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Increasing Government Funding to Promote Environmental Sustainability

   January 19, 2023

In recent years, there has been a growing focus on taking decisive actions toward achieving environmental sustainability. A few steps that can be taken toward achieving environmental sustainability include protecting nonrenewable resources, supporting and advancing sustainable farming, carbon offsetting, supporting reforestation and other regenerative projects, avoiding the consumption of fossil fuels by using renewable energy, limiting pollution, composting, and supporting clean air & water initiatives. Many standards and initiatives are being introduced for environmental conditions monitoring. Regulatory frameworks for environmental sustainability are also becoming progressively stringent.

The legislation on environmental sensors is evolving as governments seek to track climate change, check agricultural usage patterns, and detect landslides and heat loss. Also, governments and regional associations across the globe are accelerating investments in reducing carbon footprints and building environmentally sustainable economies. Various green investment banks (GIBs), including Green Investment Group Limited (U.K.), Malaysian Green Technology and Climate Change Corporation (Malaysia), Connecticut Green Bank (U.S.), and Clean Energy Finance Corporation (CEFC) (Australia), are focused on funding projects with the potential to reduce greenhouse gas (GHG) emissions.

Some of the developments in this space are as follows:

  • In 2022, the German government announced plans to invest USD 4.4 billion (EUR 4 billion) in ‘natural climate protection’ to complement steps to wean Germany off fossil fuels and reduce carbon emissions.
  • In 2022, the Environmental Protection Agency (EPA) (U.S.) collaborated with Vietnam to strengthen environmental laws, support environmental planning, improve air quality, and reduce exposure to toxins such as mercury and dioxin.
  • In 2021, the Government of Canada invested USD 150 million in improving ventilation for schools, hospitals, and other public buildings. This investment helped in the assessment, monitoring, and improvement of indoor air quality & ventilation, including the upgradation of heating, ventilation, and air conditioning (HVAC) systems and community-based solutions.
  • In 2021, the U.S. Environmental Protection Agency (EPA) announced USD 20 million in competitive grants through the American Rescue Plan (ARP) initiative to enhance ambient air quality monitoring in communities across the U.S.
  • The Indian government increased its allocation of funds for pollution control by almost ten times in its 2019–2020 budget, from USD 678,000 (INR 4.95 crores) to USD 62.2 million (INR 445 crores). In the 2020–2021 budget, this sum was further increased to USD 63.01 million (INR 460 crores).

These budgets allowed for deploying low-cost, real-time air quality monitoring stations across Indian states.

Growing Use of Environmental Sensors in the Industrial Sector

Environmental sensors play a vital role in monitoring environmental quality in the industrial sector. These sensors monitor, analyze, and process the various environmental changes that occur at industrial manufacturing sites, such as changes in temperature, motion, pressure, and altitude. Also, the sensors monitor dust, gas, CO2, water, and hazardous materials to optimize factory operations and ensure the quality of industrial environments. Thus, growing environmental concerns and the rising need to reduce the contaminants in the industrial sector support the adoption of environmental sensors. Additionally, environmental sensors allow for preventing fire hazards & explosions, boost operational efficiency, lower maintenance costs, improve flexibility, and provide real-time updates about leakages, which drives their demand in the industrial sector.

Some of the developments related to industrial environmental sensors are as follows:

  • In 2022, Sensirion Holding AG (Switzerland) announced the launch of STS4xA, a highly reliable digital temperature sensor series specifically designed for automotive applications.
  • In 2021, Honeywell International Inc. (U.S.) introduced its gas cloud imaging (GCI) system in Europe to provide automated and continuous monitoring for leaks of dangerous and polluting gases such as methane at oil & gas, chemical, and power generation facilities across the region.
  • In 2021, AVTECH Software, Inc. (U.S.) introduced its Digital Extreme Temperature Sensor for monitoring facilities and equipment with extremely low- & high-temperature environments, such as laboratories, freezers used in vaccine storage & pharma research facilities, and manufacturing plants.
  • In 2021, Renesas Electronics Corporation (Japan) introduced its highly accurate, cost-effective RAA2S425x pressure sensing solution for automotive applications.

Such initiatives are expected to drive the adoption of environmental sensors. Thus, government funding to promote environmental sustainability drives the growth of the environmental sensors market.The Environmental Sensor Market is projected to reach $13.53 billion by 2029, at a CAGR of 8% from 2022 to 2029.

Access Full Report Here: https://www.meticulousresearch.com/product/environmental-sensor-market-5348


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