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Global Environmental Technology Market Insights and Growth Drivers | 2024 To 2033 Key Players Lennox International Inc., Abetment Technologies Inc., AECOM Technology Corporation.
Global Environmental Technology Market Share
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According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Environmental Technology Market 2024 Key Insights:
• 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%.
• Government Initiatives For Sustainability Drive Growth In Environmental Technology Market
• Strategic Partnership To Transform The Market
• Asia-Pacific was the largest region in the environmental technology market in 2023
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