WILMINGTON, DELAWARE, UNITED STATES, August 27, 2024 /EINPresswire.com/ — Environmental technology, also known as “green” or “clean” technology, refers to the development of new technologies aimed at conserving, monitoring, or reducing the technology's adverse impacts on the environment or resource consumption.
The environmental technology market is valued at $0.7 trillion in 2022 and is projected to reach $1.2 trillion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
The environmental technology market is segmented into component, application, consumer/vertical, and region. Based on component, it is divided into solutions and services. Based on application, the market is classified into water purification management, wastewater treatment, solid waste management, environmental monitoring, and others. Based on consumer/vertical, the market is divided into residential, industrial, and municipal. By region, the market is studied across North America, Europe, Asia Pacific, and LAMEA.
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Recently, there have been several government incentives for environmental technologies, encouraging plug-in cars, tax credits and subsidies to encourage the introduction and adoption of electric vehicles. Companies such as Bloomberg predict that electric cars will be cheaper than gasoline cars by 2024, and according to Nissan, there are now more electric car charging stations than gas stations in the UK, so electric cars could be a path to a greener society. The main purpose of environmental technology is to protect the environment. Typical examples include solar and wind energy, water desalination (removing salt and other minerals from salt water), electric vehicles, and pyrolysis (thermal chemical decomposition of organic matter).
An important part of environmental technology is environmental monitoring, which is the process and activities carried out to monitor the quality of the environment. Environmental monitoring has emerged as an essential component of government and private organization policies around the world. The Industrial Revolution has led to an increase in large-scale mineral and oil exploration, causing the depletion of natural oil and minerals. Advances in technology have made it easier to extract minerals, increasing mining activities and lowering the production of natural resources. Furthermore, the impact of deforestation is even more severe, with the World Bank reporting that the net loss of forests in the world is $1.3 billion.
The global demand for environmental technology solutions is driven by an increasing emphasis on environmental sustainability, stricter regulations on pollution control, and the need to combat climate change. Environmental technologies encompass a wide range of issues such as renewable energy, waste management, water treatment, air pollution control, and other concerns that are essential to mitigating environmental problems.
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Over the next few years, the environmental technology market trend is expected to rise due to technological developments, government initiatives, and growing awareness of the value of sustainable practices among the environmental technology industry and consumers. Investments in environmental technology solutions are projected to increase as organizations and governments strive to achieve sustainable development goals and foster the expansion of the industry over the environmental technology market forecast period.
The environmental technology market scope is segmented into component, application, consumer/vertical, and region. Based on component, it is divided into solutions and services. Based on application, the market is classified into water purification management, wastewater treatment, solid waste management, environmental monitoring, and others. Based on consumer/vertical, the market is divided into residential, industrial, and municipal. By region, the environmental technology market analysis is studied across North America, Europe, Asia-Pacific, and LAMEA.
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The economic downturn will have a variety of effects 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 increased price volatility on trading platforms.
An economic downturn could impact investment, consumer behavior and government spending, which could have a notable effect on the growth and adoption of the environmental technology market, although the specific impacts will vary depending on the severity and duration of the downturn and the government and industry response.
In addition, during economic crises, governments often intervene to stimulate economic growth. These interventions include changes in environmental policies and regulations, which directly impact the carbon credit market. Such policy changes have a significant impact on carbon credit trading platforms.
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On a component basis, the services segment will account for nearly three-quarters of the environmental technology market share in 2022, by revenue.
Based on application, the solid waste management segment will account for more than one-third of the environmental technology market size, based on revenue, in 2022.
On a consumer basis, the industrial sector will account for more than two-fifths of the market share by revenue in 2022.
Based on region, Europe will account for more than one-third of the market share by revenue in 2022.
David Correa
Allied Market Research
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