Ottawa, May 17, 2022 (GLOBE NEWSWIRE) — The global environmental technology market size was estimated at around USD 553 billion in 2021. Environmental technology can also be described as sustainable energy. Environmental technology is also clean and green energy. It involves the usage of electronic devices that make the efficient use of resources. Environmental technology helps in reducing the negative impact it to all the human activities. It was the technology has come into the limelight there has been a substantial growth all across the world. Through corporate social responsibility or the CSR goals, various organizations are participating in clean technology.
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Germany happens to be the leader in renewable energy. The Middle Eastern Africa is the potential markets for solar electricity. The team sustainable development goals were set by United Nations, which happens to have a lot of targets. These goals are built in a way to have sustainable future for all the nations. This shall reduce the emission of the greenhouse gases, improve the weather conditions and also help in promoting the usage of renewable energy sources. The GFEI which is global fuel economy initiative will pace the progress of reducing the carbon footprints or carbon dioxide emissions.
The market is divided into North America, Europe, Middle East, Africa, South America, Asia Pacific. Due to extensive availability of vendors in this area, it drives the green technology. North America has the largest market share in green technology, followed by Europe. There are various initiatives taken by the Europe Government that implement green technology resources. With the installation of offshore wind power and many other green technologies, European countries are the world leaders, the reduction of carbon footprints, emission of carbon dioxide and various toxic gases into the atmosphere and usage of other renewable sources of energy. In the year 2021, the Prince of Middle East had announced to Plant 50 billion trees across the world. It shall help in reducing a lot of carbon from the atmosphere.
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Scope of the Report
|Market Size in 2021||USD 553 Billion|
|Revenue Forecast by 2030||USD 783 Billion|
|CAGR||4.5% from 2022 to 2030|
|Forecast Data||2022 to 2030|
|Companies Covered||Lennox International, AECOM, Teledyne Technologies Incorporated, Thermo Fisher Scientific Inc, Abetment Technologies, Waste connections, Biffa, Svante Inc, Carbon Clean|
An increased awareness for the need of sustainable energy and growth has led to the adoption of various projects by nations across the globe. Nations have understood the importance of elimination of carbon footprints for a better future. In order to combat the climatic change or global warming, steps are being taken by United Nations for many countries to follow net zero emissions.
The scarcity of water has created an awareness regarding the water treatment plants, which can help in removing the toxicities or the pollutants from the water and recycle it for further use. In order to meet the demands of the ever increasing population greener resources need to be produced the environmental technology shall help in creating sustainable growth.
The market size shall grow as there is an increasing awareness among the customers and industries about the climate change all the nations are emphasizing on the usage of renewable energy to reduce the carbon footprint which will help introducing the pollution and give a better future for the youth. The push given by the UN for zero emissions has become a global phenomenon and all the nations are trying to achieve the target. Renewable energy has many investments from companies that will foster the transportation and other innovations. In North America, the biggest electrical vehicle charging network will be established with a lot of investment done by the Ford Motor Company. The initiatives taken by the government in order to increase the green technology is driving the market.
The cost of production, installation and maintenance for green technology is extremely high. The investment in wind and solar farms is huge. Various technologies that shall be used for managing the carbon footprint or CCS require high end technology which is very costly and high maintenance. The adoption of green energy becomes a little difficult due to the high cost.
There has been scarcity of water across the globe desalination of water is important to prevent future troubles. Treatment of sewage water is also important. Due to rapid urbanization and rising population, there is a huge need for green technology. The growing demand for electricity needs installation of offshore wind farms
The environmental technology market needs a high amount of investment in various projects to meet the demands of renewable energy. The governments of various nations have passed many regulations and guidelines for their industries and commercial buildings but the implementation of these rules is delayed. There is a need for global guidelines to be followed by all the nations across the world in order to have uniformity in the targets. When all the nations seek a single target, it will be easy to achieve.
One of the most recent developments in environmental technology is the floating solar panels. It is widely being tested in China, Southeast Asia and Japan. UNESCAP has set a goal of net zero emissions and the target should be met by 2050. Asia Pacific is going to be largest consumer of electric buses. many countries are planning to change the previously used lighting for headlights, streetlights and more to LED lighting. Offshore wind turbines are going to reduce the reliance on traditional energy sources.
Various shipping companies in Asia Pacific are planning to switch to electric vehicles in order to reduce their carbon footprints. The (CCS ) Carbon capture and storage system is a technology that will be able to trap the carbon at the site and be able to store it at various facilities. The storage facility is in the form of rocks below the Earth’s surface.
- Artificial intelligence
- Cloud computing
- Block chain
- Air and water pollution monitoring.
- Water purification
- Crop monitoring
- Management of carbon footprints
- Waste management
- Industrial transportation & logistics
- Power, energy & utilities
- Retail & consumer goods
- Construction & building materials
- Government & defense
- Oil & gas
- Others (law enforcement, healthcare & life sciences)
- North America
- Latin America
- Middle East & Africa (MEA)
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