Environmental Testing Equipment Market - Emerging Tech Innovations Majorly Boosts the Global Revenue Growth
Major Objectives Behind This Study:
# To define, describe, and measure the global Environmental Testing Equipment Market by product, platform, application, end user, and region.
# To provide detailed information about the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the global environmental testing equipment market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To estimate the market size and growth potential of the market segments and subsegments with respect to five key regions—North America (includes the US & Canada), Europe (includes Germany, France, UK, Italy, Spain, and Rest of Europe), Asia Pacific (Japan, China, India, South Korea, Australia, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America), and the Middle East & Africa.
# To strategically analyze the market structure with key players and their core competencies in the global environmental testing equipment market.
# To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio.
# To track and analyze competitive developments such as product launches & approvals; acquisitions; expansions; and partnerships, agreements, & collaborations in the environmental testing equipment market.
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Research Methodologies Opted:
Primary Research:
Extensive primary research was conducted after acquiring knowledge about the environmental testing equipment market scenario through secondary research. A significant number of primary interviews were conducted from both the demand (Government agencies and municipal authorities, environmental testing laboratories, industrial product manufacturers, agriculture, forestry, and geology departments, commercial end users) and the supply sides (developers, manufacturers, and distributors of environmental testing equipment). The primaries interviewed for this study include experts from the environmental testing equipment industry, such as CEOs, VPs, directors, sales heads, and marketing managers of tier 1, 2, and 3 companies engaged in offering environmental testing equipment and consumables across the globe as well as administrators and purchase managers of demand-side end users.
Secondary Research:
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the environmental testing equipment market. A database of the key industry leaders was also prepared using secondary research.
Projected Growth 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).
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.
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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.