Environmental Technology Market Size, Share & Trends Analysis Report By Component, By Application, By Technological Solutions (Greentech/Renewable Energy, Carbon Capture), By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Environmental Technology Market Size, Share & Trends Analysis Report By Component, By Application, By Technological Solutions (Greentech/Renewable Energy, Carbon Capture), By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Environmental Technology Market Growth & Trends

The global environmental technology market size is expected to reach USD 955.84 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 5.3% from 2023 to 2030. With the increasing global population and economic growth, there is a binding need to utilize natural resources more efficiently, leading to a growing demand for environmental technologies to help minimize waste, reduce resource consumption, and promote sustainability. High-demand environmental technologies include recycling systems, energy-efficient technologies, waste reduction, and sustainable agriculture techniques. The environmental technology market is expected to experience significant growth over the forecast period as companies and governments invest in these technologies to handle environmental challenges and build a more sustainable future.

The demand for clean water is rising globally, creating significant growth prospects for the environmental technology market. Innovative water treatment technologies are required to efficiently remove contaminants and pollutants from water sources, such as sewage, agricultural runoff, and industrial wastewater. This has created opportunities for investors and businesses in the water treatment sector to design and implement new technologies to fulfill the growing demand for clean water. As populations expand and water resources become increasingly strained, the water treatment sector is poised for continued growth and expansion.

Technological advancements are a key trend attaining popularity in the environmental technology market. Prominent players operating in environmental technology are introducing innovative solutions to bolster their position in the market. For instance, in February 2023, Emerson Electric Co., an American multinational corporation, launched Ovation Green, a dedicated renewable power technology and software portfolio. The new technology intends to assist power generation firms in adapting to the increasing demand for green energy generation and storage solutions.

Environmental Technology Market Report Highlights

• The solution segment led the market in 2022, accounting for over 72% share of the global revenue. Companies and governments worldwide are increasingly prioritizing environmentally responsible approaches and seeking innovative technologies to lower their ecological footprint.
• The wastewater treatment segment led the market in 2022, accounting for over 17% share of the global revenue. Governments, industries, and societies are likely to invest in wastewater treatment technologies to concede with environmental regulations, protect water quality, and encourage sustainable water management practices.
• The waste valorization/recycling & compositing segment held the largest revenue share of over 11% in 2022. This approach assists in conserving raw materials, reducing landfill waste, and minimizing greenhouse gas emissions associated with waste decomposition.
• The energy & utilities segment held the largest revenue share of over 14% in 2022, owing to a growing recognition of the significance of transitioning to cleaner and more sustainable energy sources and improving energy efficiency to combat climate change and environmental degradation.
• North America dominated the market in 2022, accounting for over 37% share of the global revenue. Many businesses in North America have adopted sustainability as a core value and integrated environmental commitment into their business strategies.

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