Global Environmental Technology Market Outlook to 2028

Global Environmental Technology Market Overview

The global environmental technology market was valued at USD 590 million in 2023. The market is driven by the increasing need for pollution control and waste management solutions, the rising importance of sustainable development, and growing investments in renewable energy sources. Governments worldwide are emphasizing eco-friendly technologies due to stricter regulations and international environmental agreements.

Major players in the global environmental technology market include Veolia Environment SA, SUEZ, AECOM, Siemens AG, and General Electric. These companies are at the forefront of developing technologies that address water purification, air pollution control, waste management, and renewable energy. Their strong research and development (R&D) capabilities and ability to provide comprehensive environmental solutions enable them to maintain significant market shares.

Veolia completed its acquisition of Suez in March 2022, which included various assets, with a focus on enhancing its waste management and water services capabilities. The deal was valued at EUR 13 billion. This deal aims to consolidate Veolias position in the global waste management market. The acquisition is part of Veolia's strategic plan to expand its footprint in sustainable waste processing solutions.

California, dominates the market in 2023. Californias strong environmental regulations, focus on reducing emissions, and investments in clean energy infrastructure make it a leader in this space. The state invested USD 5 billion in renewable energy projects and water recycling initiatives in 2023, solidifying its position as a frontrunner in the market.

Global Environmental Technology Market Segmentation

The global environmental technology market is segmented into various sectors such as Product Type, End User Industry, Region etc.

By Product Type: The market is segmented by product type into renewable energy technologies, water treatment technologies, and waste management technologies.

In 2023, renewable energy technologies held the dominant share. This is due to the widespread adoption of solar and wind energy solutions globally, driven by decreasing costs and government subsidies. Solar energy technologies are particularly prevalent within the renewable energy segment.

By Region: The market is segmented regionally into North America, Europe, Asia-Pacific, and Rest of the World. North America accounted for a major part of the total market share in 2023, driven by stringent environmental regulations and high investments in renewable energy. The U.S., in particular, leads the market due to its federal and state-level initiatives supporting clean technologies.

By End-User Industry: The market is further segmented by end-use industries into energy & utilities, industrial, and commercial sectors. In 2023, energy & utilities held the largest market share, largely due to the widespread implementation of renewable energy technologies and smart grid solutions. The drive for decarbonization and energy efficiency is pushing this segment forward.

Global Environmental Technology Market Competitive Landscape

Company

Establishment Year

Headquarters

Veolia Environment

1853

Paris, France

SUEZ

1880

Paris, France

AECOM

1990

Dallas, Texas, USA

Siemens AG

1847

Munich, Germany

General Electric

1892

Boston, Massachusetts, USA

Siemens Smart Grid Expansion: In 2024, Siemens announced the expansion of its smart grid technology across Europe, with a contract worth USD 2 billion to modernize power grids in Germany and France. The companys technology allows for more efficient integration of renewable energy sources into the power grid, reducing energy loss and improving sustainability. This development highlights Siemens' role in driving innovation in environmental technologies related to energy distribution.

GEs Offshore Wind Turbine Launch: GE Renewable Energy (now GE Vernova) did unveil a new 18 MW offshore wind turbine The rotor diameter measures 220 meters to be installed in Japan in 2024, driving greater adoption of renewable energy solutions. This development strengthens GEs position in the environmental technology market and encourages further investments in offshore wind projects globally.

Global Environmental Technology Industry Analysis

Growth Drivers

Increased Global Investment in Renewable Energy: In 2024, global investment in renewable energy technologies, including wind and solar power, reached USD 500 billion, up from USD 450 billion in 2023. This rise in investment is driven by government initiatives promoting clean energy and the declining cost of renewable technologies. The growing energy demand across developing economies, particularly in Asia and Africa, is pushing governments and private sectors to adopt renewable solutions.

Rising Adoption of Electric Vehicles (EVs): The International Energy Agency (IEA) projects that global electric car sales could reach around17 million unitsby the end of 2024, fueled by increasing government subsidies and infrastructural improvements like charging stations. With countries like the U.S., China, and the European Union introducing tighter emissions regulations, automotive manufacturers are shifting toward producing EVs.

Waste Management Industry Growth: In 2024, the global waste management industry is flourishing driven by increasing waste production and stringent government regulations for waste disposal. Nations are adopting advanced waste management technologies such as waste-to-energy conversion and efficient recycling processes. These innovations are addressing landfill constraints and contributing to the growth of the environmental technology market by offering sustainable waste management solutions.

Challenges

Lack of Infrastructure for Waste Management: Despite global advancements in waste management, many developing countries face infrastructure limitations. In 2024, more than 2 billion tons of waste were generated globally, with large amount of waste improperly managed, particularly in Southeast Asia and Africa. The lack of modern waste processing infrastructure in these regions, combined with inadequate regulatory enforcement, remains a hurdle for environmental technology adoption.

Technological Barriers in Developing Economies: Developing countries often lack access to advanced environmental technologies due to limited technical expertise and resources. In 2024, less than 10% of wastewater in Sub-Saharan Africa was treated using modern technologies. This lack of technology transfer and skilled labor makes it difficult for these countries to implement and maintain advanced environmental systems, such as water treatment plants and waste management solutions, limiting market growth in those regions.

Government Initiatives

U.S. Clean Energy Investment: As part of the Inflation Reduction Act of 2022, the U.S. government committed USD 370 billion to boost clean energy development and decarbonization efforts. This investment supports the deployment of renewable energy technologies and aims to reduce industrial emissions. The act also promotes research and development in carbon capture and storage technologies, directly impacting the environmental technology market.

Indias Clean Ganga Initiative: As of mid-2023, the NMCG had commissioned sewage treatment plants with a total capacity of 2,665 MLD, with plans to further increase this capacity to meet the growing demands of pollution control. This initiative, aimed at reducing pollution in one of Indias most critical rivers, involves adopting advanced water treatment and pollution control technologies. The funds will be used to build modern sewage treatment plants along the Ganga River.

Global Environmental Technology Market Future Outlook

The global environmental technology market is expected to grow exponentially by 2028. The market will witness advancements in renewable energy technologies, particularly solar and wind power, with a growing focus on energy storage solutions. Moreover, the integration of digital technologies such as Artificial Intelligence (AI) and Internet of Things (Io T) in waste management, water treatment, and pollution control is likely to revolutionize the industry.

Future Trends

Growth in Carbon Capture Technologies: The carbon capture market is expected to grow significantly by 2028, with governments and companies worldwide are investing rigorously in carbon capture and storage technologies. These systems will reduce industrial carbon emissions. Carbon capture technologies will become an integral part of global environmental policies aimed at achieving carbon neutrality.

Rise of Renewable Hydrogen Energy: By 2028, the global investment in hydrogen-based renewable energy is expected to grow, driven by government incentives and advancements in hydrogen production technologies. This trend will lead to the production of immense amount of green hydrogen annually, providing a clean energy alternative to fossil fuels. Hydrogen is expected to play a key role in decarbonizing industrial sectors such as steel and cement production, further propelling the growth of the environmental technology market.
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