PUBLISHER: The Business Research Company | PRODUCT CODE: 1480373
PUBLISHER: The Business Research Company | PRODUCT CODE: 1480373
Environmental technology refers to the application of scientific and engineering principles to create innovative solutions that address environmental challenges and promote sustainability. It encompasses a broad range of technologies and practices aimed at reducing environmental impact, conserving natural resources and mitigating pollution and climate change.
The environmental technology market consists of revenues earned by entities (organizations, sole traders and partnerships) by utilizing environmental sciences in developing technologies with the goal of conserving, monitoring and minimizing the impact of technology on the environment.
The global environmental technology market was valued at $488,107.5 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Environmental Technology Market Thriving Due to Increased Pollution Awareness
Increased pollution challenges drove environmental technology market growth. Pollution challenges refer to the harmful presence of contaminants in the air, water, soil, or noise environment, causing adverse effects on human health, ecosystems and the environment at large. Addressing these pollution challenges requires effective environmental technologies and solutions that focus on pollution prevention, control, remediation and sustainable resource management. Environmental technologies play a crucial role in mitigating pollution impacts, promoting cleaner production processes, reducing waste generation and safeguarding human and environmental health. For instance, in January 2024, according to a report published by Airthings, a Norway-based technology company, in 2023, the average annual indoor air pollution levels in the United States and Canada rose by more than 17% compared to 2022, reaching 7.43 µg/m2 and 6.26 µg/m2, respectively. Therefore, increased pollution challenges supported the growth of the environmental technology market in the historic period.
Advancing Sustainable Development Goals Through Collaborative Water Management Projects
Major companies in the environmental technology market are intensifying their emphasis on collaborative initiatives, such as the Solar Powered Desalination Project, to address water scarcity challenges, promote sustainable water management practices and reduce environmental impact through innovative solar-powered solutions. This innovative technology harnesses solar energy through photovoltaic panels or solar thermal systems to drive the desalination process, typically employing methods such as reverse osmosis or distillation. For instance, in June 2023, Silal, an Abu Dhabi-based food and agriculture technology company and Desolenator, a Netherlands-based solar thermal desalination company, initiated a pilot project introducing solar-powered desalination technology. This initiative aims to convert saline water into pure water for irrigation and offer a sustainable cooling solution for greenhouses. The project, which causes no environmental harm, is designed to support the decarbonization of food production in desert climates by significantly reducing the carbon footprint associated with the desalination process. The project aims to showcase how collaborative partnerships can effectively tackle the interconnected challenges of the water-food-energy nexus and set a model for sustainable agriculture globally. It signifies a significant shift in approaching the critical water-food-energy nexus and highlights the potential of collaborative innovation in driving forward the achievement of global sustainable development objectives.
The global environmental technology market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 8.72% of the total market in 2022.
Environmental Technology Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global environmental technology market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for environmental technology? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The environmental technology market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider environmental technology market; and compares it with other markets.