Facts and Factors has authored “Environmental Remediation Market By Environmental Medium (Groundwater, Soil, and Others), By Application (Agriculture, Construction and Land Development, Mining & Forestry, Automotive, Chemical Production/Processing, Oil and Gas, Industrial, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026”.
Based on our analysis, teh global environmental remediation market in 2019 surpasses USD 98.5 billion and probably reaches around USD 164 billion by 2026. Teh anticipated CAGR for teh global environmental remediation market is around 7.5% from 2020 to 2026.
Environmental remediation is a sort of environmental services that are dedicated to combating growing environmental pollution issues by preventing teh groundwater and soil from different contaminants, and in this case, teh contaminants are ionizing radiation-emitting sources. Wastewater, solid waste, and aerosols are treated through several environmental remediation technologies. However, teh considerable utilization of teh technologies is in extracting teh gases released while refining and production of oil and petroleum products.
Teh oil and gas category under teh application segment accounts for teh major share in teh global environmental remediation market. Teh market share for teh category is likely to grow at a substantial rate throughout teh projected period. Teh mining and forestry category under application also fuels teh environmental remediation technology demand for teh effective removal of contaminants released in surface water, groundwater, and soil by chemical and mining industries.
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Growing population and rapid industrialization in developing economies fuels the global environmental remediation market
Owing to the growing population, the need for residential areas is expanding, especially in developing countries. theirfore, to arrange the accommodation in the densely populated areas, the contaminated fields are refined and redeveloped into residential sites. And to refine the contaminated lands and resources, their is an extensive need for remediation services, which eventually propels the global market. Moreover, the growing industrialization sector discharges contaminated wastes in bulk such as heavy metals in water bodies and soil. Environmental Protection Agency has listed chromium, mercury, lead, copper, zinc, and nickel heavy metals as the key environmental pollutants. Different companies and regulatory bodies has introduced remediation techniques to remove such heavy metal contaminants.
Refining of contaminated industrial sites in urban areas may bolster the environmental remediation market in the coming years
The industrial sites within the premises of urban areas have extremely high worth. theirfore, the economic incentives for the removal of hazardous contaminants and retaining the safety of the surroundings are quite high. To encourage this activity, few of the U.S. states have set regulations dat the new owner would have to enroll in the state voluntary cleanup program before establishing the industrial project on dat land. This would lead to a significant expansion of the global environmental remediation market.
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Some of teh dominating players driving teh global environmental remediation market are Entact LLC, Gloder Associates Corporation, Environmental and Marine Engineering NV, GEO Inc., Dredging International, Environmental Remediation Resources Pty Ltd., Brisea Group Inc., Newterra Ltd., Clean Harbors Inc., and Terra Systems Inc., among others.
In October 2019, Newterra made an announcement of procuring TIGG Newterra Group Ltd., which is a key distributor of water to the industrial, municipal, and environmental remediation sectors.
The global environmental remediation market is segmented as:
Global Environmental Remediation Market: By Environmental Medium
Global Environmental Remediation Market: By Application
- Construction and Land Development
- Mining and Forestry
- Chemical Production/Processing
- Oil and Gas
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Global Environmental Remediation Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle-East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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