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(MoneyNewsWire.Net, February 02, 2018 ) Global Environmental Testing Market was worth USD 8.47 billion in 2017 and estimated to be growing at a CAGR of 6.55%, to reach USD 11.63 billion by 2022.
Environmental testing values the surge in the number of contaminants in the environment and identifies their impact on the environment. Thanks to the increasing number of rules and regulations and active participation of various governments and authorities for environmental protection. Since the release of large amounts of artificial and natural waste substances has a detrimental impact on the environment leading to global warming, environmental testing is essential for the valuation.
Maintaining the right quantities of all components in the environment is a must for a sustainable future. So, environmental testing contains testing of soil, air, water, sludge, petroleum, chemicals and others for their quality and effects on environment and health. It is done mostly by Industries and manufacturing firms in order to understand the impact of waste or disposals generated from their plant.
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Growing industrial activities and environmental pollution in emerging countries, increased awareness of environmental degradation, Deteriorating environment, the rise in initiatives that cause sustainable development, favorable government policies, increasing instances of health issue caused by organic contamination are driving the growth of the market. However, the limited number of skilled professionals, the requirement of high capital investment and lack of awareness is expected to restrict the market growth.
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The Global Environmental Testing Market is segmented based on sample, contaminant, technology, and region. Based on Sample, the market has been segmented as effluent, water, soil and air. The wastewater/effluent testing followed by the soil testing has the largest share in 2016 due to the generation of wastewater in industries. On the basis of contamination, the market has been segmented into microbiological, organic, heavy metals, residues, and solids. Among the contamination segment, the organic contamination segment is projected to have a prominent share of the market during the forecast period due to the health concerns caused by organic contaminants. The technology segment is divided into conventional and rapid. The rapid technology segment has the largest share owing that the technology is quick, accurate and user-friendly.
In terms of geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe have the largest market during the forecast period due to the various governing organizations in the region have enforced various environment protection policies. Asia Pacific is expected to be fastest growing region during the forecast period owing to the increasing infrastructure construction, enormous growth potential in the region, various energy-related projects, and growing awareness about environmental issues in the region.
Key players in the environmental testing market includes Eurofins Scientific SE, SGS S.A., Bureau Veritas S.A., Agilent Technologies Inc., Intertek Group PLC, ALS Limited, Romer Labs Diagnostic GmbH, AB Sciex LLC, R J Hill Laboratories Ltd., Suburban Testing Labs and Asure quality Limited.
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