According to the new market research report “Environmental Technology Market by Component (Solutions, Services), Technological Solutions (Waste Valorization, Greentech, Nuclear Energy, Bioremediation), Application, Vertical (Municipal, Industrial), and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the 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% from 2021 to 2026. Increase in demand from different verticals and a stringent government regulation is one of the major factors contributing to the high growth of this market.
The services segment is expected to grow at a higher rate during 2021-2026.
The services segment is expected to grow at a higher rate during the forecast period due to the high demand for resource recovery services and the growing scarcity of natural resources. Also, the stringent regulations regarding environment protection and various developments in the environmental technology sector in regions such as North America, Asia Pacific, and Europe drives the growth for services segment.
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Industrial segment is expected to dominate the environmental technology market
Based on vertical, the industrial segment dominates the market during the forecast period. In industrial segment, the power, energy & utilities industry is the largest consumer of environmental technologies during the forecast period. Air treatment also plays a crucial role in the power generation industry. The presence of stringent emission control standards in these regions is expected to drive the demand for air treatment equipment, thus driving the growth for power, energy & utilities industry.
Asia Pacific is the largest region in the 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 Environmental Technology 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 environmental technology market in the region.
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The key market players in 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). These players have adopted expansions, joint ventures, mergers, acquisitions, agreements, collaborations, product launches, and partnerships as their growth strategies.