Environmental Testing Equipment Global Market Report 2024: Market Size To Grow At A CAGR Of 8.9%

The Business Research Company's Environmental Testing Equipment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

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What Is the Anticipated Growth Rate and Market Size of the Global Environmental Testing Equipment Market?

The environmental testing equipment market has seen robust growth in recent years. Predicted to rise from $1.15 billion in 2023 to $1.25 billion in 2024, it indicates a compound annual growth rate CAGR of 8.7%. This growth during the historic period can be attributed to regulatory compliance, increasing industrialization and urbanization, heightened pollution control measures, a surge in occupational safety needs, and heightened environmental awareness.

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What Is The Future Growth Forecast Of The Environmental Testing Equipment Market?

The environmental testing equipment market is set to experience robust growth in the coming years. Forecasts suggest it will escalate to $1.75 billion in 2028, presenting a compound annual growth rate CAGR of 8.9%. This projected growth during the forecast period can be attributed to the emergence of new contaminants, boosted infrastructure development, changes in land use and land cover, heightened climate change monitoring, and improved public health preparedness. Additionally, trends like IoT integration, portable and field-deployable devices, data visualization and big data analytics, smart sensors and wearables, and high-resolution remote sensing are expected to trend in the forecast period.

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What Are The Primary Drivers Of The Environmental Testing Equipment Market?

The increasing levels of environmental pollution worldwide significantly contribute to the growth of the environmental testing equipment market. Rapid growth in industrialization and urbanization, as well as wildfires, transportation, construction, and demonization have all contributed to rising levels of environmental pollution across the globe. Governments worldwide are investing in environmental testing equipment to consistently monitor changes in air, water, and soil pollution and design innovative policies to tackle these challenges based on the findings of these testing activities. According to a report by Eurostat, total general government expenditure on environmental protection was around $125.84 billion €119 billion, accounting for 0.8% of the EU's Gross Domestic Product GDP. Therefore, the increasing level of environmental pollution worldwide is expected to boost the demand for environmental testing equipment during the forecast period.

Which Are The Key Players Dominating The Environmental Testing Equipment Market?

Major companies operating in the environmental testing equipment market include Agilent Technologies Inc., Thermo Fisher Scientific Inc., Shimadzu Corporation, Waters Corporation, Bruker Corporation, PerkinElmer Inc., Merck KGaA, Danaher Corporation, JEOL Ltd., Endress+Hauser Group Services AG, JASCO Corporation, Teledyne Technologies Incorporated, AMETEK Inc., MDS Analytical Technologies Inc., Analytik Jena AG, SCIEX LLC, Extech Instruments Corp., Amphenol Corporation, PathSensors Inc., Alpha Analytical Inc., American Environmental Testing Laboratory LLC, Eurofins Scientific SE, EMSL Analytical Inc., Hydrologic Associates USA Inc., Intertek Group plc, Microbac Laboratories Inc., Pace Analytical Services LLC, Thermotron Industries Inc., Cincinnati Sub-Zero Products LLC, TestEquity LLC, Weiss Technik North America Inc., and Russells Technical Products Inc.

What Are The Key Trends Impacting The Growth Of The Environmental Testing Equipment Market?

Technological advancement is a key trend gaining momentum in the environmental testing equipment market. Major companies in this market are focused on providing technologically advanced solutions to cater to end-customer demands and strengthen their global market position. For instance, in February 2023, US-based biotechnology company Thermo Fisher Scientific introduced two new wet chemistry analyzers, Thermo Fisher Scientific's Aqua Master discrete analyzers and The Gallery Aqua Master discrete analyzers for various applications such as soil analysis, drinking water analysis, and wastewater and sewage water analysis.

How Is The Environmental Testing Equipment Market Segmented?

The environmental testing equipment market is segmented as follows:
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.

Regional Insights: Which Region Leads The Environmental Testing Equipment Market?

In 2023, North America was the largest region in the environmental testing equipment market. Asia-Pacific is projected to be the fastest-growing region during the forecast period. The environmental testing equipment market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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