Chicago, April 19, 2023 (GLOBE NEWSWIRE) -- The global environmental testing market size was valued at USD 9.4 billion in 2022. The environmental testing industry is estimated to expand at USD 13.9 billion by 2027, exhibiting a CAGR of 8.1% over the projected period. The importance of environmental testing is rising because of growing public awareness in environmental issues, as well as the ability to broadcast these issues quickly via social media and the increasing regulations by various government organization across the globe. MarketsandMarkets™ provides this information in its research report, titled “Environmental Testing Market Global Forecast, 2022-2027”.
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Key Industry Development:
Environmental testing has become a crucial element in our efforts to safeguard public health and preserve the planet's natural resources. By providing critical insights into the impact of pollutants on our environment, this process has enabled us to develop effective measures to counteract the harmful effects of pollution.
Environmental Testing Market Report Scope & Segmentation:
| Forecast Period | 2022-2027 |
| Forecast Period 2022 to 2027 CAGR | 8.1% |
| 2027 Value Projection | USD 13.9 billion |
| Base Year | 2021 |
| Report coverage | Revenue forecast, company ranking, driving factors, competitive landscape, and analysis |
| Segments covered | Samples, Technology, End Users, Region |
| Regional scope | Europe, North America, South America, Asia Pacific |
Key Takeaways:
- Environmental testing market size was valued at USD 9.4 billion in 2022.
- Increasing demand for food is driving the growth of the controlled release fertilizer market as it helps to improve crop yields and reduce environmental pollution.
- The water testing segment holds a significant share of the market due to the increasing demand for clean and safe drinking water.
- The US is the dominating market in the North American region, with the highest CAGR growth in the environmental testing market.
- Key players in the market include Eurofins Scientific SE, Bureau Veritas SA, SGS SA, Intertek Group plc, and ALS Limited.
Drivers and Restraints:
Growing need for cost-saving and time-effective customized testing services
Regulatory bodies demand regular testing of samples and inspection of the waste disposed of in the environment. Manufacturing industries and several organizations test these samples to safeguard the environment. Environmental testing is important for many different reasons. First, the company wants to know the longevity of its product, and ways to satisfy its customers fully. As a result, companies conduct regular third-party testing to stand by the regulatory requirements.
High capital investment for accurate and sensitive analytical testing
Setting up any testing laboratory requires a lot of time and investment. Especially when it comes to the environmental testing lab. Environmental testing is a highly regulated area; therefore, when setting up the lab, one must meet all the necessary government regulations defined by the local authorities. For example, to start and recognize the water testing laboratory in India, the Central Pollution Control board (CPCB) has set guidelines for the Recognition of Environmental Laboratories Under the Environment (Protection) Act of 1986.
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Segments:
Water is the fastest-growing sample segment for organic contaminants during the forecast period of the environmental testing market.
Organic contaminants in wastewater include dye, humic substances, phenolic compounds, petroleum, surfactants, pesticides, and medicines. Organic pollutants in water can cause toxic chemicals, this could result in major health consequences for individuals who drink water from various water sources. As a result, the government has been extremely strict in terms of drinking water. Thus, the water sample testing segment grows faster for organic compounds.
Regional Insights:
North America region dominates the environmental testing market due to the presence of stringent environmental regulations and high awareness about environmental issues. The United States and Canada are the major markets in the region.
Europe region is the second-largest market for environmental testing due to the implementation of strict environmental regulations and the increasing demand for sustainable practices. The United Kingdom, Germany, and France are the major markets in the region.
Asia-Pacific region is expected to be the fastest-growing market due to increasing industrialization and urbanization, leading to high levels of pollution. The region's rising population and growing demand for clean and safe drinking water are also driving the market's growth. China, India, and Japan are the major markets in the region.
Latin America region is witnessing significant growth due to the increasing awareness about environmental issues and the implementation of regulations to control pollution. Brazil and Mexico are the major markets in the region.
The Middle East and Africa region is witnessing slow growth due to the limited implementation of environmental regulations and low awareness about environmental issues. However, the region is expected to witness growth in the future due to the increasing demand for clean water and air. South Africa, Saudi Arabia, and UAE are the major markets in the region.
List of Key Players Mentioned in the Report:
- SGS SA (Switzerland)
- Eurofins Scientific (Luxembourg)
- Intertek Group plc (UK)
- Bureau Veritas (France)
- ALS (Australia)
- TÜV SÜD (Germany)
- TÜV Nord Group (Germany)
- AsureQuality (New Zealand)
- Mérieux NutriSciences (France)
- Microbac Laboratories, Inc. (US)
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Frequently Asked Questions (FAQs):
How big is the environmental testing industry?
The environmental testing market size was USD 9.4 billion in 2022. It is expected to reach USD 13.9 billion by 2027.
How fast is the environmental testing market growing?
The environmental testing market will exhibit a CAGR of 8.1% during the forecast period, 2022-2027.
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