The global environmental test equipment market is projected to be valued at USD 1.2 billion in 2023, with a growth rate of 7.2% CAGR. By 2033, the market is expected to exceed USD 2.4 billion.
Key factors driving market growth include increased government initiatives to combat pollution and advancements in technology that enhance the capabilities of existing equipment.
Governments worldwide have been taking stringent measures to reduce carbon emissions. Many times, the consequences of not managing emissions fall on the shoulders of the governments. The government in Germany was sued in September 2022 for failing to regulate the discharge of harmful air pollution.
The hospital market is also meant for generating tons of waste. When items like needles, broken glass, and pathological waste are not properly disposed of, it can result in pollution of the land and water. The market participants in the hospital sector are making investments in environmental testing machinery to monitor waste production.
A growing automobile market represents massive prospects for the sales of environmental test equipment. The automobile market reported a revenue of USD 2.9 trillion in 2021, and with the introduction of electric vehicles, the scope might surge. The application of fuels and the usage of non-biodegradable products, like plastic might increase land and air pollution. Owing to this, automobile manufacturers are expected to make investments in environmental test equipment to develop the right prototype.
Key Takeaways:
- The market is expected to record a CAGR of 7.2% during the forecast period.
- In 2023, the valuation is expected to be at USD 1.2 billion.
- By 2033, the market share is expected to reach USD 2.4 billion.
- Based on regional insights, North America is expected to be the dominant market.
- The United States market is expected to record a CAGR of 7% during the forecast period.
- The United Kingdom market is projected to record a CAGR of 6.3% during the forecast period.
- China’s market is expected to advance at a CAGR of 6.6% during the forecast period.
- Japan market is anticipated to record a CAGR of 5.7% during the forecast period.
- South Korea market may advance at a CAGR of 5% during the forecast period.
- Based on the product, mass spectrometers are expected to hold the leading market share and are projected to register a CAGR of 6.8% during the forecast period.
- Based on application, the water quality test is projected to hold the dominant share and is expected to record a CAGR of 6.2% during the forecast period.
Competitive Landscape
The key players operating in the environmental test equipment market are expected to invest huge amounts in mergers and acquisitions. The manufacturers are expected to form strategic collaborations with players from other niches, to help them gain a broader perspective of the market. The focus also remains on hiring the right leader, as in the current times of economic turbulence, companies prefer hiring leaders who have relevant experience in maintaining and even amplifying the brand image. The key players are also expected to invest in research and development activities as this may assist them in creating the right dimensions and help with cost cutting.
Thermo Fisher Scientific, Agilent, Shimadzu Corporation, Waters Corporation, and PerkinElmer Inc. are some top key players in the environmental test equipment market
Key Developments in the Market:
- In February 2023, Thermo Fisher Scientific announced that it is planning to power all current United States sites with 100% renewable electricity.
- In January 2023, Agilent and Akoya Biosciences announce a partnership to drive multiplex tissue assay development for biopharma applications.
Market Segmentation
By Application:
- Air Quality Test
- Soil Quality Test
- Water Quality Test (Organic Pollutants, PFAS, Solid Pollutants, Heavy Metals, Microbial, and Other Water Pollutants)
By End User:
- Government Agencies and Municipal Authorities
- Environmental Test Laboratories
- Industrial Facilities
- Commercial & Residential Facilities
- Others
By Product:
- Mass Spectrometers
- Chromatography Products
- Molecular Spectroscopy Instruments
- pH meters
- Dissolved Oxygen Analyzers
- Conductivity Sensors
- Turbidity Meters
- Other Products
By Platform:
- Conventional/Benchtop Platforms
- Portable/Mobile Platforms
- Handheld Platforms
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
Download a sample report: https://www.futuremarketinsights.com/reports/environmental-test-equipment-market
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