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What Are the Projections for the Environmental Technology Market?
The environmental technology market size has been undergoing steady growth recently, expanding from $565.52 billion in 2024 to an estimated $586.5 billion in 2025, marking a compound annual growth rate (CAGR) of 3.7%. This growth in the historic period can be attributed to various global environmental challenges, the transition to renewable energy, corporate sustainability initiatives, waste management and recycling efforts, air quality awareness, and carbon emission reduction initiatives.
Looking forward, the environmental technology market is expected to witness robust growth, reaching $780.47 billion by 2029 at a CAGR of 7.4%. This growth can be attributed to increased emphasis on climate action, rising investment in renewable energy, demand for sustainable agriculture, circular economy initiatives, favourable government policies and incentives. Factors likely to trend in the forecast period include advancements in renewable energy, smart grid technologies, energy storage solutions, circular economy practices, and innovations in water and wastewater treatment.
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What Factors Are Driving the Environmental Technology Market Forward?
Government initiatives towards sustainability and green technology are expected to catalyse the growth of the environmental technology market. These initiatives have been influential in recycling waste, purifying water, reducing pollution in water sources and air, and conserving the natural environment and resources. An example of such an initiative is the $740 Million Investment Fund allocated by the Australian government in 2023, aimed at fostering development of green and low-emissions technologies and encouraging private sector investment.
What Are the Key Segments in the Environmental Technology Market?
– By Technology: IoT, Artificial Intelligence, Cloud Computing, Blockchain
– By Components: Services, Solutions
– By Application: Air And Water Pollution Monitoring, Water Purification, Crop Monitoring, Management of Carbon Footprints, Waste Management, Other Applications
– By Vertical: Residential, Industrial Transportation And Logistics
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Who Are the Major Players in the Environmental Technology Market?
Major players operating in the environmental technology market include Lennox International Inc., Abatement Technologies Inc., AECOM Technology Corporation, Teledyne Technologies Incorporated, Thermo Fisher Scientific Inc., Veolia Environnement S. A., Biffa plc, Svante Inc., Carbon Clean Solutions Limited, Total S. A., Covanta Holding Corporation, Cypher Environmental Ltd., CarbonCure Technologies Inc., TRC Companies Inc., Indigo Agriculture Inc., Impossible Foods Inc., GlaxoSmithKline plc (GSK), ecoRobotix SA, Centre for Process Innovation (CPI), Ricardo plc, Measurabl Inc., Cloverly Inc., Sourcemap Inc., Johnson Matthey plc, GridX Inc., Tortuga AgTech Inc., AIR COMPANY Corp., R-Zero Holdings Inc., UL Solutions Inc.
What Key Trends Are Being Observed In The Environmental Technology Market?
Major companies in the environmental technology market are forming strategic partnerships to transform their scope of operation. These partnerships, which involve companies leveraging each other’s strengths and resources, lead to mutual benefits and success. A case in point would be the partnership between Battero Tech Co. Ltd. and Kale Environmental Technology in October 2023 which is expected to trigger innovation in the energy storage sector and provide sustainable energy solutions.
How Are Different Regions Performing In The Environmental Technology Market?
In 2024, Asia-Pacific was the largest region in the environmental technology market. However, North America is projected to be the fastest-growing region in the forecast period. The regions covered in the environmental technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is the Environmental Technology Market?
Environmental technology refers to the application of environmental sciences in the development of tech solutions aimed at conserving, monitoring, or reducing harm to the environment and consuming its resources to achieve environmental sustainability goals. The Environmental Technology Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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