Overview of This Study:
The study involved four major activities to estimate the current market size for environmental testing equipment. Exhaustive secondary research was done to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.
Global Industry Revenue Growth:
The global environmental testing equipment market is expected to reach USD 2.9 billion by 2023 from USD 2.1 billion in 2018, at a CAGR of 7.1%.
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Major Growth Boosting Factors:
Growth in the environmental testing equipment market is mainly driven by factors such as the rising levels of environmental pollution worldwide, increasing government regulations and initiatives for environmental protection, privatization of environmental testing services, and increasing focus on wastewater treatment.
Geographical Growth Scenario:
North America is expected to dominate the environmental testing equipment market during the forecast period
Geographically, North America is expected to dominate the global environmental testing equipment market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the rising outdoor air pollution levels, the availability of government funding, and stringent environmental monitoring regulations.
The major players operating in the environmental testing equipment market include Agilent Technologies (US), Thermo Fisher Scientific (US), and Shimadzu Corporation (Japan). Other players involved in this market include Waters Corporation (US), Bruker (US), PerkinElmer (US), SCIEX (a subsidiary of Danaher) (US), JEOL (Japan), Analytik Jena (Germany), and Merck KGaA (Germany).
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the environmental testing equipment market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research.
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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After arriving at the overall market size using the market size estimation processes as explained above the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides, in the environmental testing equipment industry.