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Environmental Testing Equipment Market is to reach 2 billion in 2031

Posted: 25th June 2024 11:26
The enviornmental testing equipment market size was valued at USD 1.21 billion in 2023 and is expected to reach USD 2.16 billion by 2031 and grow at a CAGR of 7.5 % over the forecast period 2024-2031.

Market Analysis
Increasing concerns about air, water, and soil pollution are bringing stricter environmental regulations and calling for the use of environmental testing equipment. There's a growing public mindfulness about environmental issues and a global focus on sustainable practices. This is leading to increased investment in environmental monitoring and testing.

According to a report by the Energy Policy Institute in the US, air pollution due to fossil fuels reduces the global average life expectancy by more than 2 years per person. A lot of government and non-government associations work to bring the attention of public and transnational societies to the effect of air pollution on the health of living beings and the environment. A few organizations working on spreading awareness of air pollution to the world are the Environmental Protection Agency in the US, Clean Air in London, the Union of Concerned Scientists in the US, Global Action Plan, and VCD in Germany.
Segment Analysis of the Environmental Testing Equipment Market

The Environmental Testing Equipment Market is segmented based on product, application, and platform. Based on products, the market can be divided into mass spectrometers, molecular spectroscopy items, pH meters, TOC analyzers, dissolved oxygen meters, chromatography items, conductivity sensors, turbidity meters, and others. Mass spectrometer fragment is further sub-segmented into fluid chromatography-mass spectrometry (LC-MS) instruments, gas chromatography-mass spectrometry (GC-MS) instruments, and inductively coupled plasma mass spectrometers. The mass spectrometer segment is expected to grow at the highest rate during the forecast period as it is the most effective method for understanding small and volatile molecules.

Impact of Russia- Ukraine War and Economic Slowdown on Environmental Testing Equipment Market
The war has disintegrated global force chains, impacting the vacuity of crucial factors used in the environmental testing outfit, similar to technical detectors, electronics, and certain particulars. This can lead to product detainments, design detainments, and price hikes for environmental testing equipment. warrants on Russia might limit access to specific environmental testing equipment or factors for certain regions, affecting manufacturers and buyers. An economic slowdown can lead to dropped investments in environmental protection systems, potentially reducing demand for environmental testing outfits. Businesses might prioritize core operations over environmental monitoring or compliance. Governments might divert coffers down from environmental systems to address more pressing profitable or social issues during retardation. Severe downturns in the economy coupled with ongoing war dislocations could lead to a decline in demand for environmental testing equipment. Still, increased focus on environmental security due to implicit energy source shifts or stricter regulations might offset this decline.

North America: largest shareholder of the Environmental Testing Equipment Market in 2023
North America followed by Europe, is the dominating region for the environmental testing equipment market in the year 2023 due to its continuous efforts to protect the environment from various pollutions. For example, In April 2023, NASA launched a high-resolution instrument known as TEMPO (Tropospheric Emissions: Monitoring of Pollution) to check the quality of the air and determine the major pollution factors.
The interest in Environmental Test Equipment is also expanding in the APAC. Due to the increase in population, the pollutants also increasing in urban areas mainly, which in turn raises the demand for testing equipment. For instance, In February 2024, South Korea joined hands with NASA to research the factors leading to winter air pollution in the APAC region.

Recent developments:
  • In Feb 2024, Oizom launched AQbot, an industrial-grade, single-parameter air quality monitoring device for checking air pollution. The device is compact, lightweight, and feature-rich and empowers industries & consultants with a smart monitor for specific pollutants.
  • In Feb 2023, Thermo Fisher Scientific Inc., the world leader in serving science, launched a fully automated wet chemistry analyzer, which provides high throughput automation workflow for environmental, agricultural, and industrial testing labs.

Key takeaways
  • Learning about the driving factors of the environmental testing equipment market and how it creates an opportunity for growth.
  • Describing the dominating segment and fast-growing segment for the environmental testing equipment market.
  • Understanding the impacts of the Russia-Ukraine war and the Economic Slowdown on slowing and affecting the market.
  • Reason for North America becoming the dominating region, followed by Europe and APAC.
  • Finding the recent launches and developments happening in the environmental testing equipment market.

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