Press release
Environmental Testing Equipment Market Surges to $1.25 Billion in 2024: Driven by Rising Pollution and Industrial Activities, Anticipated to Reach $1.75 Billion by 2028
Environmental Testing Equipment Global Market Report 2024
The environmental testing equipment market has experienced robust growth, escalating from $1.15 billion in 2023 to an estimated $1.25 billion in 2024, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 8.7%. Forecasts indicate sustained robust growth, projecting an expansion to $1.75 billion by 2028, with a steady CAGR of 8.9%.
Driving Forces:
Environmental Pollution Spurs Demand:
The global surge in environmental pollution emerges as a significant driver propelling the environmental testing equipment market. The accelerated pace of industrialization, urbanization, and various contributing factors such as wildfires, transportation, construction, and demonization have led to heightened levels of environmental pollution. Governments worldwide are investing in cutting-edge environmental testing equipment to monitor changes in air, water, and soil pollution actively. For instance, Eurostat reports that the European Union's total general government expenditure on environmental protection reached around $125.84 billion (€119 billion), constituting 0.8% of the EU's Gross Domestic Product (GDP). The escalating environmental pollution levels are anticipated to bolster the demand for environmental testing equipment in the forecast period.
Industrial Activities Fuel Growth:
The upsurge in industrial activities is poised to drive the growth of the environmental testing equipment market. With a focus on compliance with environmental regulations, pollution reduction, and the promotion of sustainable practices, environmental testing equipment plays a vital role in industrial operations. Recent data from the Federal Reserve Board indicates a 0.3% increase in industrial production in the US in September, advancing at an annual rate of 2.5% in the third quarter. The concurrent 0.4% rise in manufacturing output further underscores the pivotal role of environmental testing in supporting industrial activities.
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Industry Leaders:
Prominent entities shaping the environmental testing equipment market include Agilent Technologies Inc., Thermo Fisher Scientific Inc., Shimadzu Corporation, and a roster of key players. Their strategic contributions drive advancements and innovations across diverse applications.
Innovations & Trends:
Technological Advancements Propel Innovation:
Technological advancement stands out as a pivotal trend in the environmental testing equipment market. Industry leaders prioritize the delivery of technologically advanced solutions to meet evolving customer demands and fortify their global market presence. For instance, Thermo Fisher Scientific introduced the Aqua Master discrete analyzers, showcasing cutting-edge wet chemistry analyzers applicable in various domains such as soil analysis, drinking water analysis, and wastewater and sewage water analysis.
Cost-Effective Solutions Gain Prominence:
Companies operating in the environmental testing equipment market are intensifying efforts to introduce cost-effective testing solutions, exemplified by products like EnviroMate. This compact, cost-effective, benchtop environmental chamber, designed for inhaler testing, was launched by Copley Scientific Limited. Offering stability and accuracy in environmental conditions, EnviroMate provides a practical and cost-efficient solution for inhaler testing in research facilities and laboratories.
Global Landscape:
In 2023, North America led the environmental testing equipment market, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period. The comprehensive market coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Segmentation Insights:
The environmental testing equipment market covered in this report is segmented -
1) By Product: Chromatography Products, Mass Spectrometers, Molecular Spectroscopy Instruments, Total Organic Carbon (TOC) Analyzers, Dissolved Oxygen Analyzers, Conductivity Sensors, Turbidity Meters, pH Meters
2) By Application: Water Testing, Air Testing, Soil Testing
3) By End-Use Industry: Government Agencies and Municipal Authorities, Environmental Testing Laboratories, Industrial Facilities, Commercial & Residential Facilities
Access the Complete Report for In-Depth Analysis:
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Environmental Testing Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Environmental Testing Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on environmental testing equipment market size, environmental testing equipment market drivers and trends, environmental testing equipment market major players, competitors' revenues, environmental testing equipment market positioning, and environmental testing equipment market growth across geographies. The environmental testing equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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