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Environmental Remediation Market
Environmental Remediation market Expected to Reach $200.1 Billion by 2031 - Allied Market Research
Groundwater pollutants drive remediation growth. The forecast sees physical, organic, inorganic, bacteriological, & radioactive factors boosting the market.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, March 1, 2024 /EINPresswire / -- Environmental remediation refers to the restoration of environmental media such as soil, groundwater, sediment, or surface water, which is contaminated by any form of pollutants that have ill effects on the surrounding biological life. The environmental remediation market size was valued at $105 billion in 2021 and is estimated to reach $200.1 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
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The global environmental remediation market is expected to grow at a high rate, amid, a rise in environmental standards regarding environmental protection and growing pollution. The market for environmental remediation has expanded as a result of strict government rules placed on mining and oil and gas firms. Rising safety standards for groundwater and soil have drawn attention to various new locations that are now considered hazardous, further boosting the profits of environmental cleanup businesses. Environmental remediation activities that involve oil or refined oil spillage have incorporated actions to sell recovered goods, boosting global environmental remediation market growth. Furthermore, rising awareness regarding the effects of toxic waste on ecology and human life among individuals and increasing initiatives for local ecology protection are also factors increasing demand for environmental remediation.
However, the adoption of environmental protection regulations is time-consuming and requires heavy investments. This factor is expected to hamper the environmental remediation market during the forecast period. In addition, the environmental remediation market is projected to expand at a considerable rate due to increased government attempts to limit pollution and boost the use of environmental solutions and services in the Asia-Pacific region. This factor is anticipated to create remunerative opportunities for expansion of the environmental remediation market in the future.
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Remediation of the environment involves cleaning up contaminated water and soil. The market for environmental remediation is expanding as a result of rising government initiatives for environmental protection. For instance, the U.S. Environmental Protection Agency is committed to creating and supporting cutting-edge cleanup solutions that put polluted areas back to use, lower associated costs, and encourage environmental responsibility as part of its mission to safeguard human health and the environment. The regulatory policies and programs of the EPA actively support site rehabilitation and cleanup that leads to beneficial reuse, including the establishment of businesses, industrial facilities, and renewable energy projects. A growing demand for the market is also created by the increased attention being paid to the development of environmentally friendly industries and industrialization in developing nations. However, the market's expansion is being hampered by the high price of excavating equipment.
Competitive Analysis:
The Environmental Remediation industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Environmental Remediation market include,
Entact LLC
Brisea Group, Inc
Weber Ambiental
Environmental Remediation Resources Pty Ltd
Clean Harbors, Inc.
GEO Inc.
Newterra Ltd.
Golder Associates Corporation
Dredging Corporation of India Ltd
Environmental and Marine Engineering NV
Terra Systems, Inc.
Additionally, there will be a high demand for environmental remediation due to the continued development of advanced remediation technologies and the growth of the oil and gas industry. Moreover, rising awareness regarding the effects of toxic waste on ecology and human life among individuals and increasing initiatives for local ecology protection are also factors increasing demand for environmental remediation. Furthermore, development of new remediation techniques such as the Pano remediation method which employs nanoparticles for remediation, streamlines the processes for locating and removing environmental remediation. Nanomaterials and analytical techniques are used to create low-cost, easy-to-use, and small-sized devices for the detection of various environmental contaminants.
The environmental remediation market is segmented based on site type, medium, technology, application, and region. Based on site type, it is bifurcated into public and private. By medium, the market is categorized into soil and groundwater. Based on technology, the market is classified into air sparging, soil washing, chemical treatment, bioremediation, electrokinetic remediation, excavation, and permeable reactive barriers. Based on application, it is divided into mining & forestry, oil & gas, agriculture, automotive, landfills & waste disposal sites, manufacturing, industrial, chemical production/processing, construction & land development, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA
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Key findings of the study:
- By site type, the public segment accounted for about 60.5% of the global environmental remediation market share and is expected to maintain its dominance till the end of the environmental remediation market forecast period.
- By medium, the soil environmental remediation segment accounted for 54.9% market share and is anticipated to grow at a rate of 6.9% in terms of revenue.
- By technology, the bioremediation segment accounted for 30% market share and is anticipated to grow at a rate of 7.4% in terms of revenue.
- By application, the oil and gas segment accounted for 28.2% market share and is anticipated to grow at a rate of 7.3% in terms of revenue.
- Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 7.1%, throughout the forecast period.
- By region, Asia-Pacific dominated the global environmental remediation market with more than 43% of the share, in terms of revenue.
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