Environmental Testing Equipment Market - Major Technological Advancements are Expected in the Near Future

Posted June 7, 2022 by mmvaidya

Both top-down and bottom-up approaches were used to estimate and validate the size of the global environmental testing equipment market and various other dependent submarkets.
Major Growth Influencing Factors:

Growth in the environmental testing equipment market is mainly driven by the rising levels of environmental pollution worldwide, increasing efforts from public/private organizations to raise awareness about environment protection, privatization of environmental testing and treatment services, and increasing funding on wastewater treatment projects/programs. Increasing industrial activities post COVID-19, and the growing utilization of mobile & portable systems are also expected to provide a wide range of growth opportunities for players in the market.

On the other hand, high capital investments for accurate and sensitive analytical testing and inadequate supporting infrastructure coupled with the shortage of skilled professionals are factors expected to limit market growth to a certain extent in the coming years.

Projected Surge in Revenue Generation:

The global environmental testing equipment market is estimated to reach USD 1.6 billion by 2027 from USD 1.1 billion in 2022, at a CAGR of 7.6% during the forecast period (2022-2027).

Overview of This Study:

The study on the global environmental testing equipment market involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

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COVID-19 Impact on the global environmental testing equipment market

Globally, the outbreak of COVID-19 has impacted every aspect of the industry, including the environmental testing equipment market. From region to region, there is considerable variation in the demand for environmental testing equipment primarily due to the huge impact of the pandemic on the economy and purchasing power of buyers.

The global spread of COVID-19 has led to unprecedented restrictions on and disruptions in business and personal activities. For example, many governments issued “stay-at-home” orders for local business and personal activities. The direct impact of COVID-19 and the preventive and precautionary measures implemented as a result thereof have adversely affected, and are expected to continue to affect, certain industry elements, including operations, commercial organizations, supply chains, and distribution systems.

Opportunity: Increasing industrial activities post COVID-19

The COVID-19 pandemic has triggered the sharpest downturn in the world economy since the Great Depression. In 2020, the global average daily consumption of petroleum and other liquid fuels saw a major decline from the previous year's average consumption. However, this fall in global petrochemical production is expected to reverse in post covid years. The Energy Information Agency (EIA) estimated that fall in production would reverse in 2022. Given their high pollutant emissions, the growth of these industries in the coming years can be expected to provide strong growth opportunities for environmental testing equipment manufacturers.

Challenge: Inadequate supporting infrastructure and the shortage of skilled professionals

Testing & certification practices in several developing countries lack organization, sophistication, and technology. Lack of the basic supporting infrastructure for setting up testing laboratories is another major challenge to the growth of the environmental testing market. Testing service providers in some developing regions also face challenges obtaining samples from manufacturing companies as they are fragmented and dominated by small enterprises. Other key issues include lack of institutional coordination; shortage of equipment, technical skills, and expertise for legislating legislation at the grassroots; and lack of updated standards.

The government agencies and municipal authorities segment accounted for the largest market share in the global environmental testing equipment market

Based on end users, the environmental testing equipment market is segmented into government agencies and municipal authorities, environmental testing laboratories, industrial facilities, commercial and residential facilities, and other end users. The government agencies and municipal authorities segment accounted for the largest environmental testing equipment market share in 2021. The large share of this segment can be attributed to active government participation in environmental testing and pollution monitoring, especially in emerging countries with alarming pollution levels

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Asia Pacific is expected to grow at the highest CAGR in the environmental testing equipment market during the forecast period

The Asia Pacific region is expected to be the fastest-growing region during the study period. The demand for environmental testing equipment in the APAC is supported by the increasing government emphasis on the strict implementation of pollution control strategies, rapid and large-scale industrialization, increasingly stringent environmental regulation policies, and the growing need to comply with safety regulations. However, a shortage of skilled professionals to operate advanced instruments, the slow implementation of pollution control reforms due to budgetary constraints, and the pricing pressures faced by prominent product manufacturers in the region are expected to restrain the growth of the Asia Pacific environmental testing equipment market during the forecast period.
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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags environmental testing equipment , environmental testing equipment market
Last Updated June 7, 2022