Environmental Technology Global Market Report 2024

Environmental technology refers to the use of environmental sciences in the advancement of technology aimed at conserving, monitoring, or reducing the harm to the environment while consuming its resources that are used for achieving environmental sustainability goals with the means of technology.

The main types of environmental technologies are IoT, artificial intelligence, cloud computing, and blockchain. IoT deploys advanced sensor devices to detect the presence of pollutants in the air and water and track different environmental parameters. The different environmental technology components include services and solutions for verticals such as residential and industrial transportation and logistics. The applications of environmental technology include air and water pollution monitoring; water purification; crop monitoring; management of carbon footprints; waste management; and other applications.

The environmental technology market research report is one of a series of new reports that provides environmental technology market statistics, including environmental technology industry global market size, regional shares, competitors with an environmental technology market share, detailed environmental technology market segments, market trends and opportunities, and any further data you may need to thrive in the environmental technology industry. This environmental technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The environmental technology market size has grown steadily in recent years. It will grow from $552.12 billion in 2023 to $579.11 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to global environmental challenges, renewable energy transition, rise of corporate sustainability initiatives, waste management and recycling, awareness of air quality issues, carbon emission reduction initiatives.

The environmental technology market size is expected to see strong growth in the next few years. It will grow to $719.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to global emphasis on climate action, increasing renewable energy investments, rising demand for sustainable agriculture, circular economy initiatives, government policies and incentives. Major trends in the forecast period include renewable energy advancements, smart grid technologies, energy storage solutions, circular economy practices, water and wastewater treatment innovations.

The government's initiatives toward sustainability and green technology are expected to propel the growth of the environmental technology market going forward. Government initiatives are a way for people to have their voices heard and get a chance to vote on issues that affect all of us. Government initiatives help towards sustainability and green technology by recycling waste, purifying water, reducing pollution in water sources and air, and conserving the natural environment and resources. For instance, in November 2021, the UK launched the ''Clean Green Initiative,'' which is a funding package to roll out environmental technologies in developing countries. The package will invest $3.7 billion in the rollout of environmental technology in developing countries. Therefore, initiatives taken by governments across the world to increase green technology are driving the environmental technology market growth.

Increasing demand for renewable energy is expected to boost the growth of the environmental technology market. Renewable energy sources are a source of energy that is never exhausted and can provide a steady flow of clean energy. Renewable energy technologies such as solar, wind, and hydropower require advanced environmental technology solutions to ensure their efficient and sustainable operation. For instance, in 2022, according to the global energy review by the IEA (International Energy Agency), a Paris-based autonomous international government organisation, renewable energy supply from solar, wind, hydro, geothermal, and ocean sources rose by close to 8%, meaning that the share of these technologies in total global energy supply is increasing. Additionally, the U. S. power grid is shifting from fossil fuels to renewables, with renewables projected to increase by about 380% from 2022 through 2050. Therefore, the rising demand for renewable energy is driving the growth of the environmental technology market.

Major companies operating in the environmental technology market are adopting a strategic partnership approach to transform the market. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in October 2023, Battero Tech Co. Ltd., a China-based company that specializes in the development of advanced battery technologies, partnered with Kale Environmental Technology, a China-based company that specializes in the development of renewable energy solutions. It is anticipated that the collaboration would foster innovation in the energy storage sector and offer sustainable energy solutions.

Major companies operating in the environmental technology market are developing innovative products, such as carbon capture technology, to reduce environmental impact. This innovative solution reduces the impact of carbon on the environment. For instance, in October 2021, Carbon Clean, a US-based company operating in environmental technology, launched the smallest industrial carbon capture technology, CycloneCC. This marks a milestone in the industry, as carbon capture technology has been custom-built for the specific needs of plants and companies, whereas CycloneCC is a modular, scalable technology.

In January 2021, Acquire Technology Solutions Pty Ltd (acQuire), a South Australia-based company operating in geoscientific information management software solutions, acquired EnviroSys for an undisclosed amount. Through this acquisition, acQuire aims to expand the existing product line by adding an environmental and monitoring solution to expand the geographical footprint. SRA Information Technology is an Australia-based company providing environmental data and water quality management services.

Major companies operating in the in the environmental technology market report are Lennox International Inc., Abetment 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), Transfix Inc., 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.

Asia-Pacific was the largest region in the environmental technology market in 2023. North America is expected 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

The countries covered in the environmental technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The environmental technology market includes revenues earned by entities by protecting the environment using sustainable solutions to reduce carbon footprints, reduce environmental pollution, and reduce waste production. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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