Environmental Remediation Market Growth, Analysis, Latest Trends
Posted by edwardzmusso on February 2nd, 2022
The overall environmental remediation market is expected to grow from USD 104.6 billion in 2021 to USD 158.8 billion by 2026; it is expected to grow at a CAGR of 8.7% during 2021–2026. Key factors fueling this markets growth include increasing government initiatives for environmental protection; growing focus on development of environment-friendly industries; and rapid population growth and industrialization in developing countries. Development of advanced remediation technologies and continuous expansion of oil & gas industry create a strong demand for environmental remediation for efficient industrial operations in the midst of COVID-19.
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Covid-19 Impact in the environmental remediation market
COVID-19 has turned into a global crisis, evolving at high speed and scale. No industry is immune to this crisis and environmental services and goods are no exception. Environmental service contractors are at the forefront as they are service and product providers at the same time. The pandemic affects both materials and labor, the key cost components of remediation projects, thus challenging on-going project delivery, companies’ liquidity, and whole business models. The remediation supply chain is highly impacted, generating project slippage and/or extra costs. d as the world slowly goes into recovery, the way business is done will never be the same again. COVID-19 has changed the dynamics for all businesses in general.
Bioremedaition held the largest market share of environmental remedaition market in 2020
The bioremediation technology is expected to account for the largest share of the environmental remediation market by 2026. The bioremediation segment is expected to lead the environmental remediation market during the forecast period, owing to the growing demand for this technology for both soil and groundwater remediation. Bioremediation is a biological remediation process that uses organisms to reduce or clean up contamination in soil and groundwater. It eliminates the use of toxic chemical, often using biochemicals and green plants, making it a cost-effective and safe technology.
Oil & gas held largest share of environmental remediation market in 2020
The Oil & gas application is expected to continue to account for the largest size of the environmental remediation market, because of the high demand for remediation solutions to clean volatile organic compounds in this industry. Pollution is associated with different stages of oil and gas production including wastewater, gas emission, solid waste, and aerosols generated during production, and refining, as well as during transportation, when spillage of oil and petroleum products make take place. Remediation technologies are used in the oil and gas industry to remove contaminants such as methane, propane, sulfur dioxide, volatile organic compounds, and other toxins.
APAC is expected to hold a significant share of environmental remediation market by 2026.
The environmental remediation market in APAC is expected to grow at the highest CAGR during the forecast period. Increasing pollution levels in countries of APAC is fueling the growth of the environmental remediation market in the region. Growing population, industrialization, high consumption of oil and gas, and adoption of government regulations for environment protection are driving the environmental remediation market in the APAC region. This, in turn, is driving the growth of the APAC environmental remediation market.
Key players in the market include Clean Harbors, Inc. (US), AECOM Technology (US), DEME NV (Belgium), Golder Associates Corporation (Canada), Jacobs Engineering Group (US), Brisea Group (US), ENTACT, LLC (US), Terra Systems (US), Engineering and Maintenance Solutions (EMS) (Australia), and HDR, Inc. (US). These players are increasingly undertaking acquisitions, contracts, collaborations, partnerships, and expansions, to increase their market shares.
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About the Authoredwardzmusso
Joined: February 8th, 2021
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