Market Size of Environmental Test Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.52 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Environmental Test Equipment Market Analysis
The environmental testing equipment market is estimated to grow at a CAGR of 6.52% during the forecast period 2021 - 2026. Rising environmental pollution, stricter government policies to regulate emissions and pollutants, and increasing focus on better management of wastewater is expected to drive the market.
- The rate of industrialization has led to an increase in pollution levels. Subsequent policy formulation by the governments has been to address the challenges of industrialization.
- Adoption of advanced environment testing technologies to manage the industrial waste and carbon dioxide emission is expected to be driven by the need to meet these policy mandates. Additionally, the governments are incentivizing pollution reduction by providing tax benefits and subsidiaries to the manufacturers and industries. Further, the growing scarcity of the water is forcing governments to manage water waste more effectively, thereby accelerating the demand for environmental testing equipment.
- According to the World Water Development Report, 2019 published by UN-Water over 2 billion people are experiencing high water stress, and about 4 billion people are experiencing severe water scarcity at least one month of a year.
- However, the high cost associated with the accurate and sensitive analytical testing is expected to restrain the growth of this market. Lack of supporting infrastructure and shortage of skilled professionals is also likely to constrain the adoption of environmental testing equipment.
