Environmental Technology Market: Current Analysis and Forecast (2023-2030)

Environmental technology, usually referred to as green technology, is the creation and use of original solutions to environmental issues. This encompasses a wide range of goods, solutions, and methods designed to lessen negative environmental effects, protect natural resources, and advance sustainability. Environmental technologies include things like renewable energy sources, energy-efficient structures, water treatment and waste management techniques, environmentally friendly building materials, and eco-friendly products. By lowering our dependency on fossil fuels, avoiding waste, and safeguarding natural resources for future generations, environmental technology seeks to build a more sustainable future.

The environmental technology market is expected to grow at a strong CAGR of 8% during the forecast period owing to the rising investment in environmental technology. The global environmental technology market is growing on account of increasingly stringent government regulations to reduce environmental non-compliance things. Further, increasing demand for resources coupled with resource scarcity is also propelling the environmental technology market. Since environmental resources play a key role in industrial production using them increases the demand for technology to efficiently utilize and reuse resources. Worldwide, green technology investments reached $755 billion in 2021, a sharp rise from the previous year.

Based on component, market is categorized into solutions and services. Among these, services category held the prominent market share in 2022 and is expected to retain its position during the forecast period. This is mainly due to the increasing demand for environmental resources, proper maintenance, utilization, waste management, resource recovery, and analytical services to maximize environmental resource efficiency. Further, to comply with government strict regulations, companies are taking engineering and consulting services to transform their business. This surges the service segment in the global environmental technology market.

Based on environmental medium, the market is categorized into water, air, and soil. Among these, the water category held a considerable market share owing to increasing concern related to water recycling along with the large investment in the water treatment and reuse sector. Government programs that recycle garbage, cleanse water, and lessen pollution in water sources contribute to sustainability and green technology. For instance, in 2021, The UK started the "Clean Green Initiative," a funding program to spread environmental technologies in underdeveloped nations. The package includes a $3.7 billion investment in the spread of environmental technology in underdeveloped nations. Therefore, the market for environmental technology is being driven by actions done by governments around the world to increase green technology.

Based on organization, the market is trifurcated into small & medium enterprises, large enterprise, and public-sector municipalities. Among these, large enterprise captured a prominent revenue share in the market owing to their advanced technologies which has the ability to deal with different type of environmental challenges. The electricity, energy, and utilities sector is expected to be the biggest buyer of environmental technologies among large organizations. The growing renewable energy sector is largely responsible for the significant market share of the electricity, energy, and utilities sectors.

For a better understanding of the market adoption of the environmental technology market, the market is analyzed based on its worldwide presence in countries such as North America (The U.S., Canada, Rest of North America), Europe (Germany, The U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America region held the prominent market share for the year 2022 owing to large government and private sector investment in environmental technologies. Rising need for waste and pollution management, as well as water and energy conservation. Additionally influencing the industry are emerging technologies like electric vehicles, smart cities, and renewable energy sources which help the region to hold a prominent market share in the global environmental technology market. For instance, in September 2021, The next generation of electric F-Series trucks and the batteries that will power future electric Ford and Lincoln vehicles will be produced at two new enormous, technologically advanced campuses in Tennessee and Kentucky, according to plans revealed by Ford Motor Company. This will be the largest U.S. investment in electric vehicles ever made by any automotive manufacturer.

Some of the major players operating in the market include: TotalEnergies, Teledyne Technologies Incorporated, AECOM, Lennox International Inc., Xylem, Thermax Limited, Veolia Environnement SA, Thermo Fisher Scientific Inc., Waste Connections, Sunfire GmbH.