspects driving the growth of the segment. Additionally, the increasing utilization of fixed CO2 monitors in healthcare, agriculture, commercial, and food & beverage industries is driving the growth of the fixed CO2 monitors segment.
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Based on end-user, the healthcare segment accounted for the maximum revenue share in the year 2022. Carbon dioxide monitors are primarily used in healthcare sector, particularly in hospitals and clinics for application in patient monitoring and management to ensure proper ventilation and respiratory performance. Factors including the growing healthcare expenditure, rising development of hospitals and healthcare facilities, increasing number of patient admissions, and growing demand for advanced patient monitoring solutions are among the key prospects fostering the growth of the healthcare segment.
Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including healthcare, food & beverage, agriculture, and other sectors is driving the growth of carbon dioxide monitors market in North America. Further, the rising investments in healthcare and commercial sectors among others are further boosting the growth of the market in the North American region.
Recent Developments
- In June 2022, GE Healthcare partnered with Medtronic with the aim of accelerating global access to personalized care by providing advanced patient monitoring solutions on the CARESCAPE platform. The solution enables continuous patient monitoring access including CO2 monitoring to help healthcare professionals enhance patient safety, increase efficiency, and improve quality of care.
Key Market Highlights
- Globally, carbon dioxide monitors market is divided based on the type into fixed CO2 monitors and portable CO2 monitors.
- In the context of end-user, the market is separated into healthcare, mining, food & beverage, agriculture, commercial, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in carbon dioxide monitors market.
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List of Major Global Carbon Dioxide Monitors Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Criticare Technologies Inc.
• Masimo
• Koninklijke Philips N.V.
• Medtronic
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd
• Nihon Kohden Corporation
• Nonin
• GE Healthcare
• OSI Systems Inc.
• Radiometer Medical ApS
• Thames Medical Ltd.
Global Carbon Dioxide Monitors Market Segmentation:
- By Type
- Fixed CO2 Monitors
- Portable CO2 Monitors
- By End-User
- Healthcare
- Mining
- Food & Beverage
- Agriculture
- Commercial
- Others
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Key Questions Covered in the Carbon Dioxide Monitors Market Report
- What is carbon dioxide monitors?
- Carbon dioxide monitors refers to an instrument designed for measuring carbon dioxide gas in an industrial or commercial setting.
- What is the dominating segment in the carbon dioxide monitors market by type?
- In 2022, the healthcare segment accounted for the highest market share of 35.6% in the overall carbon dioxide monitors market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the carbon dioxide monitors growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for carbon dioxide monitors from multiple industries including food & beverage, commercial, and healthcare sectors among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as healthcare, mining, agriculture, and others.
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