Kenneth Research, in its repository of market research reports, have recently added a report on the Global Environment Testing Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Environment Testing Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Environment Testing Services Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Global Environment Testing Services Market is valued at approximately USD 7.70 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.90 % over the forecast period 2020-2027. Environment Testing Services determines hazards within an environment that is harmful to people. Large spills of hazardous substances can seep into soil and then possibly into groundwater which will affect the drinking water supply. Maintaining the right quantities of all components in the environment is a must for a sustainable future. Also, the key players are focusing on strategies such as product launch, innovation and merger & acquisition to sustain themselves amidst fierce competition. Rise in initiatives that cause sustainable development increased awareness of environmental degradation and favourable government policies is expected to drive the growth of the environmental testing services market. As per the U.S Environmental Protection Agency, US (EPA) imposes standards that are intended to safeguard public health by limiting the levels of contaminants such as microorganisms found in drinking water. These standards are primarily applicable to public water systems, it is often applied by remediation regulators in the aquifer. Similarly, European Union has also introduced drinking water regulations guided by the Drinking Water Directive (DWD). The Drinking Water Directive (DWD) states to regularly monitor and test a total of 48 chemical and microbiological parameters in the drinking water which requires water supply company to report the quality of drinking water to the European Commission in every three years. The commission then publishes report, considering the water quality monitoring standards that are set out by the Drinking Water Directive (DWD). As a result, the demand for environment testing services would increase thereby, aiding the growth of the market during the forecast period of 2020-2027. However, high capital investment for accurate and sensitive analytical testing is hampering the growth of this market.
The regional analysis of global Environment Testing Services market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region due to the presence of various environmental governing organizations in the US. Also, growing number of testing laboratories is expected to create positive outlook for the growth of the North America region. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Eurofins Scientific SE
Romer Labs Diagnostic
R J Hill Laboratories
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
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Target Audience of the Global Environment Testing Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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