Environmental Technology Services Market to be Dominated by the Services Segment through 2028
Increasing awareness of the global water crisis & pollution
monitoring are driving the global
environmental technology services market.
According to
TechSci Research report, “Environmental Technology Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast.
2018-2028”. Government laws
are becoming stricter in an effort to decrease environmental non-compliance,
which is driving growth in the global market for environmental technology services.
A further factor driving the market for environmental technology services is
the confluence of rising resource demand and resource scarcity. Because natural
resources are crucial to industrial production, exploiting them raises the need
for technologies to effectively use and reuse resources. For instance, the
water treatment and reuse industry in the US is witnessing major investment and
research to manufacture natural gas using hydraulic fracturing technology. This
is due to the high cost of water in a hydraulic fracturing operation. For instance, according to statistics released
by the International Trade Administration, a cubic meter of water used in the
hydraulic fracturing process is estimated to have a productive value of roughly
USD 1.54.
The scarcity of
resources and the resulting need for resource efficiency are significant market
drivers for environmental technology services. Environmental resources are
essential to industrial production, thus there is a demand for technology that
makes it possible to use and reuse them efficiently. A cubic meter of water
used in hydraulic fracturing is thought to have a productive value of around
USD 1.54. As evident that investments in water efficiency increases
revenue for natural gas companies, a cubic meter of water utilized in
agriculture has a productive value of around USD 0.13. Based on publicly
disclosed venture capital deals, the Office of Energy and Environmental
Industries at the International Trade Administration estimates that between
2005 and 2012, U.S. venture capital firms invested USD 415.1 million in
R&D for new treatment technologies intended to encourage the reuse of
produced water and better manage the cost of water processing in extractive
industries.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on the "Global Environmental Technology Services Market”
Similar to other
industries, the recycling sector depends on the pricing of raw materials and
non-virgin resources as inputs for production. The need for recycled materials
has grown along with the technology required to produce them as the price of
raw materials, energy, and other related costs has gone up. The general
shortage of materials exacerbates this impact. Demand for environmental
technology services can also be influenced by capital efficiency and the need
for industrial cleanliness. As an illustration, the need for mercury removal in
natural gas-fired power plants is justified since even minute amounts of
mercury in the fuel stream can cause heat exchangers and other crucial
components to fail. As resource scarcity is exacerbated by demographic, social,
and ecological trends, such as climate variability, population growth, urbanization,
growth in per capita income, and changes in consumption patterns, the demand
for resource efficiency-driven environmental technologies is anticipated to
rise in the upcoming years.
Based on components, the
market is segmented into services and solutions. The services category, which
accounted for the largest market share of all of them, is anticipated to keep
its top spot throughout the projected period. Since the need for effective
maintenance, usage, waste management, resource recovery, and analytical
services is growing along with the demand for environmental resources, this
will help to enhance the efficiency of those resources. Additionally,
businesses are transforming their operations to comply with the government's
tight standards by hiring engineering and consulting services.
In terms of regional analysis, the global environmental
technology services market is segmented into North America, South America, the
Middle East & Africa, Asia- Pacific & Europe. Asia Pacific region is dominating
the global environmental technology services market with a largest market share
and maintain a high CAGR in the upcoming years, 2024-2028. The leading exporter
of environmental technology services in 2020 was Asia Pacific. It is the region
that imports the most crude oil worldwide. Because of the enormous primary
energy demand in the Asia Pacific area and the region's ongoing population
increase, the energy sector is anticipated to be a key factor in the expansion
of the environmental technology services market in the region.
Key market
players in the Global Environmental Technology Services Market include:
- Lennox International Inc
- Teledyne Technologies
- Thermo Fisher Scientific Inc
- Waste Connections
- TotalEnergies SE
- Covanta Holding Corporation
- Hitachi Zosen Corporation
- RTS Holding, Inc
- GEM Enviro Management Private Limited
- Vital Waste
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“The
Global Environmental Technology Services market is expected to rise with a
largest market share and maintain a high CAGR during 2024-2028 owing to Growing
awareness on renewable energy & pollution monitoring & reducing the
negative impact by the human activities across the world. Sustainable energy
may also be referred to as environmental technology. Clean and green energy
also includes environmental technologies. Utilizing technological tools that
use resources wisely is a part of it. Several businesses are embracing clean
technology through corporate social responsibility (CSR) objectives. Additionally,
increased awareness of the global water crisis, stringent regulations on
climate pollution control in major economies as well as growing awareness of
pollution monitoring enhances the market of environmental technology services at
the global level. Therefore, these factors are fuelling the growth of the Global Environmental
Technology Services market in the upcoming years, “said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Environmental Technology Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast.
2018-2028, Segmented By Technology (IoT, Artificial Intelligence, Cloud
Computing, Blockchain), By Components (Services and Solutions), By Application
(Air & Water Pollution Monitoring, Water Purification, Crop Monitoring,
Carbon Footprint, Waste Management, Others), By Vertical (Residential,
Municipal, and Industrial), By Region,” has evaluated the future growth potential of Global Environmental
Technology Services Market and provides statistics and information on market
structure, size, share, and future growth. The report is intended to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities present in the Global
Environmental Technology Services Market.
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