According to the new market research report „Environmental Remediation Market by Environmental Medium (Soil & Groundwater), Technology (Bioremediation, Pump & Treat, Soil Vapor Extraction, Thermal Treatment, Soil Washing), Application, and Geography – Global Forecast to 2022“, is expected to be worth USD 123.13 Billion by 2022, at a CAGR of 7.62% between 2016 and 2022. The major driver for the growth of the environmental remediation market is the large number of initiatives undertaken by governments for environment protection and pollution control.
Demand for groundwater remediation expected to drive the environmental remediation market
The market for groundwater remediation is expected to grow at the highest CAGR between 2016 and 2022. Groundwater contamination due to the penetration of artificial products such as gasoline, oil, and chemicals into the groundwater makes it polluted and useless for human use. Contaminants present in groundwater include a wide range of physical, inorganic chemical, organic chemical, bacteriological, and organic waste from wastewater disposal systems and toxic chemicals from underground storage tanks and permeable landfills infects groundwater. Thus, the market for remediation technologies is expected to have a high demand for groundwater remediation in the future.
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Oil and gas application expected to witness the highest growth between 2016 and 2022
The market for the oil and gas application is expected to grow at the highest CAGR between 2016 and 2022. In different stages of oil and gas production, wastewater, gas emissions, solid waste, and aerosols are generated during production and refining; and which spilt of oil and petroleum products transportation. This is driving the demand for environmental remediation technology in the oil and gas application. In this application, environmental remediation technologies provide services to eliminate contamination from soil and groundwater and also fulfill the requirement for a pollution-free environment. This would drive the growth of the environmental remediation market for the oil and gas application.
APAC expected to hold the largest market share and witness high growth during the forecast period
The environmental remediation market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The reason for this growth is the adoption of environmental services, government initiatives for environment pollution control, and stringent government regulations for awareness toward environmental protection. The rapid increase in government funding and the adoption of eco-friendly industries are driving the demand for environmental remediation in China, Japan, India, and South Korea. Remediation technologies are expected to be implemented in the oil and gas and construction and land development applications in this region. Therefore, the market in APAC is expected to grow rapidly during the forecast period.
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The key players in the ecosystem of the environmental remediation market profiled in this report are Clean Harbors, Inc. (U.S.), Golder Associates Corporation (Canada), Brisea Group, Inc. (U.S.), Entact LLC (U.S.), Dredging, Environmental and Marine Engineering NV (Belgium), Terra Systems, Inc. (U.S.), Environmental Remediation Resources Pty Ltd. (Australia), GEO Inc. (U.S.), newterra Ltd. (Canada), and Weber Ambiental (Mexico).