PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401793
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401793
Environmental Technology Market size was valued at USD 630,000.2 Million in 2022, expanding at a CAGR of 5.7% from 2023 to 2030.
Technology that is developed with the intention of monitoring, conserving, and minimizing the detrimental effects of technology on the environment and resource usage is referred to as environmental technology, sometimes known as clean technology or green technology.
Environmental Technology Market- Market Dynamics
Increasing awareness about green energy and technological advancement in energy efficiency to propel market demand
Environmental technologies offer significant cost reductions, which is one of the main factors driving market growth. By adopting renewable energy sources and energy-efficient practices, businesses and consumers can reduce their energy expenses. Long-term cost reductions might also result from decreased waste and increased efficiency. More businesses are anticipated to use clean environmental technologies as the cost of renewable energy continues to drop, which will further propel the market's expansion. Moreover, the increasing consciousness regarding environmental matters is a major factor propelling the market's growth. There is a growing need for creative solutions that might lessen the effects of human activity on the environment and encourage sustainable habits as people become more conscious of these effects.
Environmental Technology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.7% over the forecast period (2023-2030)
Based on Technology segmentation, waste valorization/recycling & compositing was predicted to show maximum market share in the year 2022, owing to rising need for wastewater treatment.
Based on Application segmentation, wastewater treatment was the leading type in 2022, mainly due to rise in global water pollution.
Based on End user segmentation, energy & utilities was the leading type in 2022, mainly due to growing shift towards renewable energy.
On the basis of region, North America was the leading revenue generator in 2022, owing to growing environmental regulation and government support.
The Global Environmental Technology Market is segmented on the basis of Technology, Application, End-User, and Region.
The market is divided into seven categories based on Technology: waste valorization/recycling & compositing, nuclear energy, data center cooling, desalination, Greentech/renewable energy, photovoltaic, and others. The waste valorization/recycling & compositing dominates the market. The green technology adoption is growing at rapid pace and is expected to boost the market growth.
The market is divided into five categories based on Application: power generation & fuel, solid waste treatment, pollution monitoring, wastewater treatment, and others. The wastewater treatment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to the increasing adoption of technology solution for wastewater management.
The market is divided into seven categories based on End User: industrial, energy & utilities, transportation & logistics, oil & gas, food & beverages, construction, and others. The energy & utilities dominate the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for renewable energy.
Environmental Technology Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The growing emphasis on energy-efficient construction and renewable energy sources, which has accelerated the adoption of environmental technologies in the global market. Well-known companies have utilized partnerships, collaborations, contracts, agreements, mergers and acquisitions, product launches, and development as their main business strategies to gain market share. To improve market penetration and strengthen their position in the cutthroat sector, the companies have employed a variety of strategies. The organization wants to make a variety of globally certified sustainable products easily accessible to its clients.
In January 2023, Flipkart introduced Flipkart Green, a dedicated e-store for sustainable product development.
The scope of this report covers the market by its major segments, which include as follows: