Latin America Environmental Testing Market was worth USD 2.16 billion in 2021 and estimated to be growing at a CAGR of 5.93% to reach USD 4.55 billion by 2026.
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.
Drivers and Restraints of Latin America Environmental Testing Market:
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 are expected to restrict the market growth.
The wastewater/effluent testing followed by soil testing has the largest share in 2016 due to the generation of wastewater in industries.
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 rapid technology segment has the largest share owing that the technology is quick, accurate and user-friendly.
Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia, which are also intensifying their investments in the environmental testing market.
Major Key Players:
Key players in the environmental testing market include 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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