PUBLISHER: Grand View Research | PRODUCT CODE: 1224500
PUBLISHER: Grand View Research | PRODUCT CODE: 1224500
The global environmental testing market size is expected to reach USD 20.16 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.8% over the forecast period. This is attributed to the strict environmental laws and regulations, as well as the active involvement of variousagencies, such as the Organization of Supervision and Environmental Assessment (OEFA), and the Environmental Protection Agency (EPA), in observing environmental conditions.Construction activity has significantly decreased as a result of the COVID-19 spread, and this drop can be ascribed to considerable disruptions in the corresponding industrial and supply-chain operations.
Environmental testing services, however, have revealed a wide spectrum of consumption in the personal care and pharmaceutical sectors during the pandemic. The regulatory authorities demand routine sample testing & inspection of environmental waste and the need for customized testing services is also among the key drivers propelling the industry's growth. The growing public awareness about environmental deterioration and the development of quick test procedures for detecting contaminants in the environment will open up profitable market development opportunities. This, in turn, is anticipated to boost the demand for environmental testing services over the forecast period.
The need from businesses for specialized testing methods for time-efficient results and productivity has greatly increased investments in the installation of rapid testing methods, such as analytical testing, in recent times. This is expected to propel the market demand for environmental testing over the forecast period. For instance, Eurofins Scientific acquired Lab Frontier Co., Ltd., a South Korea-based provider of food, environment, and cosmetics testing services from Young In Group. This acquisition provided Eurofins an entry into the South Korean analytical testing market.Environmental testing manufacturers are seeking collaborations, mergers, and acquisitions to develop advanced and innovative environmental testing solutions.
In addition, manufacturers are also adopting several strategies like new product development, and geographical expansion, to enhance their market penetration and cater to the end-use industries. For instance, in March 2022, SGS S.A. announced the acquisition of Ireland-based Gas Analysis Services (GAS), a gas analysis testing and Instrumentation Company. The acquisition is expected to strengthen the former's position in high-purity gas testing and expand its customer portfolio in the pharmaceutical, medical device, and food & beverage sectors.