The global environmental monitoring market will reach $19.56 billion by 2021, growing at a compound annual growth rate of 7.7 percent during 2016 to 2021, according to a MarketsandMarkets report.
Increasing pollution regulations along with increasing government funding for pollution control and monitoring, ongoing environment monitoring installations and growing initiatives for the development of environment-friendly industries are driving this market growth.
Agilent Technologies, Danaher, Honeywell, Siemens and Thermo Fisher Scientific were the top five players in the environmental monitoring market in 2015, the analysis says. These companies together accounted for about 18 percent of the global market.
Major market players achieved growth through product launches and product enhancements, strategic acquisitions, geographic expansions and collaborations.
Geographically, North America is forecast to take the largest share of the global environmental monitoring market in 2016, followed by Europe. The report attributes the large market share of this region to strict EPA regulations and increased government funding for the maintenance and operation of environmental monitoring stations.
The Asia-Pacific region is projected to be the fastest-growing region during the forecast period. Factors such as rapid growth in industrialization, implementation of increasingly stringent environmental regulation policies, and the growing need to comply with various environmental safety regulations are propelling this growth.
A different report published last week found demand for environmental consulting services, which saw a 2.1 percent uptick in 2015, is on the rise after two years of decline.
The Environment Analyst report says the global market reached $28.5 billion in 2015 and expects similar growth for 2016 at 2.2 percent. It forecasts the market will reach $32.5 billion by 2019, up 13.8 percent from 2015 and representing a five-year compound annual growth rate of 2.6 percent.