The global Environmental Technology Market is estimated at USD 552.1 billion in 2021 and is projected to reach USD 690.3 billion by 2026, at a CAGR of 4.6% during the forecast period. Increase in demand from different verticals and a stringent government regulation is one of the major factors contributing to the high growth of the environmental technology market.
Based on technological solutions, the greentech/renewable energy segment dominated the environmental technology market in 2020 and is expected to reach USD 213.3 billion by 2026, at a CAGR of 4.7% during the forecast period. The high demand for the greentech/renewable energy segment can be attributed to the increasing demand for carbon footprint management services.
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Power generation & fuel segment is expected to dominate the environmental technology market
The energy source for power generation and fuel segment is projected to lead the market due to the growing demand for renewable energy technologies. Also, electricity generation using renewable sources such as wind energy, solar energy, and geothermal energy is gaining momentum in all sectors, including commercial and industrial, globally.
Asia Pacific is expected to be the largest environmental technology market
Asia Pacific is expected to be the largest market for environmental technology during the forecast period. China and Japan are the major contributors to the market growth in the region. The high demand for waste as well as water treatment solutions and services, as well as energy demand, is expected to drive the market in the region.
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The key market players in the Environmental Technology Market are AECOM (US), Lennox International (US), Teledyne Technologies Incorporated (US), Thermo Fisher Scientific Inc. (US), Abatement Technologies (US), Veolia (France), Waste Connections (US), Total SA (France), Covanta Holding Corporation (US), SUEZ (US), Biffa (England) and Hitachi Zosen Corporation (Japan), Carbon Clean (UK), Cypher Environmental (Canada), Svante Inc. (Canada), CarbonCure Technologies Inc. (Nova Scotia), Sunfire GmbH (Germany), BacTech Inc. (Canada), TRC Companies, Inc. (US), and Arcadis N.V. (Netherlands).