Environmental Technology Market Forecasts to 2028 – Global Analysis By Technological Solutions (Air Pollution Monitoring, Biofuels, Bioremediation), Component (Services, Solutions), Application, End User, and By Geography
According to Stratistics MRC, the Global Environmental Technology Market is accounted for $546.05 billion in 2021 and is expected to reach $758.16 billion by 2028 growing at a CAGR of 4.8% during the forecast period. Environmental technology which is also referred to as green or clean technology is the application of environmental sciences to create new technologies that aim to monitor, conserve, or reduce the hazards caused to the environment while consuming its resources. Environmental technology is largely related to environmental monitoring. This aspect has emerged as a vital component of the government policies across different nations.
Emerging treatment methods
The management of produced water has been the focus of the oil and gas industry due to stringent legislation on the discharge of oil and gas produced water into the environment. The treatment of oil and gas produced water (PW) is required to meet the water requirement quality as per the regulatory bodies either for discharge/reuse and sustainability of the energy sector. Various treatment methods are being used in the oil and gas industry to remove substantial amounts of pollutants from produced water, which enhances the growth of the environmental technology market. There is a chemical treatment technology that uses chemical oxidants for the oxidation of organic contaminants in oil and gas produced water to products like CO2 and H2O.
Major developing countries are gradually focusing on environmental protection initiatives to address the growing concerns related to pollution control and rapid industrialization. This is leading to the development of new environment-related regulations. On contrary, there is inconsistency in the regulations and policies in different emerging countries with respect to the adoption of environmental protection equipment and technologies. This acts as a key restraint for the growth of the market. Thus, regulations are modified down the line, which affects the implementation of environmental pollution control services.
Growing consciousness about water crisis
Over the last decade, the use of water has increased more than twice the rate of population increase globally and is steadily increasing in various sectors. Thus, there is a growing demand to treat water as a scarce resource, with a far stronger focus on managing demand. Countries experiencing water scarcity are adopting various strategies to deal with this challenge. For instance, according to a report by UNU-INWEH, the adoption of Sustainable Development Goals (SDG) in 2015 by the UN member states attracted other countries such as Canada to focus on wastewater treatment processes, water recycling, and water efficiency. Many treatment designs are aimed at removing microbial contamination and suspended solids. There has been a development of technologies such as reverse osmosis (RO) and electrodialysis to use in the desalination process. Therefore, water is being treated with advanced technologies to supply clean drinking water.
Data gaps and asymmetrical market information
Weak trade and market data have plagued the environmental technologies industry for some time. The U.S. market is large and, until recently, substantial enough to support the business aspirations of many U.S. environmental technology providers. Saturation of the U.S. market, however, coupled with explosive growth in emerging markets, makes international growth inextricably linked with companies’ growth. The lack of market data makes it difficult to determine the best foreign market opportunities and makes it difficult for individual companies to discern where their specific products could be most in demand.
The industrial segment is expected to be the largest during the forecast period
The industrial segment is estimated to have a lucrative growth. In the industrial segment, the power, energy & utilities industry is the largest consumer of environmental technologies during the forecast period. It is majorly due to the rising renewable energy sector. Other goods and services that are a key business line and therefore are not readily separable for inclusion in the Environment Industry measures may be classified by environmental technologies and services.
The energy source for power generation and fuel segment is expected to have the highest CAGR during the forecast period
The energy source for power generation and fuel segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the growing demand for renewable energy technologies. Electricity generation using renewable sources such as wind energy, solar energy, and geothermal energy is gaining momentum in all the sectors, including commercial and industrial, globally. Industries such as manufacturing, oil & gas, automobiles, cement, chemicals, and engineering industries have started using solar power through solar PV-based captive power generation.
Region with highest share:
North America is projected to hold the largest market share during the forecast period. The newly elected Biden Administration in the U.S. is focusing expansively on environmental conservation policies. Thus, this aspect will have a major impact on the growth of the environmental technology market.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. The primary energy demand in Asia Pacific is huge, mainly due to the continuous population growth, and hence the energy sector is expected to drive the environmental technology market growth in the region. The growing demand for wastewater treatment from municipal and industrial applications also expected to drive the market. In addition, it is the largest crude oil importing region globally.
Key players in the market
Some of the key players profiled in the Environmental Technology Market include AECOM, Abatement Technologies, Biffa, Carbon Clean, Covanta Holding Corporation, Cypher Environmental, Hitachi Zosen Corporation, Lennox International, SUEZ, Tandem Technical, Teledyne Technologies Incorporated, Thermo Fisher Scientific Inc, Total S.A, Veolia, and Waste Connections.
In April 2021, Veolia and Suez announce that their respective boards of directors reached an agreement in principle last night on the key terms and conditions of the merger between the two groups. Subject to obtaining a fairness opinion in accordance with applicable regulations, this offer would be recommended by the Board of Directors of Suez upon signature of the definitive agreements.
In December 2020, AECOM announced that it has been selected to perform work through an Energy Savings Performance Contract for the Los Angeles County Sanitation Districts’ Joint Water Pollution Control Plant (JWPCP) in Carson, California. The contract includes upgrades to the pure oxygen production process, which can result in more than $1.3 million in energy, water, and maintenance cost savings annually and more than $8 million in avoided capital expenditure.
Technological Solutions Covered:
• Air Pollution Monitoring
• Carbon Capture, Utilization & Storage (CCUS)
• Green Hydrogen
• Greentech/Renewable Energy (Wind Energy, Photovoltaics, and Geothermal Energy)
• Ocean Plastic
• Ocean Thermal Energy Conversion (OTEC)
• Waste Valorization/ Recycling & Composting
• Crop Monitoring
• Dry Steaming
• Dust Emissions
• Energy Source for Power Generation and Fuel
• Fire Detection
• Gas Dissolution
• Pollution Monitoring
• Precision Cooling
• Sewage Treatment
• Soil Monitoring/ Soil Analysis
• Solid Waste Treatment
• Wastewater Treatment
• Water Purification Management
End Users Covered:
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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