Environmental Technology Market Expected to Reach $1.2 Trillion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Environmental Technology Market," The environmental technology market was valued at $0.7 trillion in 2022, and is estimated to reach $1.2 trillion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

Environmental Technology is also known as ‘green’ or ‘clean’ technology and refers to the development of new technologies which aim to conserve, monitor or reduce the negative impact of technology on the environment and the consumption of resources. The environmental technology market is segmented into component, application, consumer/vertical and region. On the basis of component, it is bifurcated into solutions and services. On the basis of application, the market is classified into water purification management, wastewater treatment, solid waste management, environmental monitoring and others. On the basis of consumer/vertical, the market is divided into residential, industrial and municipal. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

A significant part of environmental technology is environmental monitoring, which is the processes and activities performed to monitor the quality of the environment. Environmental monitoring has emerged as an essential component of governmental and private organization policies across the globe. The industrial revolution, large-scale mineral and oil exploration has been increased, which causes natural oil and mineral depletion. Due to advancements in technology, the exploitation of minerals has become easier and there has been a rise in excavation activities which led to natural resources into a production decline. Moreover, the consequence of deforestation has been more severe, with the World Bank reporting that the net loss of global forest was $1.3 million.

Recently several environmental technology government incentives encouraged plug-in vehicles, tax credits and subsidies to promote the introduction and adoption of electric vehicles. Electric vehicles could potentially be the way for a greener society because companies such as Bloomberg have predicted electric vehicle become cheaper than petrol cars by 2024 and according to Nissan, there are now in fact more electric vehicle charging stations in the UK than fuel stations. The primary objective of environmental technologies is to safeguard the environment. Prominent examples include solar and wind energy, water desalination (the removal of salt or other minerals from saline water), electric vehicles, and pyrolysis (thermochemical decomposition of organic material).

The global demand for environmental technology solutions is being driven by the growing emphasis on environmental sustainability, strict rules on pollution management, and the need to combat climate change. Environmental technologies encompass a broad range of issues, such as renewable energy, waste management, water treatment, air pollution control, and other concerns that are crucial for alleviating environmental problems.

In the upcoming years, the environment technology market trends is anticipated to rise due to developments in technology, government initiatives, and growing environment technology industry and consumer awareness of the value of sustainable practices. Investments in environmental technology solutions are projected to rise as organizations and governments work to meet sustainable development objectives, bolster the expansion of the industry during the environment technology market forecast period.

The environmental technology market scope is segmented into component, application, consumer/vertical and region. On the basis of component, it is bifurcated into solutions and services. On the basis of application, the market is classified into water purification management, wastewater treatment, solid waste management, environmental monitoring and others. On the basis of consumer/vertical, the market is divided into residential, industrial and municipal. Region wise, the environment technology market analysis is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major companies profiled in this report include AECOM, Clean Harbors Inc., Covanta Holding Corporation, Ecolab Inc., Engie Impact, IDEX Corporation, Suez, Veolia, Waste Management and Xylem. The abovementioned profiled companies have taken various initiatives to improve the market share through various strategies which will provide environment technology market opportunities for the development.

Impact Analysis:

An economic recession has various impacts on the environmental technology market. 

• Economic crises create uncertainty and market instability, leading to increased price volatility. 

• Fluctuations in demand and investor sentiment contribute to greater price swings on trading platforms. 

• Economic recessions can affect investment, consumer behavior, and government spending in ways that have a pronounced impact on the environment technology market growth and adoption. However, the specific impact varies depending on the severity and duration of the recession and the response of governments and industries.  

• In addition, governments often intervene during economic crises to stimulate economic growth. These interventions include changes to environmental policies and regulations, directly impacting the carbon credit market. Such policy changes have significant effects on carbon credit trading platforms. 

Key Findings Of The Study  

• On the basis of component, the services segment accounts for nearly three-fourths of the environment technology market share, in terms of revenue, in 2022.  

• On the basis of application, the solid waste management segments accounts more than one-third of the environment technology market size, in terms of revenue, in 2022.  

• On the basis of consumer, the industrial segment accounts for more than two-fifths of the market share, in terms of revenue, in 2022.  

• Region-wise, Europe accounts for more than one-third of the market share, in terms of revenue, in 2022.