Environmental technology, also referred to as clean or green technology is the application of environmental sciences to create new technologies that aim to monitor, conserve, or reduce the hazards caused to the environment while consuming its resources. Environmental technology is largely related to environmental monitoring. This aspect has emerged as a vital component of the government policies across different nations.
These technologies are not prominently driven neither by the needs of the environment nor conservation philosophies. These technologies are designed mainly on the lines of the compliances of the regulations. Various environmental regulations are structured by numerous government bodies, especially for manufacturing facilities and factories. Non-compliance with these norms can lead to tremendous fines and penalties. Thus, this factor will increase the growth prospects of the environmental technology market to a considerable extent.
The utilization of environmental technology in applications such as gas dissolution, solid waste treatment, dry steaming, pollution monitoring, water purification management, dust emission, crop monitoring, fire detection, and others will bring exponential growth prospects for the environmental technology market.
The monitoring of water wastage will gain considerable traction during the forecast period, which, in turn, will influence the growth across the environmental technology market substantially. Over the last 10 years, water utilization has doubled and is estimated to increase further. Wastewater monitoring and treatment systems will help in the overall development of the environmental technology market.
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Environmental Technology Market: Competitive Insights
Over the years, the environmental technology market has added many new players. The players compete with each other to gain a significant consumer base. The players invest in research and development activities for improving the features of the systems. Furthermore, strategic collaborations are also crucial for enhancing the growth prospects across the environmental technology market.
Some well-entrenched players in the environmental technology market are Waste Connections, Thermo Fisher Scientific, Covanta Holding Corporation, TRC Companies, and Teledyne Technologies Incorporated.
Environmental Technology Market: Notable Developments
Prominent developments in the environmental technology market are as follows:
- Vijayawada Municipal Corporation, a local municipal body in South India has announced to install air quality monitoring sensors at nearly 16 locations. Such developments signal the rising influence of environmental technology even across local bodies.
- Leader Environmental Technologies, an environmental technology company, has forged a joint venture with Shandong Shuifa Zhongxing Group to offer environmental solutions.
These developments signal the rising influence of the environmental technology market in the near future.
Environmental Technology Market: Regional Dimensions
The environmental technology market in North America will observe dominating growth during the tenure of 2020-2030. The newly elected Biden Administration in the U.S. is focusing expansively on environmental conservation policies. Thus, this aspect will have a major impact on the growth of the environmental technology market. Asia Pacific is also estimated to gain rapid growth across the forecast period of 2020-2030. The rising awareness about environmental conservation and the framing of different policies and regulations will invite good growth prospects.
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