Global environmental technology market is expected to foresee significant growth on account of consumer awareness towards resource scarcity and enforcement of strict environmental regulation
Global environmental technology market stood around $1.3 trillion in 2020 and it is expected to grow at a CAGR of above 4% during the forecast period. Over the years, awareness among consumers regarding the protection of environment resources has increased. This has risen the demand of efficient environmental technologies to utilize the resources in a proper manner. Further, strict regulations by environmental bodies to reduce the environmental activities which are both unsustainable and environment damaging.
Increasing industrialization owing to growing demand from end user is one of the biggest factors for the CO2 emission. In addition, growing power demand increased the fossil fuel consumption resulted in the emission of large CO2. Globally, China by far the largest CO2 emitter owing to its large manufacturing sector and less stringent environment regulations relative to western economies. Nowadays, countries across the globe are focusing on reducing carbon emission to fulfill their Paris Agreement commitment. Renewable energy is one of the strategic pillars for the countries, as by replacing conventional electricity with renewable sources, they can aid in decarbonization. Environment technology can play a pivot role in this transition. It can help in providing the right equipment & service complying with environment regulations for different types of operation. Further, environment technology services like analytical services and resource recovery helps companies after the commissioning of renewable energy projects.
COVID-19 had a negative impact on the environment technology market. In the light of pandemic, companies were operating with limited cashflow, thus procuring of environmental related products and services was not in the priority. This had led to the fall in demand of environment technology related goods and services in 2020.
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- Based on component, the environmental technology market is categorized into solutions and services. Among these, services category captured the larger market share in 2020. Owing to increasing resource scarcity and to comply with government regulations, companies across the globe are taking several steps to maintain productivity simultaneously helps in maintaining a sustainable environment. This has led to the increasing demand of equipment’s and services. Since, industry is among the biggest consumer of environmental resources, therefore they are investing heavily in the consulting & engineering, waste management, analytical, and resource recovery services to maintain their productivity at the same time complying with environment regulations.
- Based on environmental medium, the market is categorized into water, air, and soil. Among these, water category held the significant share in the market owing to increasing government initiative to reduce the water wastage to deal with water scarcity problems. For instance, AECOM partners with Los Angeles County Sanitation Districts to upgrade its Joint Water Pollution Control Plant (JWPCP) in Carson, California. Further, large usage of water in industrial and agricultural sectors lead to the heavy investment in environmental technologies solutions in these settings to properly utilize the environmental resources.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America region held the significant market share owing to large government and private sector investment in environment technologies. Further, stringent environment regulation set by EPA propel the market growth. Some of the major companies operating in the global environmental technology market includes TotalEnergies SE, Teledyne Technologies Incorporated, AECOM, Lennox International, Xylem Inc., Thermax Ltd., Veolia, Thermo Scientific Inc., Waste Connection Inc., and Sunfire GmbH.
Global Environmental technology Market Segmentation
Market Insight, by Component
- Water equipment & chemicals
- Air pollution control
- Instrument & Information system
- Waste management equipment
- Process & prevention technology
- Water treatment works
- Water utilities
- Consulting & engineering
- Analytical services
- Solid waste management
- Hazardous waste management
- Resource recovery
Market Insight, by Environmental Medium
Market Insight, by Environmental Medium
- Small & Medium Enterprises
- Large Enterprises
- Public-Sector Municipalities
Market Insight, by Region
- North America Environmental Technology Market
- United States
- Europe Environmental Technology Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Environmental Technology Market
- Rest of Asia-Pacific
- Rest of World Environmental Technology Market
Top Company Profiles
- TotalEnergies SE
- Teledyne Technologies Incorporated
- Lennox International
- Xylem Inc.
- Thermax Ltd.
- Thermo Fisher Scientific Inc.
- Waste Connection Inc.
- Sunfire GmbH