With 8.4% CAGR, Environmental Remediation Market Growth to Surpass USD 163.4

Posted by edwardzmusso on October 10th, 2022

The environmental remediation market is estimated to reach USD 163.4 billion by 2027, growing at a CAGR of 8.4% from 2022 to 2027. The rising demand for land redevelopment with the emergence regulatory framework is expected to fuel the market demand.

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The increasing population growth and industrialization across the world have contributed significantly toward the deterioration of groundwater, and soil quality over the decades, thus affecting biological life and the ecosystem. The rising population results in a corresponding increase in infrastructural developments, thereby generating demand for environmental services. Most developments are expected to occur in the Asia Pacific and Africa regions. Both the regions are also very prominent in mining activities which creates sizable market scope for remediation services. Developing countries are seeing a greater rise in industrialization than developed nations. According to the US Energy Information Administration (EIA), the energy-based carbon dioxide emissions from developing countries are expected to be 127% higher than that in the world's most developed markets by 2040. This will lead to greater pollution-related issues, creating the need for adopting environmental remediation technologies in developing countries in mining activities.

 Excavation is a cost-effective ex-situ remediation technology for small volumes of contaminated soil that involves digging the polluted soil and displacing it for the purpose of treatment. It is usually used where in-situ treatments would not work quickly or prove to be highly expensive. Ex-situ treatment is one of the fastest ways to treat high levels of contamination that pose an immediate hazard to people or the environment.

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Asia Pacific region is estimated to create the largest market opportunity in the environmental remediation market during the forecast period. The establishment of clear and enforceable legislative frameworks for contamination management and remediation, as well as enabling elements such as efficient enforcement and funding mechanisms, are the primary forces behind the development of the remediation services sector.