Global Environmental Remediation Market will grow at 7.5% CAGR to exceed $ 122.80Bn by 2022

News   •   Jan 19, 2018 07:16 EST

Environmental remediation technology deals with the removal of contaminants from environmental media such as soil, groundwater, or surface water. Remediation technologies are generally categorized into ex-situ and in-situ methods. Ex-situ methods offer excavation of affected soils and subsequent treatment at the surface and extraction of contaminated groundwater. In-situ methods offer to treat the contamination without removing the soils or groundwater.

According to the report, global environmental remediation market was valued at around USD79.57 billion in 2016 and is expected to reach approximately USD 122.80 billion in 2022, growing at a CAGR of slightly above 7.5% between 2017 and 2022.

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The major factors which are driving the growth of environmental remediation market are rising demand from different industries such as oil and gas, mining and forestry, mining, automotive, chemicals, and others. Other factors which fuel the growth of this market are environmental protection, stringent government regulations, growing pollution. The use of the environmental remediation technology to get rids of contaminants from soil and groundwater environmental mediums have increased the scope of the environmental remediation market for different applications. However, the slow implementation of environmental protection regulations due to the low awareness of different environmental technologies is hindering the growth of environmental remediation market. Global environmental remediation market is segmented on the basis of the environmental medium, application, and region. By environmental medium, the market is fragmented into soil and ground water.

Among this environmental medium ground water, remediation is expected to drive the environmental remediation market growth. Due to the presence of different contaminants like physical, organic chemical, bacteriological, inorganic chemical, toxic chemicals from underground storage tanks infect groundwater. Thus technological advancement in environmental remediation is anticipated to give traction to this market. Application segment is further bifurcated by Mining & forestry, oil & gas, agriculture, automotive, industrial, chemical production, construction and land development, and others. Oil & gas application will be anticipated highest CAGR in coming years. During the production of oil & gas, different wastewater, gas emissions, solid waste, and aerosols are generated. Environmental remediation technology helps to eliminate contamination from soil and groundwater and fulfill the requirement for a pollution-free environment. This will be expected to drive the growth of the environmental remediation market for the oil and gas application.

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Global environmental remediation market in Asia Pacific is expected highest CAGR over the forecast period. Several government initiatives for environmental pollution control and adoption of eco-friendly industries are some of the important factors that have contributed to the growth of the environmental remediation market in the Asia Pacific region. North America expected considerable for environmental remediation market over the forecast period followed by Europe. The companies in environmental remediation services provide full range of site investigation and remediation services to help manage property liabilities, achieve cleanup standards, and facilitate reuse and redevelopment plans. Environmental engineers and scientists provide due diligence, site characterization, feasibility studies, assessments, remedial design, and long-term monitoring at a variety of sites ranging from federal Superfund sites to urban brownfield sites and small petroleum remediation sites.

The major players operating in environmental remediation are Environmental Remediation Resources Pty Ltd., GEO Inc., Clean Harbors, Inc., Golder Associates Corporation, Brisea Group, Inc., Entact LLC, Dredging, Environmental and Marine Engineering NV (Belgium), Terra Systems, Inc., newterra Ltd., and Weber Ambiental, among others.

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