As per a new report published by Report Ocean, the global environ testing services market is likely to rise at a CAGR of 7.90% between 2020 and 2027. The report is titled as “Global Environment Testing Services Market Size study, by Type (Organic Compounds, Microbiological Contaminants, Residue, Heavy Metal and Solids), By Application (Soil, Water and Air) and Regional Forecasts 2020-2027.” In 2019, the market reported an overall value of US$7.70 Bn.
The increasing number of initiatives, directed to sustainable development, and the rising awareness among people regarding environmental degradation are boosting the global environment testing market greatly. The governments in various economies have implemented several policies to curb environmental degradation, which is another important factor that has been supporting this worldwide market substantially, states the market study.
The U.S Environmental Protection Agency, US (EPA), has implemented several standards with an intention to protect public health by limiting the contaminant level, such as the level of microorganism found in drinking water. Primarily, these standards are applicable to public water systems. On a similar note, Drinking water regulations, imposed by the Drinking Water Directive (DWD), is introduced by the European Union (EU). According to one of the directives by DWD, the drinking water should be regularly monitored for the level of contaminants. It has also enforced a test on forty-eight microbiological and chemical parameters in the drinking water and requires water supply firms to report the drinking water quality to the European Commission in every three years.
All these regulations and policies have fueled the demand for environment testing services and the scenario is likely to remain so over the period of the forecast. However, the need for high capital investment for sensitive accurate analytical testing may hinder the growth of this market in the years to come, reports the study.
North America to Continue to Lead
North America has occupied the leading position in the global environment testing services market, thanks to the presence of a number of environmental governing organizations in the US. Over the next few years, the increase in the testing laboratories is projected to create lucrative opportunities for the growth of the North America market for environment testing services.
Among other regional markets, Asia Pacific is anticipated to report a high growth rate over the period of the forecast. The presence of ample untapped opportunities is expected to make this regional market attractive in the near future.
Leading players are concentrating on new product launches and updating their current product portfolios in order to sustain the competition.
Impact of COVID 19 on Global Environment Testing Services Market
The coronavirus pandemic has a huge impact on many of the global markets, with the environment testing services market being one of them. However, contrary to others, the effect on this market is rather positive. Due to the pandemic, people have become more concerned towards their surroundings and environment, which is leading to an increasing awareness among them regarding environment testing services. This, in turn, is reflected positively on the growth of this market.
- The demand for microbiological contaminants tests is likely to remain high.
- Water is expected to continue to be the most prominent application segment in the near future.
- North America is projected to retain its position as leading environment testing services market.
The Global Environment Testing Services Market is classified as follows:
- Organic Compounds
- Microbiological Contaminants
- Heavy Metal
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mention in the Report
- Eurofins Scientific SE
- Bureau Veritas
- SGS S.A
- Intertek Group
- Agilent Technologies
- ALS Limited
- AB Sciex
- Romer Labs Diagnostic
- R J Hill Laboratories
- Asurequality Limited
Company Name: Report Ocean
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