Environmental Technology Market is Anticipated to Witness High Growth Owing to Rising Awareness Regarding Green Energy

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Environmental Technology Market is Anticipated to Witness High Growth Owing to Rising Awareness Regarding Green Energy

The environmental technology market comprises technologies and solutions that help protect the environment and natural resources.

The environmental technology market comprises technologies and solutions that help protect the environment and natural resources. These technologies include products and services used to monitor, control, and limit pollution and minimize human impact on the environment. Some of the key areas where environmental technologies find applications include wastewater treatment, water purification, air pollution monitoring, greenhouse gas emission control, and renewable energy. Environmental technologies are deployed at industrial, commercial, as well as residential facilities to ensure compliance with the stringent environmental regulations regarding emission and effluent discharge.

The Global environmental technology market is estimated to be valued at US$ 986.81 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the environmental technology market are AECOM, Abetment Technologies, Biffa ltd, CarbonCure Technologies Inc., Covanta Holding Corporation, Ecolab Inc., ENGIE Impact, HDR, Inc., IDEX Corporation, Lennox International, Teledyne Technologies Incorporated, Thermo Fisher Scientific Inc., Veolia, Waste Connections, Xylem.

Key players are Environmental Technology Market Demand focusing on developing novel and advanced environmental monitoring technologies along with pollution control solutions to strengthen their market position and tap the growing opportunities. For instance, in 2022, Thermo Fisher Scientific Inc. launched new solutions to advance environmental monitoring through portable emission monitoring systems.

The growing awareness regarding green energy and stringent environmental regulations worldwide are driving the demand for environmental technologies from various end-use industries. Also, the increasing focus on the circular economy and sustainable development is fueling the adoption of environmental technologies globally. Various nations have pledged net-zero targets which is anticipated to boost investments in green technologies in the coming years.

Market Drivers and Restrain

One of the key drivers for the environmental technology market is the rising awareness regarding green energy and environment protection among consumers and industries. Growing consumer inclination toward sustainability has encouraged various industries to opt for eco-friendly technologies and solutions to lower their carbon footprint. Various developing nations are also witnessed rapid urbanization and industrialization which has increased the pollution levels. This has boosted the demand for environmental monitoring equipment and pollution control technologies from different industries.

However, high initial investment required for deployment of advanced environmental technologies can hamper the market growth especially in underdeveloped regions. Also, the rising geopolitical tensions have disrupted the supply chain of some key components and raw materials essential for manufacturing environmental technologies like solar panels, wind turbines etc. This affects the production volumes and sales of these green technologies in short term.

Segment Analysis

Environmental Technology Market Analysis is dominated by the water management segment. Technologies related to water collection, treatment and disposal, including water treatment chemicals, industrial wastewater treatment equipment, and municipal wastewater treatment facilities, accounts for the largest share of the environmental technology market. With growing concerns about water scarcity and water pollution across the world, the need for sustainable and efficient water management solutions is increasing rapidly. Stringent wastewater disposal regulations and growing demand for clean water are further propelling the growth of this segment.

Global Analysis

The Asia Pacific regional environmental technology market is projected to witness the highest growth during the forecast period. Rapid industrialization and urbanization in countries such as China and India are adding immense pressure on the environment in this region. Stringent regulations regarding emission control and wastewater disposal are being enforced. Moreover, growing focus on renewable energy generation is driving the demand for environmental technologies. North America currently holds the largest share of the market, supported by strong government support for emission control, water treatment, and clean energy technologies in the US and Canada. Europe is also one of the major markets for environmental technologies due to well-established regulatory framework and high spending on green growth initiatives in countries like Germany, UK and France.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)