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Environmental Technology Market: By Component (Solutions, Services), By Application (Wastewater Treatment, Water Purification Management, Sewage Treatment, Pollution Monitoring, Dust Emissions, Dry Steaming, Gas Dissolution, Precision Cooling, Solid Waste Treatment, Energy Source For Power Generation And Fuel, Others), By Technological Solutions (Waste Valorization/ Recycling & Composting, Greentech/Renewable Energy, Desalination, Bioremediation, Green Hydrogen, Carbon Capture, Utilization & Storage, Others), By Vertical (Residential/Municipal, Industrial Transportation & Logistics) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Environmental Technology Market to surpass USD 1,298.5 billion by 2031 from USD 565.4 billion in 2021 at a CAGR of 8.7% in the coming years, i.e., 2021-2031.
Environmental technology, also known as green technology or clean technology, is the use of environmental science, environmental monitoring, green chemistry, and electronic devices to monitor, model, and conserve the natural environment and resources, as well as to mitigate the negative effects of human activity. Photovoltaics, wind turbines, and other sustainable energy-producing technologies are also referred to by this phrase. Environmental technologies revolve around sustainable development. Environmental technologies also refer to a group of electronic gadgets that can help with resource management in the long run.
Global Environmental Technology Market to surpass USD 1,298.5 billion by 2031 from USD 565.4 billion in 2021 at a CAGR of 8.7% in the coming years, i.e., 2021-2031. One of the primary reasons driving the environmental technology market is the rising need for environmental technologies in emerging regions due to expanding population, fast urbanization, and industrialization.
On the basis of Component, the Environmental Technology Market is divided into Solutions and Services. The solutions segment has shown tremendous growth in recent years and is likely to continue to do so over the projection period. Due to growing awareness of the increased carbon footprint, the solutions sector led the worldwide environmental technology market in 2020.
On the basis of Vertical, the Environmental Technology Market is segmented as Residential/Municipal and Industrial Transportation & Logistics. By 2026, the industrial sector is expected to increase at a faster rate. During the projected period, the electricity, energy, and utilities business will be the greatest consumer of environmental technologies in the industrial segment. The growing renewable energy sector is largely responsible for the power, energy, and utilities industry's substantial market share.
Rising demand for renewable energy resources is majorly driving the market for Environmental Technology
Environmental technologies make it possible to consume scarce natural resources more efficiently and to create a more sustainable environment. Water use has surged at a rate more than twice that of global population growth over the last decade, and it is continuing to rise in numerous industries. The market is being driven by rising demand for renewable energy resources such as wind, solar, and geothermal energy, as well as increased awareness of pollution monitoring and rigorous environmental regulations.
Growing awareness of the water crisis is also driving the market
Another important driver of the Environmental Technology Market is increased awareness of the worldwide water crisis. Furthermore, rising public awareness of pollution monitoring is fueling market expansion.
Lack of a skilled workforce is hampering the market for Environmental Technology
The market is being hampered by the high upfront price of environmental technologies. In addition, the market's expansion is being stifled by a scarcity of skilled workers for complicated technology.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Environmental Technology Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2020, the Asia Pacific region was the largest market for environmental technologies. It is the world's largest crude oil importing region. Because Asia Pacific's primary energy demand is enormous, owing to the region's rapid population increase, the energy sector is likely to fuel the region's environmental technology market growth.
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The pandemic is likely to have an impact on numerous aspects of the environmental technology market's value chain, which will be reflected during the forecast period, particularly in 2020. COVID-19 had a significant impact on the power, energy, and utilities industries, as well as the transportation and logistics industries.
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Report Attribute |
The market |
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Market size value in 2021 |
USD 565.4 billion |
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Revenue forecast in 2031 |
USD 1,298.5 billion |
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Growth Rate |
CAGR of 8.7% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Component, Application, Technological Solution, Vertical, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Abatement Technologies, Aecom, Arcadis N.V., Bactech Inc., C-Capture, Carboncure Technologies Inc., Climeworks, Covanta Holding Corporation, Cypher Environmental, Ecomed Services, Engie Impact, Gem Enviro Management Pvt. Ltd, Geo-Cleanse International, Inc., Hitachi Zosen Corporation, Intelex, Isometrix, Ivey International Inc., Lennox International, Pycno, Recycle Track Systems Companies, Inc., Unbound Chemicals, Veolia, Vital Waste, Waste Connections, and Xylem, Inc. |
The Environmental Technology Market size was estimated at USD 565.4 billion in 2021 and is expected to reach USD 1,298.5 billion in 2031.
Environmental technology is the study or use of engineering principles to understand and solve problems that have an impact on our environment, with the objective of improving it.
The Solutions segment accounted for the largest Environmental Technology Market share.
Key players in the Environmental Technology Market are Abatement Technologies, Aecom, Arcadis N.V., Bactech IncCarboncure Technologies Inc., Climeworks, Covanta Holding Corporation, Cypher Environmental, Ecomed Services, Engie Impact, Gem Enviro Management Pvt. Ltd, Geo-Cleanse International, Inc., Hitachi Zosen Corporation, Intelex, Isometrix, Ivey International Inc., Lennox International.
Increased awareness of the global water crisis along with growing awareness of pollution monitoring is expected to drive industry growth.
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