Aug 26, 2021 (Market Insight Reports) -- According to the research report titled 'Global Environmental Technology Market Size study, by Component (Solutions, Services), by Application (Wastewater treatment, Water purification management, Sewage treatment, Pollution monitoring, Dust emissions, Dry steaming, Gas dissolution, Precision cooling, Solid waste treatment, Energy source for power generation and fuel and Others) by Technological Solutions (Waste valorization/ recycling & composting, Greentech/renewable energy, wind energy, photovoltaics, and geothermal energy, Desalination, Bioremediation, Green hydrogen, Carbon capture, utilization & storage and Others) by Vertical (Residential/municipal and Industrial transportation & logistics), and Regional Forecasts 2021-2027', available with Market Study Report, global environmental technology market was worth USD 527.8 billion in 2020 and is expected to register 4.6% CAGR over 2021-2027 to reach a valuation of USD 723.1 billion by the end of the projected timeframe.
Rising awareness about pollution monitoring, increasing concerns about worldwide water crisis as well as initiatives and programs conducted by several countries and organizations for reduction of pollution levels are catalyzing the growth of global environmental technology market.
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For instance, Indian Government has launched NCAP (National Clean Air Program) under the Control of Pollution Scheme, as a long-term, national-level strategy to control air pollution problems across the country. It aims to achieve 20% to 30% reduction in PM2.5 and PM10 concentrations by 2024, with 2017 as the base year.
Additionally, escalating importance of eco-friendly data center solutions is also creating new opportunities for businesses operating in this domain.
For the unversed, environmental technology, also known as green technology or clean technology refers to the application of one or more green chemistry, environmental monitoring, electronic devices, and environmental science, to monitor, model, and conserve environment as well as natural resources. It also helps in reducing harmful impacts of human involvement on the environment.
On the contrary, high up-front costs are likely to hamper the growth of worldwide environmental technology marketspace over the projected timeframe.
Leading companies in global environmental technology market include Teledyne Technologies Inc., AECOM, Abatement Technologies(R), Veolia Environnement S.A., Thermo Fisher Scientific Inc., Lennox International Inc., Covanta Holding Corporation, Total S.A., SUEZ, and Waste Connections Inc. among others.
Regionally speaking, North America, Europe, Asia Pacific, and Latin America are major benefactors to industry remuneration. Among these, Asia Pacific presently holds a considerable market share and is slated to grow momentously over the analysis timeframe owing to rising demand of wastewater treatment from municipal and industrial applications.
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